Am always suprised/mildly irritated why my monthly transfers from my monzo business account to my monzo personal accounts never happen promptly! They always say ‘upcoming at 3am’ - why cant they happen at 3am! I do realise this is a first world problem, and I am being unduly pathetic. I just like to understand the process…
I assume when Monzo has thousands of DDs and other scheduled payments to be paid out at 3am it just takes a bit of time to process it all. Just as it’s not instant to load a video game…
yes, I thought that. so 3am is the time the request gets sent, then it sits in queue to be processed. to be clear, I’m not complaining - the visibility, and updated times on the transactions is great, and appreciated
I’m guessing you mean standing orders out?
This is due to allowing time for credits to be received, then outbound payments happen once the credit is there.
If it’s such an issue, and you’re already awake at the time by the sounds of it, you could pay it at midnight yourself, which prevents the delay you’re unhappy with. Most banks work in this manner.
hi carlo, thanks for reply. I think I mean ‘scheduled payments’, ie a monthly payment from my monzo business to my monthly personal account. please dont misquote me, I never said it was a big problem or I was unhappy… just curious, and very happy with the way monzo process it
I took it from this
If I was to pay X on 1st of each month by bank transfer, and to be automated from Y account, it’s commonly referred to as a standing order.
Apologies if I’ve not understood your query.
feel the love carlo, feel it! ok then, another question - on my monzo app it says ‘scheduled payments & standing orders’. wots the difference?
Scheduled covers many things such as recurring card payments or direct debits too, basically regular payments from your accounts on the monthly
Standing Orders are instructions you create, similar to a direct debit that you can control at any time.
It has a wider frequency of payments, you can change the amount and cancel at any time.