I’m Catherine, a Product Manager on the Open Banking squad. I’m excited to share some new features we recently launched that make it easier to transfer money from your other bank account(s) to Monzo using easy bank transfer!
We have re-designed the ‘Add Money’ experience to make it easier for you to find your bank of choice to start the easy bank transfer journey. We consolidated the list of banks into a single entry point on Add Money. This has freed up space to discover other ways to add money, like cheque and cash deposits and international bank transfers more easily. Once you’ve completed an easy bank transfer, we personalise your bank list so it’s easy to find your bank next time you want to make a transfer.
You can now transfer money from your external bank account directly to your Pot, Joint Pot, Instant Access Saving Pot or Cash ISA using easy bank transfer.
You can set up pre-approved transfer limits to transfer money from your other bank to Monzo without leaving the app. You can transfer money in just one tap, as long as the amount is within the limit you’ve set. The next time you set up an easy bank transfer, we will prompt you with an option to ‘Add money next time in one tap’ and redirect to your other banking app to approve the limits.
You can also schedule a one time future payment or a recurring series from your external bank account to your Monzo account or pot. Each time you set up a scheduled transfer using easy bank transfer, we’ll send you to your other bank to approve. You can always cancel in the Monzo app or through your other bank.
Let me know if you have any questions and I will try my best to answer them
For me “Easy bank transfer” is the method I’m least likely to use so not ideal that its so prominent in the Add money screen, but this new format is still a big improvement on the old one.
Am curious: Is Easy bank transfer an industry wide name for a bank transfer accomplished via open banking, or is this a Monzo name?
Also a suggestion: I think you should rename regular bank transfer on this screen to something else. Perhaps standard, manual, or traditional bank transfer. Regular could be taken to mean a transfer which is repeated over and over which I don’t think is what you mean in this context.
I agree with your suggestion. Standard is probably the better adjective in this context. Regular means the same thing (ie normal), but it’s a double-entendre that could be misinterpreted in this context to mean recurring.
Yeah - I agree that ‘Regular’ can be mistaken for repeating/recurring payment as well. Personally, if the ‘Easy’ option with Open Banking is what the industry is pushing people to move to, I’d go with ‘Manual’ as the alternative option as it implies a little more work, and also (maybe subconsciously) that it’s your own reasonability to make sure you’ve got all the details correct.
Also, if I was doing a manual transfer with sort-code and account number, I actually wouldn’t even think of going into any ‘add money’ option in the receiving account. I’d just go into account details and then copy those details and set that up in the sending account. To be honest, it took me a bit of searching even to find the ‘Add Money’ option in the Monzo account in the first place because I’ve never used it!
I have setup an easy bank transfer to move money from my connected FD account to my monzo personal account on the 20th of each month.
I have also setup a number of scheduled transfers into pots, savings and investments that are due to go out on the 20th of each month.
What I want to know is whether the easy bank transfer guaranteed to be processed before the transfers out of my personal account to avoid the transfers failing?
What’s the schedule? and are my transfers out going to work or not?
To answer my own question… Easy Bank Transfers IN are NOT guaranteed to be processed before transfers to pots or savings, which is an inconvenience as transfers and savings would have to be delayed a day to ensure they get paid.
Many of this months payments were paid, but the first one to my Savings pot was declined due to insufficient funds at 02:39 (I assume 02:39:45 or 02:39:46) and had to be transferred manually at 07:22:59
It seems to me that Monzo should process the easy bank transfer in before processing outbound paymemts…
Hi everyone,
