New Limits!

After a few too many frustrating experiences, we’re pleased to announce that it is now possible to increase your limits further :tada:

Previously we had two sets of limits, one for before your information is verified and one for after. We have now introduced a third set, which we will put our most trusted users on.

Unfortunately we can’t share the exact criteria required for enhanced verification right now.

We will be automatically updating the limits for those who qualify on a monthly basis, and you should see this reflected in the “settings” section in your app. If you would like your limits updated for a specific reason before it happens automatically, or you would like us to manually review your account to see if you’re eligible, please get in contact through the in-app chat :speech_balloon:

Any questions, feel free to post here :slightly_smiling_face:

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It’s great to see that Monzo went to the effort of getting this sorted with Wirecard, who don’t sound like the easiest partner to work with, despite being busy applying for the banking license & the current accounts launch not being that far away.

I’m guessing that this was done to enable the most ‘enthusiastic’ customers to continue using the service, while they wait for the current accounts to launch, rather than being blocked by the fixed annual limits & I’m sure it’s appreciated :thumbsup:

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Neat, looks like I qualify. Thanks! :thumbsup:

Though I’m unlikely to run in to many of the limits (even with Monzo being effectively my only card at this point), it’s nice that the per-payment limit and a couple of the ATM limits have been raised.

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Indeed, seems to be working right away :thumbsup:

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Now if someone would just give me £120k to test this out that would be great :laughing:

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I’m qualified - woohoo!

My list on the iPhone is in a different order to the table though.

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Paging @PhatPheddy as I think this might help them out a bit.

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Awww, yess. :heart_eyes: Monzo.

Excellent news. In particular, the annual cash withdrawal limit being raised is great, as despite rarely using cash in the UK, my holiday withdrawals were in danger of taking me over the original limit.

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It seems like I was upgraded which is great as I’ve got quite a few trips planned and the withdrawal limits might have proved to be an issue

Looks like I qualify. I don’t actually have 10K total cash, so if someone can give me some money I’ll put the limit to the test?

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Marvellous.

Having said that though, I’m making sure family get Monzo cards as one card doesn’t provide enough flexibility, at least not yet.

@Naji it’s good to have the higher limits thanks.
Options for users and their parents (when child accounts are launched) to set lower limits for certain activities and categories of merchant or spend category would be really helpful.
A colleague wrote a blog post on this a few weeks back and this is something that could really differentiate Monzo.
It could also help those who find budgeting difficult or are addicted to impulsive spending.

Amazing! And great timing as I’m travelling for a bit :wink:

Ah wicked! Didn’t even have to do anything :slight_smile: New limits already in effect - awesome stuff :monzo:

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The increase in the cash withdrawals limits is welcome. I tend to travel to parts of the world where cash is still king for lots of transactions and need to withdraw cash much more frequently than I would in the UK. Home stay accommodation often can only take cash.

On my last trip I only withdrew cash once but used my back up card (Halifax Clarity) a lot. I eas tryong to conserve my Mondo withdrawal for future trips.

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Got the new limits myself, the ATM withdrawals limit increase is especially welcome for when travelling!

Mine haven’t changed, guess I’m not ‘baller’ enough lol

Here’s Monzo’s new guide explaining how to check your limits -

Wow, didn’t even notice that my limits had changed! :grin:

Does anyone know what the limits will be like for the current account? I know that this varies quite a lot between banks. Especially for ATM withdrawals, its not like one would be able to go into a branch if you needed to withdraw more than the limit.