New Limits!

(Nathan Voller) #20

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.

(James Billingham) #21

Ah awesome, it looks like mine have automatically been increased too.

So I guess this is more of an automatically-determined trust score, based on your use and behaviour in the app, rather than something you can apply for @Naji?

(Evan Davis) #22

Despite being an Alpha cardholder, I’m still stuck on the old limits. Is there a particular time of the month that the automatic upgrade happens?

(Leo Spanswick) #23

This is presumably going to be solved in a similar way to those people who would like to deposit cash to their Monzo account - I think some people were suggesting the Post Office as a solution. there will be some kind of partnership for physical banking, somehow.

(Alex Sherwood) #24

It sounds like that’s how it works but as Nani mentions, you can contact the support team to ask them to review your account (although today’s probably not the best day for that :wink:) -

(Alex Sherwood) #26

There’s been a pretty comprehensive discussion of the different options for managing cash here too -

(Leo Spanswick) #27

The thing is, I suspect POs would have more capacity for large cash deposits/withdrawals than PayPoint, but I’m no expert. Also, the number of POs is larger than any single bank anyway so it’s not exactly less convenient.

(Nathan Voller) #30

That makes perfect sense, thanks! Perhaps it would be a possibility to include an in-app verification process for when you need to withdraw more than your limit. For example, you could answer some security questions and your withdrawal limit would be raised for the next hour. Thoughts?

(Leon) #31

I like that idea but I doubt that Monzo will implement that.

(Tom ) #32

I’ve been denied enhanced limits - and am totally in the dark as to why. I use Monzo every day for all my spending (bar bills and rent etc).

Spoke to in-app support who said they’ll only look at it when I hit a limit. I hit a limit last year when I was abroad. I now have to wait to hit a limit to be considered. Seems rather the wrong way round as hitting a limit would deny me service temporarily.

( related to Monzo CEO, Investor in Monzo ) #33

perhaps ask @Naji ? :slight_smile:

(Josh Bray) #34

I’ve been given them. I don’t know if i came near the limits but I’m spending at least £700 a month through the card.

(Jason williams) #35

How about you try and take out more than £200 cash from an atm :joy: Then you have hit one of the limits


(Naji Esiri) #36

Hey Tom, I’m just chasing this up for you now. Hopefully will be able to give you a bit more information. Will keep you updated!

(Sacha) #37

A quick question on payments.

Within my limits under “using your card” I have a max single card payment of £2,000.

However, further down under “payments” I have a max single payment of £1,000.

What’s the distinction between these two limits? I’m buying my annual season ticket later this week (£1,600 or so) but I’m not sure whether or not I can do this given the limits shown?

( related to Monzo CEO, Investor in Monzo ) #38

one is into your account and one is out of your account ? :slight_smile:

Using your card - max single card payment 2K

Payments - second amount max RECEIVED 1K

admittedly a bit confusing

your single card payment is a one time payment maximum of 2K - you can do this several times though so your ticket purchase is no problem

(Alex Sherwood) #39

I’m pretty sure that payments = transfers to other users & obviously card payments are self explanatory. So if you’re planning to make the payment using your Monzo card, you should be fine.

If you look at the limits on Monzo’s site, the limits that’re displayed in the Payments section of the app’s list are listed under Monzo-to-Monzo limits. Although I can’t see the Max Single Payment listed on the site (or in Naji’s table in the OP), even thought it’s listed in my limits in the app too…

( related to Monzo CEO, Investor in Monzo ) #40

lol Alex Im getting confused :slight_smile:

(Patrick) #41

I think they are:

Heading payment type (Max level amount)

Using your card Max single card payment (£2,000) – This is any traditional use of card, chip&pin, contactless or internet.

Payments Max single payment (£1,000) – This is when you are transfering money within app to other Monzo user. Heading could be changed to something like P2P Payments or Payments to Monzo users or simply transfers. Max single payment (£100) – This is what you can receive through your personal Monzo link from people without Monzo account.

( related to Monzo CEO, Investor in Monzo ) #42

and you don’t need to hold back on your £2000+ purchases - you can present the card twice for payment of your bill ( to the hotel ? ) - haven’t tried more times than twice though yet :slight_smile: