No top up/load option?

Help
1

I’ve just started using my Monzo (Starling also). Coming from Weswap and Revolut I assumed the Monzo would have a top up/load option to add money instantly from your main bank account. Instead I need to log into my bank and transfer money each time. Bit of a pain especially with Barclays as I need to add my CCV and expiration date everytime.

I was quite disappointed it didn’t have this option unless I am missing something.

Revolut was just a click of a button within the app.

Please advise if I am doing something wrong. Maybe this is designed with the intention of encouraging clients to move their salary/larger amounts into Monzo?

Thanks

2

As it turns out, Monzo no longer offers top-ups via debit or credit card, or Apple Pay. It was proving to be quite a cost to Monzo.

You can top up the account by having your salary paid in, sending a cheque, paying in cash, or by sending a faster payment from another bank account.

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3

This was done some time ago, see here:

https://community.monzo.com/t/we-re-turning-off-debit-card-top-ups-for-everyone-on-2nd-october/45613/

TL;DR

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4

Really? I’ve transferred many times from Barclays and never had to do this. Account number and sort code the first time and then it remembers it

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5

CCV is a card transaction, not a bank transfer?

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6

Thanks I will try that. First time set up and transfered. I’ll try using the saved contact again.

7

Once that the payee is set it takes less than 20 seconds to log in and transfer. :smiley:

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8

In the app pay and transfer > pay a new or recent payee

I get the confirmation from Monzo before Barclays have given me the approved message normally

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9

Thanks for all the quick responses. I understand from the link that it was costly for them. I moved over from Weswap and Revolut because of the Joint Account options.

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Testing the exchange rates between Revolut, Monzo and Starling yesterday I see Revolut was a little lower than Monzo and Starling. (mastercard rates but tweaked a little I assume to make a tiny margin on each transaction). Maybe that is why they have the top up button - costs you in the end.

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Think it’s more the number of revenue streams Revolut have

There rates of all 3 are very similar

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Revolut offer the interbank rate for currency exchange in their apps, which is a slightly better rate than the Mastercard rate which Monzo uses.

Revolut also add a 1% fee to the interbank exchange rate at weekends.

NB: not sure if Revolut give you the interbank rate if you by something in a foreign currency using GBP.

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I’m using them for a non-supported currency so it uses the mastercard rates straight from my GBP balance for all cards I understand.

Yesterdays rates:

£1 = 45.559 Revolut
£1 = 45.8661 Starling
£1 =45.890 (says: not final and will settle in a few days? odd) Monzo

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