A lovely bit of shine would be to automatically refresh the connected account in Monzo once the transfer has happened. It doesn’t do this at the moment, so you can’t see the transfer that you’ve just made unless you manually refresh (or wait).
Despite the instructions, I was a bit confused running through the process to pull the money to Monzo. With hindsight, I think it works really well to nudge folk that there’s a better way, but for an initial setup I was confused about whether I transfer the money first or how that all works.
I wonder if this can be integrated into the add connected account flow, so that it’s all set up and ready?
Something for @giorgio and team, but I’d really like all transfers to be driven from the Payments tab. The Add Money lozenge feels counter-intuitive to me.
And one for @emmag and @leepethers: we’re now rapidly approaching feature parity where there’s little you can’t do in the other banking apps that you can’t in Monzo. It would be swell for paying customers to be able to promote a connected account to be up top in Overview, alongside the Monzo accounts. And to be able to hand off to the native apps for things that can’t be API driven yet (like direct debit management).
It would also be good to be able to move funds directly into pots (including new savings pots). Even if that’s two entries on the feed, it saves doing it manually.
Now, we just need to get the Open Banking regulations to cover savings (and all other account types) and we’re golden!
Thanks again. There’s so much going on it’s hard to keep up. But keep going!!
PS, maybe one for @giorgio again, but the blue lozenge under the connected account is labelled “Move money” but when you tap into it, it’s called “Add money”.
It’s more than a cosmetic thing because I always want to go there to send money to that account from Monzo.
It feels like an easy win, you have the account number and sort code, after all. But instead you have to go to the Payments tab, find the right payee (or even create a new one) then send the money. When it should be a couple of taps away…
I did not expect for this to allow the donor account go into arranged overdraft. However I am not sure if that’s normal or not with regular transfers too. Maybe Monzo does not know about the balance of the other account when such a transfer request is authorised.
All of this! And perhaps also sweeping out the balance down to a pre-defined limit (eg £50)? I like to keep a consistent amount in my Barclays account (after everything else has gone through / out) in case I need to withdraw cash or pay for anything should Mastercard / Monzo go down.
I can see your point but if it’s an authorised overdraft then it’s “your money” to spend as such. If you make a purchase in a store with a £1,000 overdraft I don’t think anything makes a point of letting you know you’re going into your overdraft before you purchase?
How funds are made available in your other account isn’t something we can control. If the provider is allowing the arranged overdraft to be used then this will likely be the same behaviour as a single transfer that you approve individually. If that’s not the case then we’ll follow this up.
If the arranged overdraft can’t be used then we’ll get an error to inform us that there is no available balance.
If you let us know which bank you are using then we can confirm the behaviour with them