Paying in cash to Monzo account


(Alex) #1

As always, sorry if I’ve missed this somewhere but…

What’s the plan for paying cash in once we have full current accounts? I assume this will have to be offered as an option in some way but just wondered if we knew how it was going to work yet?


Depositing Cash & Cheques
Paying cash into the account
Putting cash into your account
#2

What we know about the new accounts is found at What We Know About the Current Accounts & Debit Cards / FAQ 🏦 💳 (open Wiki)

If, when and how cash may be accepted, and where and at what cost, if any, has not been decided or announced yet


(Alex Sherwood) #3

Here’s the last update from the Monzo team on this, watch this space :slight_smile:


(Alex) #4

Thanks guys! Will keep looking out for any announcements :slight_smile:


(Mark Dunne) #5

A lot of banks now allow you to pay cheques and cash into your account via Post Office so maybe this is something they would look at doing once the full accounts have launched


#6

That is costly. Metro bank recently decided only to pay for their business customers to have this service and not personal customers as the Post Office wanted too much money.

Other options include PayPoint, who have far more outlets than the Post Office, or having an Agency Banking agreement with another bank (for example Handelsbanken UK have one with NatWest).


(Jolin) #7

PayPoint would be most convenient. If :monzo: go for an agency agreement, I hope they will remember the 5 million of us who live in Scotland and don’t have access to some of the English banking brands (NatWest, Lloyds, Barclays). The Starling solution of going with NatWest, and only after launching ‘looking at’ arrangements for Scotland would be disappointing.


(Alex Sherwood) #8

To save anyone repeating themselves, the different options for depositing cash have probably been discussed more rigorously in this community than by the Monzo team (a search for PayPoint finds 21 separate topics) so it might be worth checking out those threads & adding anything that’s been missed (if that’s possible) here. For example -


Depositing Cash & Cheques
(lewis oconnor) #9

does anyone know how Monzo will do weekend propositioning?


#10

that sounds like their staff chatting people up but I sure that is not what you meant


(lewis oconnor) #11

like I bank with RBS at the moment and will be getting paid on 18th (Sunday)
but ill receive the money on Friday due to ( weekend prepostioning)
same way that DD due on a Monday show on the account on Saturday


#12

I would imagine that will be handled on the day it is due and shown in the future on the Pulse Graph.


#13

I asked that very question…


(Naim Mohammed) #14

I hope I am not going to be regarded as being odd for asking this. In the world of virtual and plastic money, we sometimes forget that some of us do actually deal with real cash on a regular basis. As far as I read on the forum - I would still need to have an account with a bank that is on the high street so if I needed to deposit cash funds, I would have to do it through them and then transfer it across.

Are you all thinking about any partnerships with organisations who can help facilitate someone wanting to pay in actual cash into the current account? I know the Post Office does something like that and then you have the PayPoint franchises. Any thoughts?


(Josh Price) #15

I think something like this is essential too. People often give others money as gifts for their birthday or at Christmas. While most will just spend that money others may want to save it!

I do believe Tom got asked this question in one of the Open Office events and mentioned something about the Post Office, hopefully it gets implemented soon. I’d like to be closing my other bank account sooner rather than later!


#16

I paid for meal for my colleague and I at work. The following night she gave me some small round metal things she called coins. What the hell do I do with these! :thinking::wink:


(Change Works) #17

Well don’t take them to a Vodafone shop. I walked past one today which had a sign up saying it was cashless. First time I’d noticed one of those signs. I do walk around in a bit of a daze though. :see_no_evil:


#18

Many Swedish Banks are cashless.

Yes, you read that right.


#19

The only time I take cash out is when I have to for a haircut :haircut_woman: or the 2nd exception is for Big Issue guy near where I work.
I wouldn’t object to giving people more options for actual cash deposits though every organisation should try to be inclusive and I know a lot of folks still feel comfortable handling actual cash.
@MIROW has previously mentioned somewhere Monese have post office cash deposit facility, Monzo could look at similar sort of approach.


(Brandon Billingham) #20

I only get cash out for my barbers.