I tend to only carry a £10 note with me for the rare occasions when a place doesn’t accept card!
Hi guys - I think some of you missed the point.
It’s not a matter of an organisation accepting the card… The question was centered around - I have cash in my pocket and I would like to deposit it into my brand swanky new Monzo current account. The only way I can do that now is to deposit it through a high street bank and then transfer it to my Monzo Current Account…
Therefore I still need to maintain another account with another bank that gives me the ability to make cash deposits
Yes, both of these have been brought up internally as a possible option - or an arrangement with another bank for this purpose. No decision has been made and we don’t have an ETA on it but obviously it’s something that we need to do!
I believe Starling have an arrangement with NatWest for this, so there’s precedent for other mobile banks to have an arrangement - so all options will be considered!
I’ve provided two already…
I’d personally prefer the Post Office, there is more of them and they’re likely to be around a lot longer than a lot of bank branches. For example my closest Natwest has just closed down!
When my Korean housemate first arrived in the UK she couldn’t understand why it was not possible to deposit cash at the ATM. Apparently it’s a regular thing out there…
I’ve done it before on Halifax ATMs??
At an ATM? I’ve only ever seen in-branch deposit machines… never a hole-in-the-wall ATM accessible 24/7.
Then again I’ve not been out looking for them…
I take the view it’s always best to have a backup account/card available for situations like this, or where one card network is down I like to have another which I can fall back on.
Definitely ordinary/regular ATM outside the branch and accessible 24h.
Same thing happens in Greece. You can deposit cash in any ATM.
In older ones you put cash in a folder that gets counted by an employee next morning; newer ones can count cash and the amount appears in your account in real time.
to clarify Monese have both Post Office and PayPoint.
PayPoint for instant deposits
Post Office for next banking day deposits
There are more PayPoint shops though than Post Offices with banking facilities.
PayPoint have over 28,000 outlets versus about 11,000 Post Office outlets.
I used ATMs to deposit cash in the 1980s at RBS and Williams and Glynn’s
Didn’t know you could do banking at a paypoint location!
You got link to details?
you can only do it if your financial institution use them, such as
CitizenCard prepaid Visa card
IDT Prime Card
Prepaid Card Technologies
Prepay Solutions Ltd
Virgin (prepaid card)
Slightly goes against “disruption” if you rely on the guys you are disrupting! Surely the P.O. is the answer here, or even an agreement with MasterCard where you can hand in cash anywhere and have it “refunded” to your Monzo through the POS. Imagine that!
I don’t think PayPoint are really competition to fintech or more specifically Monzo, whereas the Post Office is a banking body and has ties to Bank of Ireland
However NafWest clearly is! They don’t just have Agency Banking arrangements for Starling but also for Handelsbanken UK among others (if you haven’t heard of them they actually have more branches in the UK than Metro Bank)
I was thinking more of Natwest
Same, I just assumed you could do it at every ATM. But I don’t use this function much so I can’t say I have been severely inconvenienced by it.