Have carried out two up to now from my HSBC current account to my Monzo card - the first one took 3 hours, the second one carried out yesterday and threw up an error saying they couldn’t send immediately and asked when I wanted so I said today, we are now 9 hours into “today” still no sign of the payment.
Is this a Monzo issue or an HSBC issue because I’m ready to bin this new current account and settle on Starling which seems to work fine and has very little appreciable difference apart from being cheaper for getting money out of ATM’s while abroad
Mine have always been instant - might be worth sending a message to the COps in the app to ask them to look into it. It sounds like it’s HSBCs issue if they told you they couldn’t send a payment immediately though.
Just been in touch with HSBC who told me payments after 5:30pm can be delayed or cancelled depending on the receiving bank and to keep my transfers before 5:30pm to guarantee delivery unless the receiving bank is having issues! Carried out another test transfer - it was immediate, I don’t believe the bullshit but will stick with transferring money during working hours!
It’s HSBC, they run EXTREME levels of AML on payees these days. My first payment to someone will usually take at least 45 minutes now (and has taken almost two hours before). The subsequent ones tend to be instant but it can be hit and miss. This is all because of that big fine they received a few months back for laundering money
Unfortunately Faster Payments to a Monzo account (or to any bank account) from HSBC accounts need to be sent before 14:30 to arrive the same day.
If they are sent after that cutoff time, there’s a chance that they may hang until the following morning
I’ve done quite a few faster payments from my soon-to-be-closed Nationwide current account to Monzo and the payment has usually dinged up in Monzo before Nationwide have refreshed the page: and this is at “random times” (Sundays at 1pm, Mondays at 7pm, Tuesdays at 9.15am). It’s a HSBC issue.
The Faster Payments Scheme actually say that at the latest it will arrive by the end of the receiving bank’s next business day.
EDIT before someone asks for a source…
On their FAQ page
there is a question “How long do Faster Payments take?”
The answer from the Faster Payments Scheme reads:
"Provided the sending and receiving bank/building society are Direct Participants of Faster Payments, payments are usually available almost immediately, although they can sometimes take up to two hours.
These timescales can still apply if either the sending or receiving bank is not a Direct Participant of Faster Payments.
Some payments will take longer, especially outside normal working hours.
You should talk to your bank/building society if the speed of the payment is particularly important.
As a minimum, all financial institutions in the UK must abide by the Payment Services Directive (PSD) - this states that any payments made by mobile, internet or phone banking (including standing orders) must arrive by the end of the following business day at the latest. "
I have just sent money from my HSBC to my MONZO account, and Im not sure if its there since there is a MONZO SERVER issue which I cannot see anywhere mentioning on this page. Monzo app keeps telling me that my app is not connected OR There’s a problem with Monzo servers at the moment, please trry again in a few minutes
Yeah, this seems to be affecting certain users on Android: Your device is not connected to the internet
An update should be coming soon but rest assured your money hasn’t disappeared
If in doubt, message COps and they’ll be able to take a look for you!
I figured its HSBC talking crap, I also suspect that they make things difficult for “newer banks” because of their stranglehold on the industry and the faster payment clauses about when payments will arrive are so vague they can pretty much do what they want anyway.
So I called HSBC and they told me, that since its on my transaction list already, that means its left my HSBC account so I have to talk to MONZO about the money
Money has arrived. So it took about 30 mins. At least you could be part of my journey of sending first time a payment to my Monzo account Like a reality show Test: Passed
Just made my first substantial payment to my Monzo account for it to be blocked by HSBC’s fraud department. At what point does their AML checking get flagged as anti-competitive for preventing you from easily doing banking with other banks? Should see my money in the next 2 hours.
Like a reality show