Why is there a limit on loading money from paypoint outlets, was finding it great until my card declined payment , only allowed £1000 top up every 180 days, why is that?
My guess is that it’s got something to do with Fees, as for each deposit they charge you a £1 fee, so my thoughts are that Paypoint charge Monzo something?? Could be wrong though.
Yes this is true, as just checked under Limits.
Although thinking about this, I would have thought that Monzo would not want to use a Supplier that charges them for their customers to use a third party service,(but that’s like everything these days) but were unable to find a better solution for Cash Deposits? Not sure why they didn’t decide to use Post Offices?
This is one thing that actually puts me off if I ever had to deposit cash into Monzo, charging me £1 for the privilege of adding money to my account, yes it might be a nominal amount but in my opinion should be free. It’s one thing that definitely puts me off going #FullMonzo, It would mean I keep my existing bank open too.
There’s no need to go #FullMonzo. There’s no benefit to the customer. The best advice is to use Monzo (or not) in the way which best suits you.
But If I was Monzo, I would have thought their vision would be get customers to use them as their Main Bank account surely? Yes it’s all very well getting 2.4 million customers but as roughly only 30% (Jan 2019 figures) add their Salary into their account, (I would expect that this is not suitainable for the business in the long term) I would want more like 80-90% of customers to use Monzo as their main bank. If there are no benefits to going #FullMonzo, why do Monzo want you to have MonzoPlus account? Plus Monzo Rewards? Immediate notification via App of Expenditure etc I see as a benefit, I don’t get that with TSB, the only thing I get with TSB is 3% on a balance upto £1500 each month. Also Saving Pots are a benefit, you don’t have to have a separate Account Number for this with Monzo, you do with TSB.
This issue has been raised several times in the past.
Yes, by having a salary, or large sums, transferred in. Cash deposits cost Monzo money that they aren’t willing to pay.
@Anarchist so surely its in Monzo’s best interests to find possibly a better solution? Post Office lets customers withdraw and pay in money for free apparently? But at what cost to Monzo?
I need to top up via paypoint on a daily basis through my business, I don’t have the option of going to the bank on a daily basis and would have liked to keep monzo separate from my main bank account, Having spoken to a few customers it seems we all think along the same lines,unlimited top ups via paypoint is a good way to save, I had to refuse a £200 top up last week from a customer because she was unaware she had exceeded her 180 day limit, I’m going back to using my pockit card for paypoint top ups, seems a lot easier
@Monzo Think this needs looking into (again?)
Thanks for that, I see I’m not the only one here that wants to use it through my business, I’ve already been investigated by pockit because of large (ish) deposits which were easy enough to explain and prove they were legitimate transactions, I’ve just taken on a 20 year mortgage in Spain and was hoping to clear it within 5 years with monzo, so will stick to pockit for the foreseeable future, I load my money through the paypoint but don’t physically have the cash in my till, so it’s not a hassle for me to top up £100 on a daily basis, which would then be transferred to a Spanish bank account to cover mortgage payments
Monzo is separate from your main bank account, anyway, isn’t it? Or am I missing something?
Sorry should have explained it a bit better, my wages are paid into monzo and his are into our main account where all direct debits are taken from, we wanted Spanish mortgage to come from monzo account as well as all bills for the property we’ve just purchased
No it doesn’t. It has been discussed at length on the forums so have a search if you need more info.
To summarise, it costs Monzo money as it would if they switched to the Post Office for example. Other banks offset the cost of this in other ways - maybe take a cut of your interest for example. It’s not always as simple as you may think.
The limit for most is very reasonable. If you need to deposit higher amounts, Monzo isn’t the bank for you - and that’s ok too
This is probably the issue. You need a business account not a personal account and possibly one that isn’t digital only (depending on just how much cash you wish to deposit).
No worries @Ordog, just trying to help
The post @gt94sss2 linked to earlier is the best if you wanted to learn more, but it seems to have been overlooked
I didn’t have time to take a look so asked whether it needed another look, I’m new so i had a feeling it would have been discussed at length.
Main bank account doesn’t have to mean only bank account. Monzo is my main bank, but I have other accounts from the past that I still have active, they just aren’t used daily.
When I say I want to use it through my business I mean to top up through my paypoint machine, I don’t physically need to have the money to load the card as debit payments are higher than paypoint payments, so it covers me for topping up my card, I already have a business account like most businesses would have I guess, we are decling payments for customers when they have reached their 1k limit, so there’s obv a need for limits to be lifted, esp as it’s been discussed before
Sadly there isn’t many people who want the limit raised.
I’d suggest you direct any people you find to the topic linked above and encourage them to vote for it
So far there is only 11
The more votes the more chance you have of Product Managers having to take notice and hopefully getting them to change the software/limit in this case.