Hi
In September/October i wil be transferring a lump sum approx 32k from a well known pension management company, I have heard some horror stories of people’s monzo accounts being frozen for legitimate large deposits and it being a nightmare to get sorted my question is should i expect something like this to happen.
Thanks
Hi. Welcome.
Ignore the horror stories. They are lies.
ALL banks will do checks on ALL amounts of money that is moved between accounts. A pension provider paying you will be absolutely fine.
Just note that if you wish to transfer out more than £10k at a time you will need to request a limit increase.
Hi Mark
Just let Monzo know nearer the time. I did this with mine and no problems.
If the transfer is coming from a big pension company, it’ll be fine.
Did you have any issues with this in the end Mark? I’m in the same position, expecting a large payment in from a well known company and worrying about the same thing!
Nope all went smoothly, as advised I told monzo in chat about the payment they made a note of it and all went through with no problems.