Contacted monzo today regarding moving funds over £10000 for a deposit, delays in them getting back to me and now can’t get any response on the phone, email or app.
This could jeopardise our house exchange,
Does anyone have any tips of how to contact monzo to get a response or had similar problems?
This has been an issue before (this exact issue). I think, in general, the team responsible have always raised the limit in time and the exchange has happened. So there’s still a lot of hope. But a lot of people have also reported a similar initial stress of poor communication before the limit being raised.
Sounds like it’s too late to go with another bank. I think it’ll almost definitely be done on time, but appreciate it’s not easy to take comfort from that.
If friends ask me I do always say not to use Monzo for stuff like this. Seriously doesn’t help its image of ‘being a real, serious bank’ though.
Monzo positioned itself as the bank of the future and making money work for everyone. And it has been innovative in many ways, drawing a lot of media and consumer attention in the process.
But is it really ready to compete with traditional banking when drawbacks such as this remain?
There was a thread before any many people did it fine with Monzo and I think even high street banks have a limit for transfers?
But why can’t you request it in advance with a form? From last time, sometimes they let you raise the limit for a specific day in advance and Dan said it was possible, but sometimes it doesn’t work.
I didn’t know it was going to happen regarding exchange until this morning, on the website it states should only take a few hours, but of a loose definition though, I have already done a large money transfer with monzo before and there wasn’t a problem…
I hope Monzo fix this, and improve the process. As others have suggested, until it’s improved it’s unwise for anyone to be sole banked with Monzo, which is a shame
I can say I called them up just now, thankfully someone actually picked up! ( which I’ve never had) and escalated it. Within 5mins they had increased my limit and it’s all sorted.
You’re aware that high street banks have transfer limits too, right? And you’ve also checked how they allow for increases, before Monzo bashing? Hint: many make you visit a branch with ID. Presumably so they can try and sell you a CHAPS payment.
Sure, I can agree that Monzo’s process can be improved further but it’s already better than the alternatives.
Completely disagree to be honest. Barclays were able to schedule mine two weeks in advance. Also their base limit is 50k so lots of people can just transfer it.
Buying a house is pretty damn stressful. Sitting there the day before it goes through with no response from your bank about whether it’ll go through or not just kinda blows.
No way I’d use Monzo to make a payment like this when there are much more stress free alternatives.
Last year I borrowed some money from my Dad as our roof needed replacing. He attempted to transfer me the money via his online banking but they needed him to call up to verify it.
At the time they were sailing around the west coast of Scotland and on the call Barclays wanted them to travel to the Oban branch with his ID (75 miles away by land, let alone by boat!) before they’d authorise it. Eventually he managed to get through to his account manager and by kicking up a bit of a fuss they authorised it on their side.
I guess the moral of the story is that anybody can have a bad experience with any company, especially banks.
Can confirm. Transferring our deposit from Natwest took TWO in person visits to the branch AND they charged us for moving our own damn money. Buying a house is a pain in the arse no matter who you bank with.