Rant / suggestion.
Monzo has a £10k payment limit. The hoops that you need to jump through to bypass this are unacceptable for some.
If you want to make a payment in excess of £10k outside of working hours you’re screwed.
If you want to make a payment in excess of £10k within working hours you’re severely inconvenienced.
How so? You’ve got to fire up a chat window, hope that there’s somebody available within a reasonable time, make sure that you’ve got photo ID with you, and hope that the person on chat would be so kind as to let access your own damn money.
This makes Monzo useless as an account for anybody:
- Buying a house
- Contributing a lump sum to an ISA
- Contributing a lump sum to a pension
- Running their own business
Or who otherwise sometimes needs the facility to move their own money about “at will” without the risk that it’s outside working hours, photo ID isn’t available at that moment, the chat person isn’t available, or you fail their their “test” of whether or not you should be allowed to access your own money.
It might sound petty to many, but when you REALLY need to move money about in a hurry (e.g. paying HMRC on time because a supplier unexpected paid you late; getting a mortgage redemption of >£85k moved out of your current account ASAP so that it isn’t above the FSCS compensation limit etc) it’s quite stressful.
At other times it’s just chuffing annoying. This wasn’t a big deal in the early days of Monzo when the chat service was responsive. These days it always seems to take as long as a legacy bank.
I’ve been sat waiting for 30 minutes now thinking "you know, nice as the app is, at least the Nationwide website actually worked for the basics of banking such as accessing your own damn money when you needed it.
Chat’s eventual response of “we’ll get back to you within four business days to let you know the next steps” is an absolute bloody joke. A customer service level that thinks promising four business days to let you know the next steps for accessing your own money is acceptable.
Perhaps Monzo would consider offering “adult accounts” with the normal limits (£250k per transaction, £500k per day, and £1m per week) in addition to “child accounts” with restricted limits?
Now choosing between Nationwide (packaged account for breakdown/phone/travel insurance), Virgin Money (pays interest on the first £25k), Santander (cashback on utilities) to replace Monzo. Perhaps all three and play the benefits game once again. I wouldn’t have bothered - loyal by being lazy - but your service offering, at the times you really need it, falls so far short that you’ve made me make the effort.
So congrats on the own goal there and perhaps you might want to (a) offer accounts that don’t stop you accessing your own money or (b) employ enough staff so that you can guarantee to a response time of less than four f**king working days for “telling you the next steps to make a payment” (lord only knows what the response time for actually making the payment is - probably the number of days divided by £10k…)