Monzo is my primary account and I will need to transfer about £25K-ish to a solicitor in the upcoming weeks before exchangeing and just a little nervous about getting the transfer limits increased in a timely manner.
Lots of results on google around this topic showing from a couple years ago where it looked like you had to go through chat etc but I was wondering if anyone has gone through this recently using the app’s built-in ‘Increase Limits’ flow and what their experience was in terms of what information it needed and how quickly the limit raise was completed.
I’m hoping this is not that big of an issue these days with the built-in flow as well as the ability to use that to schedule a day in advance assuming my solicitors provide me with that date in good time.
Also the docs provided by my solicitor around recieving payment mention that they may ask for payment to be made via CHAPS if the time between them finding out the date from the sellers and when they want to exchange is short enough. Does Monzo even do CHAPS payments? dont see any mention of it in the app and dont imagine its much of an issue with Faster payments being basically instant anyways.
When I needed to move money to my ISA account, I requested a limit increase and it was “approved” within a couple hours same day, on a couple occasions
I went through it recently when the funds landed from a house sale. Tried to transfer more than 10k to a savings account and external accounts. It prompted me to request a raise. I did and within a couple of house they gave me the requested limit for 2 days. All fine and easy.
I’ll soon be going through it again when I pull the money back in to Monzo to pay for a house purchase so fingers crossed it will be as easy.
If you click ‘manage account’ form the … and then limits, you can request a transfer limit in advance rather than waiting until you try to make the transfer.
When I did my deposit (not from Monzo), the letter from my solicitor said to use CHAPS but the bank did via a fast transfer as it’s basically the same and there isn’t a charge.
The difference between BACS and CHAPS is becoming increasingly blurred now we have FP. I think the differences are that CHAPS has a guaranteed arrival time while FP does not? And also some banks put arbitrary limits on FP but not on CHAPS.
When I recently did this with my legacy bank the only difference was over a threshold it had to be chaps if I wanted it all in one payment (their policy I think).
Unfortunately my solicitors required it all in one payment otherwise they’d have done 2 smaller payments as FP
One question- I know you need to have the money in your account when you make the request. Does it being in a standard pot in your Monzo account count or does it need to be in your actual ‘account’ balance?
