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?
Payment made today, zero hassle - the company taking the payment actually used the open banking connecting to take the payment, so that I didn’t have to enter bank details - so I wasn’t scared that my thousands would go to the wrong place!
Smooth experience, zero hassle, and ultimately, added security that someone’s not bulk transferring out all my RSPCA money!
Glad I had this experience first hand, and hopefully more people can see how smooth it is to have Monzo as your main bank account (ignoring the false-positives on closing)
My experience sadly wasn’t as great as everyone here tells.
History - Monzo customer since Mondo days, use Monzo as primary account for many years, savings and investments all with Monzo. Never had any issues ever until today.
Needed a rate limit increase, the workflow worked perfectly, provided all the details and transfer limit approved (for the next day as requested).
Got the notification rate limit increased on the day, made the payment and my account got locked (first time ever) due to ‘suspicious activity’ and payment declined. Entire account blocked. - As you can imagine, panic.
The suspicious activity was sending the exact amount per the transfer rate increase, to the payee as detailed in the request.
Had to do a video to get my account unblocked and wait. Few hours later was sorted and account was back and payment went through on second attempt. Very stressful experience.
It feels like Monzo’s “algorithms” don’t connect the dot, it seemed the transfer limit increase didn’t factor into why I was suddenly making a large payment and triggered an account flag.
Sorted in the end, but VERY stressful experience. Makes me question if Monzo is truly the account for high value usage. They need to connect the limit increase to an expected payment due to go on the day asked for…
1 Like
tbutz
(🏳️🌈 Producer of "low value commentary")
19
I had the same experience a few months ago. Increase of limit process was great, but on the day when I came to transfer the money, the transfer was blocked and I had to provide selfie video and wait before I could retry. The wait was only about 45 mins in the end, but it was not a happy time.
Is this linked to the fact it was a new payee? Unknown. Perhaps if they force you to identify the payee at the time of the limit increase it could be flagged as non-suspicious for the purposes of the transfer.
