Receving Large Payment to New UK Account

[SaudiPayments]

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[ndrw]

Nobody can tell you how long this is likely to take if it gets flagged. But I’d say Monzo probably isn’t the account to do this on.

Open a high street business account where you can more easily talk to someone about higher risk incoming large transactions before they hit the account.

[npc_06]

@ndrw

I’d say Monzo probably isn’t the account to do this on.

Open a high street business account where you can more easily talk to someone about higher risk incoming large transactions before they hit the account.

Unfortunately I agree here, if I was receiving legitimate payments that high I’d want a high street business bank account.

[Revels]

That should add to the chorus of alarm bells.

Who is asking about who/what/where when you’re just opening an account?

[Peter_G]

Might be worth dropping Monzo a line in the app to explain the situation and flag that the payment is incoming.

I’m not sure where the chat option is for business customers, but tagging @N26throwaway who has a shortcut link to hopefully share

[Revels]

You can tell them in advance, it’ll make zero difference.

Just have all the documents etc so you’ve got it all for when they query it.

I know it these days you don’t need to do a “test payment” but maybe something significantly less than £400k might help.

[Peter_G]

@SaudiPayments

But also don’t want to end up in months of back and forth to have it released.

Yeah that would be my worry. My thinking was that if you’re explicit about what to expect Monzo could make an informed decision if they felt that it wasn’t a transaction they wanted to accept before going into that back and forth.

Sadly, I’m not sure I have confidence they’ll understand or engage with the issue properly. But at least you’ll have a paper trail in case you need to escalate it.

My final piece of advice would be to escalate or complain quickly if things do start going wrong. Behind the scenes Monzo has impressive and competent people - it’s getting through to them that’s often the problem!

[Peter_G]

Oh and a quick PS. If you don’t mind popping back to let us know how things go I’m sure we’d all be appreciative. Expecially if it’s a smooth and wonderful experience!

[N26throwaway (Sir Tom MacMonier)]

iOS shortcut here:

https://www.icloud.com/shortcuts/abcd5a0785f34a729b0e18aba169b92a

Or click here to chat to Monzo.

[BenC]

@SaudiPayments

High street banks aren’t interested in opening an account for a new start up with Saudi investment. Believe me, we’ve tried!

Did you try Allica Bank? They tend to be more flexible than the high street banks.

Downside is that there is a minimum balance on the account of £100k, and this must be maintained.

I’m not sure I’d go with Monzo for this, personally.

Good luck in any case.

[Anarchist (Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)]

@Peter_G

Might be worth dropping Monzo a line in the app to explain the situation and flag that the payment is incoming.

This shouldn’t make the slightest difference, in my view. Especially from a new account.

[gt94sss2]

Did you try HSBC?

They have operated in Saudi for decades