Reducing the cost of debit card top-ups


As I said I use Monzo as my main card for everything and everywhere, and as such I don’t top up all time, I top up once (or a few times a month). As a user and a customer though, I will always be against charges for services which used to be free or restrictions being introduced.


It is chicken and egg though. I want to use them as a bank but they have to provide banking services such as statements, joint accounts and CASS. All of which are some way off. Meanwhile they are a good way of spending day to day without using cash.


Wait, you can’t get statements? Ouch. That’s a big deal for anyone trying to e.g. apply for a mortgage.

(Jolin) #239

You can get statements, but at the moment you have to request them through in-app support and have them posted to you. Proper support for statements where you can download them at will from the app is coming :soon: (by some definition of ‘soon’!).

(paul sellen) #240

Keep it simple.
Let’s pay the actual cost of a top up by Debit Card.
We pay the actual cost of using an ATM abroad
We get the exchange rate at the time with no hidden costs for purchases

ATM Fees Abroad: The Community Has Spoken
(MikeF) split this topic #241

7 posts were merged into an existing topic: ATM Fees Abroad: The Community Has Spoken

ATM Fees Abroad: The Community Has Spoken
(MikeF) split this topic #253

A post was merged into an existing topic: ATM Fees Abroad: The Community Has Spoken

(MikeF) #254

If they were to do all that it would be simplest. But I guess simplest may not always be right for businesses.

Let’s keep clear of rehashing the ATM discussion here though.

(Aj) #258

In short over the next year they are adding in facilities through the monzo api to manage your savings and do other things with your money via partners, as Tom put it, youll be able to start a savings account or switch to a better enegry plan with a few apps.
To keep things simple they want to get the banking aspects right and leave things like loans and other financial products to those that know it best.

At the moment I get its all hands on deck launching current accounts and the switching service will probably be on the roadmap. However theyre making leaps in whats available and its not a question of what we get more a question of when as the only factor here is time imho.

(Rob) #259

An allowance plus a flat fee therafter seems to be the simplest solution say a single top up of up to £200 monthly allowance then 50p per top up. The flat fee just seems simpler like the overdraft flat fee.

What is the % fee charge that Monzo have to pay? What is the current average cost of a top up?

(Hugh) #260

£24 per customer, per year.

(Jolin) #261

That’s the total amount that top-ups are costing. I think @Rob3 was asking what is the average cost per individual top-up, not the average cost of all top-ups in a year.

(If there's the wrong end of a stick, you'll find me holding it.) #262

I was surprised by this figure. I wonder which customers it refers to.

If it is across all customers, as most are still on pre paid, then the amount will likely come down anyway, wouldn’t it? As customers transition to the CA there will be fewer who use debit card top ups, and those who do will use them less, I’d have thought.

(Peter Roberts) #263

It’ll be an average value

(Rob) #264

Yep, I was asking about average cost per top up (singular).

(Valeri) #265

Cheaper than the individual pricing here as they have volume discount (probably)

afaik they are using stripe for the top-up functionality

(Dimitris) #266

Ideally, as customers, it would be most beneficial for Monzo to have as many options as possible made available to us to fund our Monzo Current Accounts, these being:

1. Apple Pay
Currently, based on my recent experience using my Halifax debit card via Apple Pay to fund my Monzo Current Account, I was only able to fund it with a maximum of £100 as Halifax imposes this limit. Clearly this option is useful for small amounts and whilst I appreciate it comes with a cost to Monzo, I would still like to have it available as well as free of charge, and would be happy for Monzo to impose a limit on how many Apple Pay payments can be made on per month basis.

2. Inter-bank Transfers - Open Banking
Although not available yet, it would be an alternative to Apple Pay given that the money used to fund the Monzo Current Account would come from the same current account and its associated debit card used by Apple Pay. Even so, different banks will take different timeframes to implement integrations with various financial institutions and it could take a while before this option is made available to customers across the board. Once implemented throughout the UK banking industry, using Apple Pay could become a moot point and potentially a much less frequently used method to fund the Monzo Current Account.

3. Bank Transfer - Faster Payment
This option would be less advantageous to Inter-bank Transfers due to lack of speed and convenience, having to log on to a separate app or via internet banking to initially set up the bank transfer details and make subsequent payments.

Currently, I personally find this is the best option to fund my Monzo Current Account given that I can transfer higher amounts than using Apple Pay, instantaneously. And I find Bank Transfer the best option over having my salary being paid directly into my Monzo Current Account because the current offering is still in its infancy considering that a number of key standard facilities associated with a current account such as overdrafts, Apple Pay payments, IBAN’s and foreign transfers to name a few, have yet to be finalised, let alone implemented and rolled out.

4. Salary Credit - BACS
Ultimately, having one’s salary paid directly into one’s Monzo Current Account, would be the ultimate way of automatically funding the Account, which would also imply satisfaction and contentment to use Monzo as one’s main current account. However, as a prerequisite for this, Monzo must have made sufficient progress (to sound a bit like the EU and Brexit) in terms of providing most - if not all - of the key standard facilities that come with a current account as described earlier.

All in all, before risking getting way off topic, I personally do not want to see the Apple Pay option removed nor would I be willing to pay any kind of fee to use it. Instead, I would prefer for Monzo to keep it but restricting its use.

(Tony) #267

Only used top up on the prepaid card as faster transfers from another bank were not available. The change to foreign ATM costs affects me much more. However I have 3 other avenues for foreign ATM withdrawals so can live with it.

(If there's the wrong end of a stick, you'll find me holding it.) #268

Yes, but an average of what?

If it’s all customers, then it’s a bit misleading as most customers are on pre paid accounts. As more people start to use Monzo as their main account and have their salaries paid in, then this number will reduce without Monzo needing to charge for debit card top ups

(Ian) #269

If it costs an average of £24 per person, per year why not look, perhaps, at a flat rate charged monthly if the top up is used.

For example, if I were to top up by £10 on the 5th of the month I’d be charged £2, but that charge is only levied once in that calender month.

It may seem disproportionate if you’re only topping up by a small amount, but it covers your costs and allows top ups if needed.