Do us a favour, please?
We’ve noticed that you usually top up your Monzo account with a debit card.
Would you mind switching to topping up by bank transfer instead?
Bank transfers are much cheaper for us to handle than top ups, because we use a third-party platform who charge us for the privilege. Those charges make up half of our costs, which means less money to invest in new stuff you’ll really like. So switching to bank transfers will help make Monzo better.
Plus you’ll be able to see how much you have in your other account before you top up, which means no nasty surprises – like accidentally going overdrawn.
It only takes a couple of minutes to set up
You’ll first need to set Monzo up as a payee from your other bank. To find the details you need, go to add money as normal and tap ‘Bank transfer’.
Once you’re set up, you can load your card with just a few taps from your other bank, and you’ll get the money instantly. It’s just as quick as topping up with a debit card.
Basically, because of commodity and speed to release funds to the account.
I understand the whole main account goal, however, in my opinion, (And I think it is fair to say that a lot of people do the same) the Top Up - using the card - is one of the main features of Monzo, hence the traction from the community to get it enabled on the CA.
I, personally, only migrated my card as soon as the Top Up feature was made live on the CA
But that’s just me
EDIT: having said that I understand that potentially some changes will come into play and i fully support that - after all, if you have a business you will, ultimately, aim for even/profit. If at some point this becomes too much of a heavy burden then something needs to change - as they already did with the new customer 100 pounds top up max amount in 1 go.
Removing it would be shooting oneself in the foot, I reckon.
Interesting to note Monese have now added card top ups to their already long list of top up methods (faster payments, SEPA credit transfers, PayPoint and Post Office counters) however their maximum card top up amount is a hefty £1,500.00!
It is interesting to see how much it costs Monese to accept card topups…
QUOTE FROM AN EMAIL TODAY
Using an EEA Consumer Debit Card incurs a small fee of 0.35% (as opposed to topping up via cash deposit which incurs a 2.5% charge). Other international Consumer Debit Cards are also accepted (and will incur a 2.5% fee).
We anticipate this feature to broaden its scope in the future to include other methods of top-up such as WeChat, Paypal, Giropay and credit cards.
