Possible? Would be really nice feature wise, without going through a regular transfer
Not sure if it’s just that hasn’t implemented moving money from Monzo to an external account using the Open Banking protocol. It may be more of a restriction (by Monzo) rather than a technical limitation - as in, we want to have your money in our bank, not someone else’s bank. The Connected account icon that you tap on is titled ‘Move money’ - suggesting it can be bi-directional ?
Currently, moving the other way is done via bank transfer: ‘Payments’ -> ‘Pay’ -> ‘Pay by bank transfer’ or select an existing contact, etc.
It would be nice to have the option to switch direction from that screen though.
(Moving money from Connected Accounts is a Plus/Premium feature)
EDIT: Found where the ‘other direction’ was first raised and responded to - it is technically possible:
Install free moneydashboard app.
It connects to all openbanking things and allows any to any transfers.
It has starling, revolut, Monzo, and all the legacy banks too.
It also has a few investment / savings / pension apps too.
I have got that! Every time I try it, it fails though
Bummer. I have used openbanking transfers successful between accounts using moneydashboard. From Monzo always works fine.
Also used top-up (inbound only) on Monzo, free trade, revolut, tandem apps. All work great.
I had had issues sending money from Natwest, Santander, Barclays with various errors, UX glitches, etc.
I hope that it can only get better with more users doing this.
For example, Amex app should allow inbound openbanking payment to settle the credit card.