Scared to transfer!

I’m about to receive a payment of multiple thousands into my Monzo account. It’s a high amount and I’m scared to ask the sender to send it to my Monzo incase they close my account down. The money and reason for sending is entirely legitimate but it’s a big chunk and I’ve seen other cases where Monzo accounts have been closed due to high transfers being seen as “suspicious”. But if they closed my account I’d end up quickly in a lot of trouble.

So. Er. What do you think?

If there’s no reason to suspect it is fraudulent then there is no problem. I have had numerous large payments into my account with no issues.

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I had some KYC questions raised as a result of a very large set of transactions through my account just after opening. Perhaps contact in-app chat to give Monzo the heads-up if your account is very new?

Edit - they did not freeze my account, simply asked about the source of some incoming funds and destination for outgoing funds.


I think that if you’re at all worried, you should open an in-app chat with a Monzo COp, saying you’re expecting a transfer that may appear unusually large, but it’s because [and here you’d give the background].


Hi Ben. Welcome to the community

If you don’t mind me asking, and for the sake of the knowledge of the forum, where did you hear about such other cases?

Hello, this was on a MoneySavingExpert forum. There are a few twitter users who seek hell bent on giving Monzo a bad name, pasting forum links below every tweet they send, so I’m taking with a pinch of salt


Thanks all for the advice, I’ve called Monzo to let them know but still feeling a little concerned that they could just close the account and leave me stranded - I could see why a big payment would be suspicious, regardless of a note on my account - and this has never been a concern with the bigger banks! I suppose I just have to hope that I won’t lose all of my money. :confused:

As long as you have documentation to back it up it will be quickly cleared up if it is flagged for extra checks

We don’t know Monzo’s criteria but plenty of people have had large transfers without any problem at all. All banks have their own criteria and extra checks can happen at any one of them


The likelihood is that you are worrying unnecessarily. But if you still have concerns after reading all the other replies, why not have it transferred into a different account?


I’ve done a few large transactions, mainly moving money through Monzo to either different savings accounts or other bank accounts. Never had an issue.


Thank you, that’s very reassuring

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Anyone fancy sending me a large payment to confirm? :wink:


If you’re worried use your old bank account

My partner recently received £120,000 into her Monzo account with no problems :+1:


Monzo will have automated systems that perform transactional analysis on your account. This will basically try and see whether any of the transactions are unusual or present any red flags. As with all automated systems, it will have false positives but no bank will close an account on a whim. They would have to have substantial concerns from an AML/KYC perspective to close an account.


I joined Monzo two weeks ago and have transferred my life savings to Monzo and locked them away in a fixed saving pot for 12 months to earn better interest (as Halifax are only offering 0.2 percent). Nobody has questioned my transfers and i have had zero issues, however i totally understand your unease. My understanding is that they wont close your account, but maybe freeze it pending investigation?


Monzo have written a blog on this subject here:

If you read this and then read something like Trustpilot, I think you’ll have a much better understanding of the reviews you should take note of and the ones you shouldn’t.

TLDR if you’re not doing anything wrong you have nothing to fear.

Thanks for your response

It is one thing to be seeing this sort of thing on Trustpilot, but a bit worrying to see it on MSE, even if “only” the forum, given the genuine influence that at least the main site seems to have

Not sure what can be done other than to provide reassurance to those new to the bank and to try to grow the community

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Hello Jonathan, welcome to the community

Please note that transfers from another account in your name is treated differently to a transfer from a 3rd party.

Just to reiterate a one off payment should be no problem.