Hi mate, thank you very much. Hopefully my random posts are of some help to people haha.
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@Benste, for me another concern would be what you’ll be doing with that money. If it’s over £10k and you want to use it to buy something, or want to transfer it into a savings account, don’t forget to warn Monzo in advance, as payments are limited to £10k per day.
All banks do this and I’ve seen no evidence to suggest Monzo do it more than the average bank. The only real difference is when a normal bank do something bad everyone goes “oh, well, they must have a had a good reason for it”, whereas when Monzo do it they get heavily criticised. Essentially a lot of people are very suspicious about change and will criticise it at any cost.
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I pushed a lot of money around between various accounts when my partner and I were going through our home purchase and as far as I could tell it barely raised an eyebrow. I am quite certain that if you can prove the legitimacy of the transaction(s) and the totality of the explanation, the amount, the source and any eventual destination of the funds isn’t inherently suspicious in of itself you’re going to have no problems.
People who are unable to adequately satisfy any bank as to the reasons for unusual activity are going to find themselves struggling if the bank picks up on it. It’s not unique to Monzo.
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I received an unusually large payment into my Monzo account following the sale of my house. I messaged support just to explain it was coming just to be on the safe side.
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