Hi just started using card today!! Tried to set up a dd from my current account into Monzo, to give myself an allowance each month. This didn’t seem to be an option yet??? Please let me know if this is possible, if not could you add it as a feature soon??
Not possible. Monzo is a pre-paid card at the moment but when Monzo release a full current account with a debit card Direct Debits should be available
@Tonydenno What you want to do is set up a standing order at your current bank. Full instructions can be found inside the Monzo app.
Direct Debits aren’t designed to move money between accounts of an individual but to arrange payment of bills to third parties. They are designed to work for utilities and credit card companies who need to collect payments. The Direct Debit scheme rules mean that you have to be given notice of any payments to be collected by the third party.
As mentioned a standing order can be used to make a fixed regular payment from your other account but initiating a faster payment from your bank (quoting your nine digit Monzo number and the bank details in the Top Up Instructions in the App) is even faster as it doesn’t take three days to credit and will appear with Monzo in a few hours.
Topping up with your Bank debit card via the App also gives you access to funds on Monzo straight away.
Once Monzo is a real current account you’ll be able to pay your salary in so shouldn’t need to transfer money anyway.
Following on from Ben’s comment, the instructions explaining how to set up a standing order appear in a feed item (somewhat randomly) but they’ve also been detailed here
While ninepine is “basically” correct, over the years there have been several bank/building society accounts that could be funded by direct debit from other accounts. However, the banks have gradually shut these down and, as far as I know, the Tesco internet saver is the only one left, and that facility will cease in April 2018. What the loss of these accounts means to a saver is that it will no longer be possible to set up several “high interest” accounts as these generally require 2 - 4 active direct debits. If Monzo provides an ability to fund one’s account by several direct debit from other personal accounts with other banks (currently I have about 10 set up with Tesco), then I will be joining Monzo. If this is not possible, then I will be unlikely to join.
This is a very old thread mostly about the pre-paid cards!
I haven’t seen any talk of adding a direct debit functionality to move money into the account. Why do you require Direct Debits to fund your account? Wouldn’t Standing Orders be easier, or at the very least just as simple to set up and manage?
Like I said in my comment, I need 2 to 4 direct debits per account to fulfil the requirements of several “high” interest bank accounts. Standing orders are no use. Tesco is the only bank currently allowing one to fund a personal saver account by Direct Debit and that “functionality” is to be withdrawn in April. I suspect that the steady closure of accounts that can be funded by DD is just another way for the banks to minimise the interest they pay. Without the DDs, interest rates fall from the 2 - 4% to less than 0.5%.
To my knowledge this has never been requested or even talked about with respect to Current Accounts. As a result, unless it’s going to come as a complete surprise because someone’s implemented it as a weekend project, I wouldn’t expect to see it in the short to medium term.
Given that features are mapped out across the next year to 18 months in the published roadmap (with some of them in very high demand), my gut feel would be that something new like this will stand very little chance of jumping to the front of the queue.
Given you said yourself that every other bank is withdrawing this as an option it seems unlikely Monzo would add it. Sounds like an edge case if ever I heard one.