It is my first post here and it is basically driven from the idea, that I also contribute 0.000001% of what is possible with Monzo.
In the summary below is a not so interest introduction about why I decided to join Monzo:
[details=Summary]I am currently expecting my card to arrive by tomorrow, and I canāt wait to try it. Not due to its totally cool colour (its not pink, its something orange/pink blend right?), but due to its awesome features. At first, when a friend of mine ORDERED to get one, I was not so font of the idea because his main criterion was the INSTANT (picoseconds) notifications on the iPhone for every transaction. I told him āyou get the same thing with Apple Pay, no need to have an extra card to do thatā. But then after searching/ googling the web I kinda realised the present and future advantages of Monzo.
I am mostly interested in seeing my weekly/ monthly budget where is spent (supermarkets, car, energy, drinks etc) (I really donāt know how Monzo does this I think there is a catalogue with all the companies separated into different categories?).[/details]
So what I would like to see, is the option to share your monthly expenses with another non-monzo user! For instance, this would might be helpful for college students to send back to their family a monthly/ weekly report of the expenses so them to see that all of the money didnāt go to drinks and parties!
I am thrilled to try my card tomorrow. Thanks for everything Monzo/ community.
When you use your card to make a purchase, Monzo picks up the merchantās MCC code, MasterCardās are listed here.
So when you buy a drink at your local pub, the MCC code is probably 5813, Monzo knows that you were at somewhere categorised as āBars, Cocktail Lounges, Discotheques, Nightclubs, and Tavernsā
Drinking Places (Alcoholic Beverages)ā & I expect this is what they use when they allocate the transaction to the āEntertainmentā Category (& add the emoji to your notification ). Every merchant has an MCC code which is pretty handy for Monzo!
This sounds like a cool idea Thereās a couple of ways that you can do this nowā¦
If youāre an iOS user (coming to Android ) , you can search for last monthās transactions & then export them to a spreadsheet to send home.
If youāre using Targets in the iOS app (& here in the roadmap for Android), youāll also get a summary of your spending at the end of the month, which shows you your breakdown of spend by category. But users can change the categories that are assigned to their transactions so if you want to be really transparent, Iād go for the former option
Neither option seems like the perfect way to share your transaction history, in terms of including all the data & presenting it nicely though so perhaps Monzo will come up with a better way for you to do this in the futureā¦
[quote=āalexs, post:2, topic:7585ā]
Monzo picks up the merchantās MCC code, MasterCardās are listed here.
[/quote] I had no idea about MCCs, really interesting to know that categorisationās not purely a manual process on :mondo:'s end! Just a heads up, your link to MasterCardās MCCs doesnāt seem to be working.