Thank you for the reply but what if the card gets lost in the post or something happens to the company before I receive the card? Do I lose the money? I’m sure you can see why I converted about just handing over £100!
just like any other bank if it gets lost in the post - if you haven’t received it within maybe 3 days of topping up your card get in touch with Monzo and they will send you another one - No you wouldn’t lose your money it will be registered to your email address & your account number allocated to you and your email - hope this helps your confidence level in Monzo - Ive been with Monzo since dec 2015 and never had issues with withdrawing money , using my funds on my card
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You’re safe. If the card does get lost you get sent another one. The card isn’t activated until you do it with the app anyway.
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To be clear, this isn’t an e-cash card where the money is stored on the actual card (as with Oyster cards). The money is stored within your account on Monzo’s systems, the card just links to your account. Very similar to a debit card and a normal bank account. So, as others have said, if your card gets lost in the post, it’s just a piece of plastic and a new one can be sent. The card is linked to your account on activation.
Monzo is in the middle of ramping up for the current account, for which they have a full banking licence. This licence requires them to hold a certain amount of capital, so they can’t just disappear in a couple of days. All information so far released indicates that Monzo is in a secure financial position at the moment. You can also read their annual report from a few months ago, if you’d like to gain further confidence that this is a ‘proper’ bank that is going to be around for more than a few weeks.
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