Hey, been a Monzo user for some time, have business account and a plus / investor account.
so all in with the Monzo club.
this is more of a general question around how they can make them be a better bank, rather than just being a new cool bank, doing the same as the traditional banks with better language. Akin to the apple mentality of users, being that apple donāt do anything much differently to any other big tech company, they just āsellā in a much different way, which they are close to becoming.
my example for this is there lending criteria for loans and over drafts.
I think to exclude someone on the credit file alone is a poor move, if you have access to may years now of accounts, and can see the spending and income, see that they done have declines, not rejections. should this not be accounted before the credit file.
I am only speaking from my personal experience.
I am not in need of either, however, under their lending criteria would not be eligible.
From what theyāve explained they layer together all sorts of data from various sources to determine eligibility against their own secret criteria. Theyāre also extremely cautious about who they lend to currently as theyāre new to all of this too.
Over time theyāve said they will improve this and branch out to make offers to more people and take on more risk.
I was really hoping that this time there would be car breakdown service, mobile phone insurance and travel insurance options. Are there any plans to add these?
davidwalton
(Award Winning Hot Coral Analyst)
1225
Iām hoping so with the āPremiumā tier when/if it launches.
If there were, Iād finally be able to ditch my HSBC Advance account which provides all of those for Ā£11.95 per month.
2 Likes
davidwalton
(Award Winning Hot Coral Analyst)
1226
Well, well⦠just received an email from HSBC informing they are sunsetting the HSBC Advance features (Breakdown/Travel & Mobile insurance) on 01-September. So thatās me knackered.
Hello, Iām thinking of opening a business account with Monzo but before I do, can anyone here confirm the following:
if the Monzo business account offers the ability to make international payments?
If Monzo international payments are powered by Transferwise so I would get the same forex rate as I would with them?
Many thanks in advance for your time in answering my questions.
Neil
I live in an area where a lot of places are cashless (some pubs), a lot of places have a minimum spend for using card (almost any of the small convenience stores), and some that donāt take card at all (some restaurants)ā¦
My question - those places that have minimum spend for card I assume they get charged for taking a card transaction. Can anyone tell me how much that charge is?
I need to transfer funds from my saving to current but I lost my phone last night, the emergency online function doesnāt have that facility and without it I wonāt be able to buy a new phoneā¦please advise
Click and collect online or pay for expedited delivery on a new phone by using Paypal (or similar) as it will take a few days to come out of your account.
Borrow a trusted friends phone to install the Monzo app and transfer the money
Borrow any phone, use a work phone, a payphone etc to call Monzo
Email Monzo making sure it is very detailed to minimise back and forth but expect several days if not weeks
Borrow some money of a friend, colleague, family member to buy a phone on the promise it will be immediately returned
Thatās all I can think of off the top of my head but plenty of options there
If I upgrade to Monzo Plus I can create Virtual Credit Cards and use these to pay for items bought online. The money spent comes from the balance of my account. How does billing address work? I want to be able to shop for items in the U.S.A, for example, and have a card that is for that country. Is that possible?
If you upgrade to plus you can create virtual cards. These are not credit cards. Money is taken from your main balance when you spend on these.
So in your case, youād create a virtual card - visit the website you want to buy from and input the virtual card details. Itās up to you what shipping address you input as that is done on the website.
Just moved house, updated my personal details as has my partner, can I assume our joint account cards are now also registered to our new address? Canāt find anywhere to update the address of my joint account cardā¦