Itās not so much top ups to the current account, itās more not wanting to have Ā£500 sitting on prepaid card which I need to burn through before getting to use the current account more frequently!
I completely understand where youāre coming from, (preach the HSBC part!!) but to build the ātop upā functionality for the current accounts may require a lot of time/money/energy, especially when itās for a one off, with many/most people not using it at all.
I really hope itās super quick to build, and it saves you going into a dreaded āreal bankā
Top ups by card arenāt going anywhere
Fully appreciate that. Just curious to see if thereās a clever workaround as part of current account onboarding for balance transfer between prepaid and current account Monzo to Monzo for the same user at this stage, or whether Iāll need to keep that prepaid balance until the full feature ready roll-out!
I see that theyāre here to stay
Iām trying to understand why there would ever be a need, Iāve never needed to ātop-upā my legacy current account, as it is topped up by my salary every month!
No, not initially, sorry! You can still use it for P2P But thatās not ideal and so Iāll have a think if thereās anything we can do to help, especially if itās lots of people.
Off the top of my head - I expect quite a few people will keep their legacy bank accounts, while Monzo doesnāt offer access to all of the legacy products or because of overdrafts / credit cards / mortgages etc. Some banks are slow to send payments via the Faster Payments Service so if you need to access your money, thatās in another account straight away, you can guarantee that itāll get there instantly by topping up by card.
Ā£500 is not in anyway shape or form a suspicious amount of money to be handing over in a bank. Maybe it might look odd if you were personally known to the bank staff, and were frequently in low or negative balance. Also have you been notified of when youāll receive a current account? Looks as though the initial roll out will be happening over the next 3-4 months from what I read on the current account preview post?
It also not only quicker than some banks FPS (those who are not direct participants) but some banks do not process FPS at weekends so a card topup handy then. It also faster than SEPA should Monzo ever issue IBAN
I see I see - so youāre referring to using someone elseās card to ātop-upā your account, if they owe you money or something, and youāre desperate for it.
Or, making a ātop upā from a savings account/different current account, rather than using a transfer, because youāre desperate for the money.
And irregular times for example the weekends :). Awesome, thanks for clarifying @alexs
Iāve just checked on this and am reliably informed by @Will-S that you can ask us to refund x amount from your prepaid card back to your original bank card (itāll take 5-10 days) and then itāll be availble to send to your current account
It would probably make more sense to use Monzo.me for that. But youāre right about the rest
Faster Payments I believe can be processed on weekends, assuming the bank in question is signed up to the Faster Payment scheme.
Thatās good to know, Iām being a bit naive about cash - I avoid it as much as possible.
Lucky to be receiving it today
Nice! Very jealous - hope you get on well with it!
Great news thank you Tristan
I just searched the thread and didnāt see it askedā¦ Can I add a Monzo Debit card to my Monzo Prepaid account? And top up Monzo with Monzo?
#monzception
not all banks signed up to FPS process transactions outside office hours so some it is daytime mon-fri only and not evenings or weekends
Is todayās event all secret hush hush or will it be recorded for us all to see?
Edit: The answer is no