The new payment limit increase flow is 🔥

Wow. Monzo. Thank you!

Increasing payment limits has been a pain point. But the new flow (you try and fail to make a payment, and it directs you to verify your identity and verify the transaction) is beautiful.

And 10 mins later, an in-feed notification.

It is a thing of beauty.

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This sounds… Amazing

Tell us more. How do you verify identity, for example?

Any screenshots?

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I’m so impressed that even though it’s a known pain point, you keep trying it!

I’d have given up and done big transfers elsewhere long ago!

Great to hear it’s better now though.

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That’s the cool bit - it asks you to record a video where you say “hi my name is xxx and i want to increase my limit”

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Full Monzo is Full Monzo :smile:

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Also, just noticed that they now increase until the end of the following working day. YES!

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Amazing news.

This has been one of my bugbears with Monzo- it’s obviously not a daily thing, but it’s always niggled at me that I probably wouldn’t trust a house deposit to Monzo. Great to hear it’s fixed.

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Just noticed there was a push notification as well!

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Agreed.

If you’re using monzo as your main account, then the chances are that your salary goes in to it, your savings accounts are linked to it, etc. Using a different account for this is a faff.

But I can also confirm, I’ve had nothing but smooth experiences with payments requiring temporary limit raises (even before this new flow, though it has definitely improved with the recent changes).

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Which, I think, is probably very secure? Monzo should be able, very quickly, to play my previous selfie videos, from my original sign up, and any others I’ve sent in since. That ought to provide a very high level of confidence that I’m the account holder.

And that’s on top of the normal app security, and requirement to scan a form of ID.

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This is great news. I used Monzo to complete on a house move a year or two ago, and it’s fair to say the process aged me a few years. Limits were increased in the end to allow me to move my deposit but it was certainly cutting it fine.

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So, does the initial transaction fail then? Or is this if you request a limit increase? :thinking:

This was my one piece of feedback after the process.

The transaction fails, although I didn’t think this was made particularly clear. But the failure leads you seamlessly into the a new flow, which includes questions specific to the transaction you were trying to make. i.e. it has failed, but you’re still in the same flow and discussing the original transaction.

A short while later, a notification comes through to tell you that your limit has been increased.

But then… nothing?

That’s because, despite starting out to send a payment, and giving lots of details, at some stage part way through the process, it quietly changes from a process about making a payment, to a process for requesting a limit increase.

Tl;dr - you need to try making a payment again after the limit increase goes through

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Okay, so that’s cool. Was this with a bank transfer btw, or a card payment? :eyes:

Bank transfer.

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Is it just the notification that is new or is the application for the increase also part of the new flow? Or do you still have to do the first part via Chat?

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Noticed this new limit change request button.

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I bet that frees up an ocean of time from the COps day to day issue stack…

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This looks great. It’s really good to see that they’re working on stuff like this - I’ve had to increase limits a couple of times and it has been a complete and utter pain in the proverbial.

Quite possibly going to be using this at some point in the next few months and we’ll see how it goes.

I like the fact that there’s a limit increase request button but - if you don’t realise - a failed payment leads you into the limit increase process. That’s simple but effective.

Edit…

Also appears in business account, and you can now do this up to a month in advance.

Can be used for cash withdrawals too.

They just need to make the limits screen easier to find now - I always have to go through help to find a link.

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