Transaction limits

Monzo Chat Business Banking
1

What are the limits Monzo imposes on Business Current account transactions?

For some reason Monzo is not listed on http://www.fasterpayments.org.uk/about-us/business-transaction.

For personal accounts it is 10k which is kind of low considering industry standard is either 25k or 50k. If it is same for business accounts then it’s a no go limitation for me.

2

Is there a limits section on the account in the same way there is on personal?

Can’t remember exactly where on the old nav, I think it’s in the profile menu or settings

3

I haven’t opened BCA with Monzo yet. Hence asking here.

4

Pretty sure I’ve seen someone say it’s £10,000 but I’m looking for a source for that

5

So can anybody from Monzo advice on what are Business Current Account limits? Daily and monthly.

6

@jackcully can you help?

7

:wave: hey there! The daily bank transfer limit is £50,000.

If you have a business account, can view your limits in the “Manage Card” section of your app, and then tap on “Limits and allowances”.

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8

According to http://www.fasterpayments.org.uk/about-us/business-transaction Monzo’s BCA limit is £10,000

So is it 50k or 10k?

9

I have a business account with Monzo. My personal limits are £10k for daily card transactions, and £50k for daily bank transfers. The site you linked doesn’t seem to be correct.

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10

Thank you for clarifying this. I think it’s Monzo’s resonsibility to inform fastpayments.org.uk operator if data is incorrect.

11

Hello! I can clarify this :slight_smile: The daily limit for bank transfers on business accounts is £50k, but there is a £10k limit on individual card transactions and transfers. The FPS website is correct, but doesn’t consider that the daily limit is higher than individual transaction limit.

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12

Is 10k transaction limit configurable? What if I need to transfer 35k in one transaction?

13

You would need to tell Live Chat a few days in advance.

14

Are they able to waive this limit on a permanent basis? I somehow don’t have this problem with Barclays where I’m able to transfer up to 50k via FPO.

15

I don’t think so…

16

Yep! If you need to make a one off payment you can reach out via in-app chat and we can arrange that :slight_smile: we’re working on higher limits in general, but until then we can always help via chat :slight_smile:

17

Is there somewhere I can see updates on the “higher limits in general” or are you able to provide more info on that? Thanks.

18

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