I’m trying to transfer £40,000 from my personal Monzo account to our joint Monzo account, but this isn’t possible due to the imposed limits, which is highly frustrating. It means I’ll have to do it in several smaller amounts which makes it harder to account for where/why money has been transferred.
Why do these limits exist and is this unique to Monzo?
Fraud/security is the main one. If someone gets hold of your account (and your PIN), they are limited to what they can do.
And Monzo is not the only bank that does this.
4x in-app transfers of £10,000, spread over 4 days (1 per day) would be the quickest way to transfer & comply with the limit. You could even set up a daily repeating scheduled payment for £10K for 4 days and let Monzo do it automatically for you.
Consider that you’re at the limit though, so no more transfers from the Personal account on days when a £10K transfer has already happened. If this may mess things up, consider doing £5K transfers over a period of 8 days.
The £10K limit is on the Outbound side from your account(s). There is no limit on the Inbound side to your account(s)
Are you using the ‘move money between accounts’ functionality?
Or are you doing it via transfer where you enter the account number and sort code?
Move money between accounts function.
I totally get the fraud aspect, but they’re both my account! Seems odd to not let me transfer as much as I want between them.
Dare I say Monzo might not be the bank for me if I can only move £10k per day.
Ask in app chat to increase the limit for that transaction
How often will you need to do this? Once a month?
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