Personally not being able to transfer my money back into my bank account is not just an inconvenience it’s a PROBLEM.
I know that eventually when Monzo will be a proper bank this won’t be a problem anymore. However according to their roadmap that is still 6-9months away.
In the meantime, the only way I can do that is by physically withdraw the money and then going into my bank branch and put it back.
This raise several problems:
-it eats up at the very small current Monzo withdrawal limit (again should be solved in 6-9months)
-it can’t be done 24/7 from anywhere.
I am just curious as to why this is not something that is being considered. Competitors have done it, prior to reaching “full bank status”, granted it takes 1-5 buisness days but at least I can access my money. It’s not “stuck” there.
I love Monzo as a concept but competitors are getting stronger and offering very similar sometimes even better service(transfering money, holding money in different currencies,etc) . I will stick with Monzo for now because I love the colour of the card:heart_eyes:… but that’s pretty much the only plus side Monzo has at the moment, and since we are talking about a banking service it isn’t much.
What is Monzo planning to do to stay competitive?
If I am missing something please feel free to correct me.