Transferring money to current account and keeping up with competitors


#1

Personally not being able to transfer my money back into my bank account is not just an inconvenience it’s a PROBLEM. :cry:

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.:confounded: :sweat:
What is Monzo planning to do to stay competitive?

If I am missing something please feel free to correct me.:blush:


(Ben) #2

It’s not built, so it won’t be built. Wasting time building features that will be lost once the full bank is here would be silly. You should only be putting money you can afford to spend on Monzo that doesn’t need to be used in a current account.


#3

It’s not about about not being able to afford to spend the money. Rather about actually getting to use it.

So being competive is silly? Surely the more people use Monzo the better. I guess my point was more about that. Not being a able to transfer money back is an example.
I am missing something? What is being done, will be done to ensure that Monzo is competitive with the other new banking apps?


#4

Totally agree Ben. Why pay too much money into your account so that you then want to take it out again!? Also if you have enough money in your Monzo account use your Monzo card rather than want to transfer it back to some other current account where you will use their card.


(Ben) #5

It all depends on weather you want Monzo to become a fully licensed bank sooner or add stuff to the temporary pre-paid card solution, which will become obsolete once the full current accounts launch.


( related to Monzo CEO, Investor in Monzo ) #6

I think Monzo becoming a fully fledged all singing dancing bank with bells on :slight_smile: is a bit closer than 6-9 months away - Monzo got their restricted licence in Aug and were hoping for their full licence in Q1 2017 also here -

Ive got it in my mind from somewhere that it was “usually” about a 6 month period from the banking licence with restrictions to full licence which would be about Feb - Mar 2017 not the actual 6 -9 months from now as suggested by the roadmap - they will have to be raising their next funding round (c.£15-20m) in the next couple of months to have the readies available to receive their full licence with sufficient cash deposit guarantees for customers to be able to open the current account side - busy busy times for the guys at Monzo - incredible really considering they have to keep everything running smoothly , with a few updates to the app and regulatory hoop jumping


(Alex Sherwood) #7

In order for Monzo to judge whether this is worth developing, they need to know what problem they’d be solving for you here so could you please summarise what makes these transfers necessary for you?

If it’s compelling enough (you might be pointing out something that Monzo is currently overlooking) they will of course consider developing this feature.

To put that another way, competitors might have this feature but if it’s not going to enable enough Monzo users to do something of enough value, it wouldn’t make sense for Monzo to develop it.


(Jonas Huckestein) #8

@Tink this is definitely an issue with our prepaid program.

Especially when customers load all their money onto Monzo and then go travel to a location where the Monzo card doesn’t work (up until today a country with magstripe ATMs, for example).

We’re not going to address this in the prepaid card because it’s a lot of work involving multiple third parties. Once we offer current accounts this will of course be supported.

A realistic estimate for a full current account is end of Q1 2017 (not for a full release but for a limited test, just like we did with prepaid)


When will Monzo's banking restrictions be lifted?
Need full license Monzo
Multiple cards for family members