Transferring Prepaid Balance to Current account

(Nick) #1

Not sure if this has been covered already…

When a current account has been opened, will Monzo be able to transfer the pre-paid card balance across to the current account?


Just activated my card and need to know the next steps
(Alex Sherwood) #2

Sort of..

I’m guessing the process may change when Monzo’s ready to do the mass migration of prepaid users to the current accounts.


It’s not exactly convenient considering the two systems must be running side by side.

And 5-10 days to return the payment is taking the p

(Nick) #4

Thanks. I’m coming to one of the current account sign-up events this week, so just wondered as I have around £700 sitting on my pre-paid card…

(Alex Sherwood) #5

Monzo aren’t really set up to be able to handle these transfers en masse.

That’s why it doesn’t seem like a feasible solution for the mass migration.

You can also withdraw your money from an ATM, deposit in your legacy bank account & then transfer it to your Monzo current account if it’s easier - which is what I did.

(Nick) #6

Yes thats a good idea.


I would if my legacy bank had any branches within reasonable distance…

But really, monzo should have this sorted, even if it’s only a manual transfer

(Alex Sherwood) #8

We’re only in the preview (testing phase), not the rollout, at the moment :wink: if users want to wait to see whether a more simple process is put in place then they don’t have to join the preview.


It’s not that big a deal, but using that catchall is a cop out!

Monzo asked for feedback and they are getting it!

(Frank) #10

Is there anything in the system that stipulates it MUST be refunded to the original card? If not then can Monzo not just refund to the new preview card? May still take x days but at least it’s a direct transfer?

(Alex Sherwood) #11

I don’t know for sure but my guess is that one of the limitations of the prepaid accounts is it’s not possible for Monzo to do this because prepaid cards are only supposed to be used to make transactions not transfers. Again, I could be wrong.

(Frank) #12

But there are always scenarios where you may have closed the original account.

(Alex Sherwood) #14

Given the context (the fact that it’s just the preview at the moment) I’m not sure this is the most constructive way to phrase that feedback.

Please bear in mind that there’s other users reading these comments who could be confused by statements like that :raised_hands:


sorry alex, I call it as I see it. It takes microseconds to transfer to the account from the debit card, it really shouldn’t take 5 - 10 days in the other direction.

(Tommy Long) #16

The prepaid money is held by Wirecard in individual accounts for each user, not by Monzo in one big pot so it’s really not that simple.

(Rika Raybould) #17

I’d refer you to this blog post. Card authorisation steps can take just a second but the money doesn’t actually move until the presentment time. In almost all card refunds, there is no authorisation, only a “presentment” that adds money. :slightly_smiling_face:

As @tommy5dollar mentioned, we don’t hold the money for the prepaid cards so we can only instruct it to be returned right now. We are, however, working on a better solution for a direct transfer to the current account but it’s a little complex and requires some discussion between the relevant parties. It didn’t make it in time for the preview but we’re aiming to have that available as part of the public migration. :+1:

We can resolve this but it’s quite a bit of work and can only be done on weekdays. We would vastly prefer refunding to the original debit card if at all possible.


I hear you, but with my joe random customer hat on, I don’t care why the performance is bad, and neither will the majority of customers. We put up with it because all banks performed this badly in the past. The reason it takes way longer in the other direction is more to do with the economics of it than the technology - there is no financial incentive for wirecard to make refunds fast and easy.

I’m playing devils advocate here a little, I’m actually not that worried about a few quid languishing on my prepaid card for a while. If it’s sorted in time for the public roll out then that’ll be fine for me, I’m a card carrying Monzo fanboi.

(Frank) #19

I think what @RichardR is trying to say is this is still a Preview of the end product and as such not everything is or will be in place. And the timeline to resolve transferring funds from the prepaid card to the current account is when the current account is no longer in Preview (as there are workarounds to achieve this in the short term).

Anyone signing up to the preview needs to accept not everything is in place and if they cannot accept this they should wait for the full launch.

Every year I take the iOS beta for my phone because I can’t wait until launch. In doing so I need to accept the fact the software crashes and apps may stop working because of this choice. It’s a frustration but one I have opted in to.


@Frankiejr yes, I agree if we can’t deal with the issues we shouldn’t be using the preview, but does that mean we shouldn’t point out which issues bother us?

Aiming? I think you’ll get a lot of support requests if it isn’t sorted automatically for the full release!

(Jamie 🏳️‍🌈) #21

The current accounts are still months away from superseding the pre-pay completely. Just run down your pre-paid balance, or withdraw it from an ATM as suggested - vast majority of users will live or work fairly close to a branch surely.