Hi there. I’m hoping someone from Monzo will pick this up and provide some guidance on plans going forward.
There are some weird ways that Monzo handles ‘transfers’. It manifests itself in a number of scenarios and it’s something I’ve brought up before. It’s only really become a big issue now I’ve gone #FullMonzo and am using the joint accounts so i’ll start with that
When transferring money between a personal and joint account the outbound transfer is included in ‘spent today’. If you then transfer the money straight back then it doesn’t offset that. I don’t understand why transfers are included in ‘spending’ when it’s just moving money from one place to another. Transfers to pots are not included in spent today which is correct.
This has been brought up on another topic, but the inclusion of the round ups in spent today is very confusing. If i spent £2.40 in Pret and £0.60 is transferred to a pot, £2.40 should be shown in spent today. It is inconsistent with just making a transfer into a pot and it is the same financial principle
Transfers to other accounts / in general
I’ve brought this up before and while I understand it’s complex and there are other priorities it would be good to understand from Monzo what their plans are for this. There are many scenarios where people will have non-Monzo accounts, and transfers to these again skew the ‘spent today’ figure. There should be a category called ‘transfer’ which excludes the TX from ‘spent today’ and summary. Similarly, I don’t understand why on summary incoming transfers are included.
In summary, there should be better distinction between and income or expenditure item (like salary or food or holidays) and capital items (like saving, moving money)
Just my thoughts - be keen to hear if people agree, if they disagree then why, and also Monzo’s plans/thoughts on the above.
Fully appreciate the joint account is in Labs, so not trying to complain, just interested to hear if Monzo think this is an issue to be looked at or whether it’s just me. I’m guessing perhaps when they look at better bill splitting which has similar principles it might be looked at.