It took a while to place trust, I love my Monzo account .I made a lot of top ups in the begining. I will move my pensions with you too
Mike
1 Like
Any indication that Curve is increasing topups? I can link a credit card with cashback to a debit card that then tops up my current account with a cash balance, whatâs not to like! Making ÂŁ1.25 a day for the pleasure of easy money.
Curve is not giving you that every day.
No, the cashback card is
ÂŁ250 * 0.5%
Do you then just pay off the full balance using your current account, therefore paying 0 interest?
I wonder how long you can get away with it, or until your cashback card start treating the transactions as a cash and charge you through the roof for it.
I really donât understand why Monzo donât just turn them off.
No other bank allows this, yet somehow people manage to get money into their accounts. Allowing debit card top-ups just makes it seem more like a pre-pay card TBH.
Would be interesting to delve into the user data of those who still use card top-ups further. Are they actually using Monzo as a bank account, or just as an occasional use prepay card with no commitment (DDs, salary etc). Does Monzo make enough money from these customers to make their retention worthwhile? Does Monzo make enough from other customers to subsidise this group? Would the fallout from just removing this functionality (bad press etc) cost more than maintaining the facility for the lifespan of the accounts for these people?
IMO Monzo were foolish to promise to retain the card top up feature, but hindsight is a wonderful thing 
2 Likes
I donât actually do this myself - cash cycling, just wondering whether Curve and potentially other services are exacerbating the issue.
Not sure how easy it would be for the credit card company to re-categorise these transactions.
It is a very good question. I quite doubt it. Letting them go would probably have the downside of angering some but would be a smart move in financial terms.
I suspect that Monzo might fear a PR disaster here so they persist with a business model costing them money. They are kind of trapped by the circumstances.
I bet they will think twice before they promise anything in the future 
My introduction to Monzo and the whole Fintech world was looking for a no fees access to foreign spending. MSE recommended Monzo. Just after I got the prepay card Monzo decided to limit the amount that could be withdrawn from ATMs.
So I now use Monzo as a firewall between my main account First Direct and on line expenses. If you had a FD app you would know what a faff transferring money is using the FPS. So I use top ups. I use any business because it provides what I want. When/if Monzo provide full banking cheque/cash deposits, joint accounts, foreign transfers etc I will switch. Donât point out the workarounds available at the moment like labs. So the ball is in Monzoâs court. If they can roll out the full banking model before Top Ups seriously erodes into their balance sheet then I am a profitable customer. If they pull top ups before then I am gone in a haze of expense never to return and no prospect of me earning Monzo a profit. I bet you can count on the fingers of 1 hand the amount of Monzo account holders who only use Monzo for their banking. Almost everybody on this forum tells of having multiple accounts. So IMO the problem resolves when I can use Monzo as my only bank, protecting my assets in POTS.
2 Likes
Really? I would hazard a guess I could transfer money from FD to Monzo via bank transfer, as quickly as I could top up by cardâŚ
If itâs slower⌠Itâs really not much slower.
6 Likes
My wife bank transfers from FD into Monzo every month⌠just as quick IMO.
7 Likes
Nonsense. I do it all the time, it takes me < 10 seconds.
Granted, itâs slightly more friction than a top-up, but the point is it costs Monzo a huge amount. And itâs my opinion that the minimal addition of friction is not worth the ~ÂŁ5m cost each year benefiting a minority of users.
4 Likes
Could someone please tell me why card top ups and monzo.me cost Monzo so much? If theyâre using 3rd party, software why donât they write there own software and do it cheaper?
We are going to have to disagree about the time it takes to open the app, punch in my 1st, 3rd and 5th numbers, input my 1st car. Then select the account, move money, hopefully an existing payee or you had better find the calculator thing, select the correct account, type in the amount and hit done, continue, confirm.
I donât care about the cost to the bank it is a cost for them of doing business. If it isnât working for them then they have to weigh up the decision to pull the feature and losing customers v the cost of continuing. Like I said when Monzo is providing a full service I can go full Monzo.
1 Like
Enable fingerprint security?
4 Likes
The First Direct app is awful but itâs only one time awful so long as you setup a fingerprint, set up your Monzo account as a payee, etc.
Honestly Iâd recommend just getting rid of the FD account but I imagine youâre locked into some sorta benefit.
1 Like
Not everyone has the fingerprint optionâŚ
4 Likes
Itâs not ideal - But if people couldnât top up via card, and they had to use it to send a bank transferâŚ
Theyâd survive - Perhaps they can send a compensation claim to Monzo for 6 seconds of their life per year.
I donât use my FD account anymore - Everything is Monzo.
I have a FD credit card, which allows me to keep the FD account open for free - But itâs not used.
1 Like
Iâll take a look but my phone is Samsung A300 and I havenât seen that option.
1 Like