Maybe if someone’s only other bank account(s) is non-Sterling? I’m not sure if there are any people in that category, though.
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It’s not as simple as writing your own software though.
They would also have to become an acquiring bank themselves to eliminate the majority of the cost, which IMHO isn’t worth it. So, for me, the choices would be removing it for everyone, charging it (and reactivate it for all users), or keep it as it is currently.
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I believe keep it as is, i use transfers personally but like the backup option of a card top up. Came in handy the other day when the transfers were playing up.
I would rather see functionality added instead of being removed.
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I really like this idea. Or something like 1 top-up a month. That means that when there is an emergency, or transfers aren’t working users can do a top-up, but there is a bit of a shove towards using other methods.
Prompt people to ask them if they use it - give people the option to opt-out of the feature if they still have it. I’d personally opt out, as I have no intention to use it at all.
This may remove a certain percentage of people from the remaining people with it enabled.
Leaving you with a smaller list of people who you can reach out to.
That, or start with people who haven’t used it for 1 year+, 6 months+ etc.
Limiting top-ups - be it ten free top-ups, or one top-up a month - probably isn’t going to have quite the intended result. It’s likely to encourage users who are stuck on top-ups to increase the amount they top up by, and Monzo have repeatedly said that higher value top-ups cost them more than low value top ups.
I’ve mainly added money to my account via top-ups myself. Largely because of a tremendous amount of friction introduced by other methods. Can’t have my salary paid in to Monzo because I want to keep my other bank account and some associated accounts also. So salary goes in other bank accounts, some is moved to savings accounts, some bills are paid, and then what’s left over (more or less) gets transfered to Monzo for everyday spending. Massive amount of friction getting online banking sorted so could do bank transfer instead of top up, and there are still a number of things that could ‘break’ meaning the friction-free way would be to use top-ups again.
The bottom line, though, is that Monzo promised that I could use my Current Account just like my pre-paid card, and why I will try not to use it now I know it costs them money, the ability to have top-ups there if I need them is very important to me.
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Random thought: partner with someone like Chip (or Bulb) or whoever to give users an incentive if they turn off card top ups permanently.
E.g. Get an extra 1% on Chip savings if you give it up. Get £25 welcome bonus at Bulb (or whatever).
The beauty of this is that you’re a) trialling the marketplace model (albeit in a different form) and b) if you pick the right partners Monzo won’t have to spend any money on the incentives - they’ll be wanting the extra custom (and this would work alongside their existing customer acquisition methods which use similar techniques).
Thoughts?
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I agree some sort of incentive for people to use transfers or have salary paid in would be a good step forward, especially if there is net reduction in cost to Monzo. People who use card top-ups cannot then complain that their card top-up option is being taken away, although they will have to consider whether it is worth the indirect cost (of not taking advantage of the transfer incentive).
I suggested something similar earlier in the thread, although with a different type of incentive
I don’t think there should be any incentives, any charges or anything, just turn it off.
Either have your wages/income paid into the account or use FPS, simple really.
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I respect your view and opinion just one point on the salaries.
Others for one reason or another would be disadvantaged by moving their salaries to Monzo at the minute because they haven’t got around to implement some things that other banks have.
For example interest free overdrafts for students, cashback on bills, interest, gadget/travel insurance etc.
I think if the amount cost to Monzo was really significant they would be pushing for a solution on this more rapidly, at the minute i think they’re happy to keep this around for now for the small number of users that find it useful
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But they can still use FPS though
Plenty of people can’t, or find the friction involved in doing so far outweighs the ease of being able to top-up via debit card.
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Can you use foreign issued cards to top up Monzo?
only certain countries (mostly in the EU), but the bank you top up from will convert it at their rate.
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Or is it just a case of being lazy?
I can open my Metro app and transfer money to and from no problems at all.
I start thinking this is what some foreign students or migrants could be doing. Asking parents or other family members for card details to get some cash from back home. Faster than other ways. Yes, the fee is there but don’t forget most people are not financially literate and might not realise that a bank’s conversion rate is not favourable 
Edit: funny, as Starling only allows UK debit cards for topping up (only for the next month, of course 
) The more I read about it the more I feel it has to go or get charged!
https://community.starlingbank.com/t/adding-money-via-debit-card/7624/293
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That you can do something easily does not mean others can always do it so easily. Try seeing things from another perspective rather than discounting the experiences of others.
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I wouldn’t say its lazy, I’ve been caught a few times in the past where my bank here in northern ireland requires you to enter a pin from a list on a physical card in order to execute a bank transfer. Its an inconvenient extra layer and sometimes I don’t have that card on me.
Now I actually have got around this by saving a picture of the physical security card on my phone so this doesn’t happen but I can see why people have been put off transfers when it requires more effort than it should be with some legacy banks.
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I don’t think it should be turned off. It’s easy, straightforward tech after all. However it’s obviously costly so limit to to emergency top up only say once per month ~£100
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