To have unlimited deposit as well as able to buy and sell cryptocurrecies (Bitcoin and Ethereum) and also send those to anyone with a Monzo crypto wallet just like Square’s Cash App.
What? Is that a very bad idea?
How much do you need to deposit every day, out of interest?
High as 10k a day.
We have 10k limit in UK.
What is it in US?
I guess some would be of the opinion that developing support for cryptocurrency would mean less attention paid to development of more typical bank features.
That’s definitely my feeling on the matter, I would much prefer Monzo to use time and money on what I personally consider better things that Crypto. There are plenty of other options if Crypto is your thing.
10k deposit a day, then convert into Bitcoin and then send to someone else…
This user is based in the US, and their circumstance isn’t entirely uncommon, and the use of crypto is far more common there too.
If this were in the U.K., then perhaps I’d see the same red flags. But this request here, isn’t outlandish and is more in line with what other US fintechs are offering currently. Cash App, for instance, as they already pointed out.
I have one friend, who withdraws their entire fortnightly salary from the bank their employer prefers they use, and deposits the full amount into a different bank, who they prefer to use, because it’s faster and cheaper than a wire.
Left my vote, but only to underline my quote really
I am a cryptocurrency lover, but banks (not only in the UK) are not ready to implement cryptocurrency wallets to their platforms
That’s why we have cryptocurrency exchange platforms
My aim is to get Banks to “tolerate” cryptocurrencies and move forward with it
I’ve send over 20 k to coinbase over the last year in sums under 10 k
With no problems. I have also moved 4 k back from coinbase to my account with out problems. I was wanting to move purhaps 100k but don’t want to get blocked . Hard to get info. .
10 posts were merged into an existing topic: Companies that require / encourage you to use a certain bank
I could say the same about any bank. Lost of banks offer just fiat based options. I would love Monzo to be more pro crypto.
A post was merged into an existing topic: Companies that require / encourage you to use a certain bank