Using Monzo For Large Purchases

[Venomx (Terry Adams)]

Hi guys.
Been using Monzo for 3 months now and have had no problems.

I’m considering getting a new TV for christmas ( £400 from curries )
Would this be ok or can i not use Monzo for large purchases ?

Thanks

[Rat_au_van (JFK jr, but don’t tell anyone 🤫)]

It’s a bank account, use it like any other bank account

[Hotterthanyou2]

your account has limits you can check in app, and if its over the limit (car) a quick chat with support should help

[chistery]

If you have a credit card though, that’s always the preferred way to buy large items for the protection it gives you.

[neovo]

I’m interested to hear why you’d think Monzo wouldn’t be OK for large purchases

Be a worry if this is a widespread view or not…?

[rarther]

A “large purchase” in Monzo’s eyes is generally over £10,000 (Although check your settings to be sure of your limits).

No need to worry about restrictions for £400 Some people spend that on dinner and drinks

[Venomx (Terry Adams)]

I never made a large transaction before and wanted to know if there’s a limit

[o99]

If you have a credit card though, that’s always the preferred way to buy large items for the protection it gives you

To add to this. @chistery is referring to section 75 protection. Here’s a description

Section 75 refunds

Monzo cards, and debit cards in general benefit from a similar protection called Chargeback, although unlike Section 75, there’s no legal requirement for the card provider to provide Chargeback protection.

[mmccart1 (4 Round Investor)]

Limits in app for Android

Account / settings (cox) / daily limits

Its all the different limits for the account