We’ve decided to switch off debit card top-ups for everyone on Monzo from 2nd October. That means that you won’t be able to add money to your account with another debit card from in the app anymore – you can make a bank transfer, set up a recurring payment, have your salary paid in or use Monzo.me instead.
We originally included debit card top-ups in the app because we began life as a prepaid card, and couldn’t offer bank transfers. Every time someone adds money by topping up, we pay a small fee to a third-party company who process the payments. In the last year these fees cost us about £4m. Now we’re a fully fledged bank, there are other ways to put money into your account, that don’t cost nearly as much.
We wanted to be sure this was the right thing to do, so as well as discussing our options with you, we’ve been testing what Monzo without debit card top-ups looks like. Since March, new Monzo customers haven’t had the option to add money by debit cards, and we found that customer satisfaction is just as high as it was for people who had access to debit card top-ups.
Some people have told us they wouldn’t mind paying to keep topping up by debit card. This is something we considered, but decided that introducing fees that customers would need to think about would add too much complexity to their experience. We feel the best option is to focus on making it as easy as possible to move and manage your money in other ways.
So we hope that this notice period gives you enough time to figure out which other ways add money work best for you. As we mentioned earlier, you can:
Make a bank transfer
Set up a recurring payment
Have your salary paid in
(Head to the Help screen in your app to find instructions for each)
We’ll also be sending an email to people who’ve used a debit card to top up in the last three months next week, to make sure everyone’s fully informed about what’s going on.