There’s always more to these account closure stories. It’s never as black and white as they’re made out to be.
That being said, I’m appreciative of the OP sticking around to answer all these questions though - that’s a first.
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It’s sus as you live in the uk and have British banks so if you’re constantly changing it into a foreign currency.
No, it’s not ‘Suss’. Banks and brokerages do their KYC precisely to determine source of funds.
Is it ‘Suss’ that Degiro only accept Euros incoming? Is it ‘Suss’ that I fund my Fidelity account in USD?
No, it’s perfectly normal in the globalised world we live in.
If you’re a criminal trying to money launder as that’s how pretty much 100% of criminals do it these days.
I got a feeling their is something he isn’t quite telling us.
But as someone said above hats off to the guy for replying to everything mostly everyone gives up after 2 comments.
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On the contrary. I have nothing to hide. I am using my own money to purchase an appreciable asset in a perfectly legal way.
Source of funds is available if requested - the issue is that Monzo clearly don’t have the levels of customer service that HSBC Premier or Coutts provide.
A great pity as I was also an early investor in Monzo.
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Or if you’re a perfectly transparent and honest individual who has nothing whatsoever to hide you should not have your account closed without explanation and right of appeal.
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They don’t know you’re innocent since they can’t check the origin source of funds
But Monzo don’t know that. They see what you’re doing in black and white and it looks like you should be in orange.
I got a feeling their is something he isn’t quite telling us.
But as someone said above hats off to the guy for replying to everything mostly everyone gives up after 2 comments.
In all honesty, I would not like the same thing to happen to anyone else.
For me, it’s not an issue - I have other UK bank accounts, most of which for more than 25 years. Never had an issue like this with a High Street Bank.
I’m more than happy to answer questions from Monzo or anyone else. As I said, I have nothing to hide and have done nothing wrong.
They’re other banks that will take you
-Starling
-First Direct
-Any high street
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Monzo aren’t even in the same league as those banks. As we’ve all said their customer service does need improvement but it’s a little far fetched to expect it to be at the level of those banks.
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You can appeal. You can ask them to look again at your account closure. If you then don’t think you have been treated fairly, you can go to the Ombudsman. The likelihood is that it will be a waste of time and energy, but there is absolutely nothing to prevent you going down that route.
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I still don’t understand the exchange rate part.
UK Bank (£?) to Monzo, that only deals with £. Goes out in $ somehow?
Am I missing something obvious where the dollars come into this?
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Spot on. Why don’t Monzo know that? Because they don’t have the service levels to ascertain that I am not using the account in any nefarious way.
Oh I never knew that, I was just naming other mobile banks but could only thing of 2😂
They do.
They just can’t check other banks information which is the same as any bank. Hence why they can’t check where it’s originally sourced
UK bank > Monzo in GBP
Monzo > Degiro (EUR)
Monzo > Fidelity (USD)
Oh I felt like I was losing brain cells trying to figure it out as I was confused too.
I got major flack for even slowing down a topic like this before, so wary of that
That said, please move on as this is going in circles now
I will give it a timeout in an hour or two if it has not calmed down and moved on
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Then I’m assuming you do Degiro+Fidelity > crypto then crypto > monzo ?