Currently, the limit for daily withdraws is £250. Most of the banks have a limit like this but they do offer to walk into a branch and get more cash. Is planning an in-app solution for this?
Strange, just checked mine and it’s £400? (With a £2,000 rolling 30 day limit and annual withdrawal limit of £5,000)
Sounds like you have the enhanced verification
It may be the case that you don’t yet have access to higher limits, which could solve your problem? There’s a short video explaining how to check and request access from customer support here. We haven’t currently worked out any option to withdraw more than the limits allocated to your account though.
And a slice of cake after my name
Hm. Even the enhanced limits with £400 are a bit low. In my case, I am renting via a private landlord and like most of them they ask for cash. Especially if you just rent a room.
I might need to keep my legacy account (once releases their current account) just for this reason
Do you think will look into withdraws for higher amounts? Maybe you could have an interface where you say I will withdraw x amount and then it will let you withdraw x?
The limits are currently set by our card issuer. We’re hoping the operations this in-house post current account launch, which should afford us bit more flexibility when it comes to withdrawal and spending limits.
And I’m still here - reading most of the posts but not saying much!
All of my discretionary spending is on and it saved me when I went to Melbourne because of the exchange rates
The current limits are a bit if a concern for me. Particularly if I was to be using the card abroad where I might need to withdraw fairly large sums of cash every few weeks. Feel like I could reach the £3000 yearly limit just from normal use. Interested to hear about future developments on this.
why don’t you ask in app support to go onto enhanced limits at £5K a year ?
just out of interest I presume you are not on a normal 2 week “holiday” when you are using it up to the cash withdrawal limits abroad and are spending more time out of the UK than “normal” holiday use ? Why not just use your card at POS terminals rather than carrying “large” sums in cash
No I was thinking more longer term stays in places where cash machines aren’t always freely available and card machines non existent. Even on a 2 week holiday though, I’d say its common to want to take out £300-500 in one day to last a week or so if you don’t know where the next cash point will be, particularly if I’m with my partner. And including day to day use before/after the holiday you could easily hit the £1000 monthly limit even if you just take out smaller amounts.
In any case this isn’t an immediate worry for me, just something I’d wanted to bring up as a barrier to me making Monzo my main card in the long term.
Since it does say “Current Account” in the title I’ll ask here. Anyone know what all the limits will be once we are no longer on the prepaid card and using our current account?
Other than reasonable daily withdrawal limits (as like other banks) and some high-transaction friction which user can deactivate/authorise through app, I would imagine there would be no limits as long as you have enough accessible money (money in account + whatever overdraft capabilities). Am I correct in my assumptions?
There has been some talk recently about limits and it would be good to know more about how these will work in future current accounts.
No, they haven’t been confirmed yet. All we know is they’ll be higher -
Surely a bank transfer would suffice? There is no legitimate reason why, and if they don’t then it is highly likely they are up to no good.
Do the right thing and report the tax-evading git.
Will MONZO offer services for paying in cash at the post office? Like HSBC etc?
This might be a feature soon, @crablab had response from Monzo Support and shared it on forum not so long ago (please use arrow in right corner to expand message)
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