You are losing out by cancelling the top up option!

[Acdeag (Alex)]

Can anyone charge a fee for accepting a debit or credit card now?

[Jackcrwhitney (Jack)]

Good point! Not sure…

[anon44204028]

There is a difference between the European regulations and their enactment in this member state by way of our domestic legislation. If the UK law specifies restrictions for certain named card schemes such as Mastercard, Visa, and maybe Amex, it could be the case that a fee could be charged for Discover, JCB, CB, Union Pay etc!

[rolanddeschain]

The ability to trigger a transfer from my other banks from within my monzo account is what I am waiting for.

I don’t have other banking apps on my phone.

I currently do a transfer online at the start of the month, then would use top up if I would need more than that quickly.

[Acdeag (Alex)]

@rolanddeschain

The ability to trigger a transfer from my other banks from within my monzo account is what I am waiting for.

I don’t have other banking apps on my phone.

I currently do a transfer online at the start of the month, then would use top up if I would need more than that quickly.

That would probably mean a direct debit to your other bank account, direct debits are not instantaeous so either you wait for money to arrive or Monzo take a risk that you don’t have the money when the direct debit is taken and you have spent the money in your Monzo account.

[danbeddows (Dan)]

@Acdeag

That would probably mean a direct debit to your other bank account, direct debits are not instantaeous so either you wait for money to arrive or Monzo take a risk that you don’t have the money when the direct debit is taken and you have spent the money in your Monzo account.

Or open banking

[Acdeag (Alex)]

@danbeddows

@Acdeag

That would probably mean a direct debit to your other bank account, direct debits are not instantaeous so either you wait for money to arrive or Monzo take a risk that you don’t have the money when the direct debit is taken and you have spent the money in your Monzo account.

Or open banking

Yup, does anyone do that yet?

[rolanddeschain]

Simon mentioned it here:

@simonb

In the long term, as more and more people move their salaries to us, it won’t be as necessary, and with Open Banking/PSD2, we may be able to implement a solution that pulls in money from another account that way, at no cost.

[Shengy90]

Multiple days? Can’t you transfer using FPS? I think it’s required by FPS to send money within 2 hours.

My experience with FPS however is often instant. The only odd times FPS is delayed is due to outage or in transferring a huge sum of money, for which case it’s probably for fraud prevention…

[anon44204028]

The maximum permissible time is not within 2 hours but by the end of the next banking day under the full terms of the scheme.

Those transactions that tend to be instant are between the limited number of full participants listed on their website, transactions where one or both of the financial institutions involved are not full participant members will take longer.

Instant transactions are also only possible where both parties operate 24/7, where one or both of the banks, building societies or credit unions involved does not process transactions in evenings or weekends this will delay any transaction transmission or reception until banking hours reopen at the institutions involved.

[MRMR (Marcel Ruhf)]

Also, it looks like only (?) direct participants can send instant FPS. I might be wrong, but I remember reading something where Starling said that they were the only direct participant offering real-time FPS agency services.

[anon44204028]

Recently there have been a few new additions to the direct participant members list, Clear Bank and Transferwise being the most notable. Transferwise being the first non-Bank, i.e. EMI, to join.

Starling is a DCSP rather than DCNSP so they can fully utilise FPS.

[gallifreyangirl]

What’s the difference between DCSP and DCNSP?

[anon44204028]

Directly Connected Settling Participant and a Directly Connected Non Settling Participant.

It is actually quite complex the miriad of different ways that firms can join and/or connect to FPS.

I should have also clarified my other abbreviation, EMI is an electronic money institution (e.g. firms like Monese that offer full bank accounts while not actually a bank, as they trade under a different form of license)

[ben77mc (Ben)]

Wouldn’t the easiest thing to do in this situation be to just open your Monzo.me link on your phone and use Apple Pay or your card directly? I’ve found that doing this is actually at least twice as fast as when I used to top up the prepaid card at the start of my Monzo journey.

It’s effectively the exact same thing, no?

[PSarge (Paul)]

@BethS

I’m interested as to how it takes multiple days to do transfers. With the Faster Payments Scheme you are guarenteed that this should reach your bank account by the end of the following working day at the latest.

I think @anon44204028 covered the main things. The killer parts are:

1. They have no app, so doing a transfer is a 10 step process through a web site.
2. Out of hours? Wait to next banking day to initiate the transfer.
3. They then take the full time they’re allowed to to complete the transfer… the end of the NEXT working day.

@Rat_au_van

If there was a small charge for this facility would you still use it?

@Rat_au_van: At some points I would have no option but to use it if I’m going to keep with Monzo.

@Shengy90: See above.

[Acdeag (Alex)]

Does monzo.me cost Monzo the same/less/more than using a card in the app?

[Jackcrwhitney (Jack)]

From my understanding it’s the same system in the background so the fees would be the same.

[Jackcrwhitney (Jack)]

@PSarge

I’m interested as to how it takes multiple days to do transfers. With the Faster Payments Scheme you are guarenteed that this should reach your bank account by the end of the following working day at the latest.

I think @MIROW covered the main things. The killer parts are:

1. They have no app, so doing a transfer is a 10 step process through a web site.
2. Out of hours? Wait to next banking day to initiate the transfer.
3. They then take the full time they’re allowed to to complete the transfer… the end of the NEXT working day.

Not directed at @PSarge it’s more of a rhetorical question.

If any bank is really that awkward/difficult to use then why are you still banking with them? I’d be going #FullMonzo using the Current Account Switch Service (If they support it, if they don’t I’d do it manually) asap. Unless you have to stay with them because of an associated product which you class as a must have.

[Monza]

I saw a lot of posts from Monzo staff when they were convincing people to switch from Prepaid card to Current account saying that they will be able to use the account in exactly the same way and lots of people asked about top-up feature and they were told Current account will work same as prepaid…

So call me cynic but aren’t Monzo making top-up hidden and talking about removing it is bit like Nick Clegg’s tuition fee promise