You can now pay cash into your Monzo account!


#304

Does anyone know if Monzo explored Tesco as an option?

Tesco Bank customers can deposit and withdraw at customer service desks at a lot of stores…

Partnering up with Tesco might have been an opportunity to open up other avenues too such as credit cards and insurance partnerships… expand the Monzo portfolio, etc…


(Splodf) #305

Source?


(Only available in amateur ) #306

Would a rival be keen on letting the fastest growing new bank use their facilities?


(Tom) #307

No idea, but NatWest allowed deposits for Starling, so it’s clearly a thing :man_shrugging:t2:


#308

If Tesco make money from it then Im sure theyll be interested… they could even partner up with Monzo and sort their own bank out…


(Gavin) #309

Lower the days that u can put money in your account as 180 days abit to long to wait to put more money in your account


(Tom) #310

@tom has stated that they’re open to increasing this limit in future :+1:


(Gavin) #311

They should of set it a bit higher to start with


(Jack) #312

NatWest and Starling already have a relationship especially with Starling underpinning their new bank brand.

But that’s for another thread…


(Tom) #313

Ah OK, that makes sense in that case!


(Tom) #314

Hi! So I now have £1- remaining to deposit, but it doesn’t give me a date until I can deposit more?

Without finding my other cash deposits and working it out manually, is there a way to check? I don’t really want to bother Support but would they tell me?


(Dan Mullen) #315

If you pay it in, presumably it immediately disappears as a fee? :thinking:


(Tom) #316

That’s a good point! It said I had £125 left to deposit, so I deposited £125- thinking that includes the fee.

Turns out I could have deposited £126!


(Ben) #317

I wonder when they are going to review the limits??


(Splodf) #318

Only just launched so will be a while yet.


#319

Here is the rocket science behind making a Monzo PayPoint topup, courtesy of @aiimes on twitter who appears to work in a PayPoint store.


PayPoint Shops don’t know how to process cash deposits
#320

So basically they just need to enter the amount as a Bill Payment then swipe the card. As simple as that.

But I can see how till operators could be confused the first time around, as “I want to put this cash into my bank account” doesn’t instinctively make you think to click on Bill Payments unless you’ve done it before or read the guidance.


(Kolok) #321

My friend had cash to pay in on a Saturday night and was moaning about waiting until Monday and then driving to the bank … Until I told him about Monzo.

But it must be very common for money to get paid in via PayPoint and then transferred to another Bank , monzo should try and get stats for this I’m interested.


#322

Just had the same experience in the local Co-op as one of the previous posters - a number of blank looks and having to show the above article to the shop manager to prove I wasn’t bonkers. Didn’t manage to pay in unfortunately as it turns out they should have been swiping rather than shoving the card in the machine. Great feature but I think PayPoint need to do a bit more comms to their vendors.


(Splodf) #323

If you read up a little and send the information to the Monzo they’ll pass it to Paypoint for you.