You can now pay cash into your Monzo account!

They were impressed with the app for sure loved the instant notification I got when it deposited.

Also loved the colour of the bank card as well.

Personally being a complete geek I just wanted to see how it works and depositing in my local shop felt pretty cool at the same time instead of going into the bank. I wouldn’t normally do it because of the fee except in high amounts like you said.

Thanks for the replies :blush:

4 Likes

It’s a step in the right direction however personally I don’t think it should be seen as a privilege to deposit money into your bank.

Setting a charge of any kind for this makes it that for me.

Like a lot of people have said, the need to pay in money is pretty infrequent and is usually because of gifts.

Me and my wife got married last year and as such received a lot of cash gifts. It would have been impossible to pay those gifts into our Monzo accounts due to the restrictions and there is no way we would be wanting to pay the fees that would have been incurred.

I love Monzo, huge advocate for them. Have been since the Mondo days. I use my Monzo as my main account and we have a joint account with them as well but it’s reasons like this as to why I still have my NatWest account as a backup.

I’m sure this stuff like this will be ironed out in the coming years and it is at least a step in the right direction :muscle:

8 Likes

How about following Starling on this one?

Post Office cash deposits with no fee. They have done it, so can you.

2 Likes

There is a fee, it is just not the personal current account customer paying it up front

Monzo have chosen (for now at least) to not cross-subsidise it, which seems reasonable to me when the number of transactions is low and it is an activity they would rather do without if possible

While trying to make the company as a whole profitable I think that is the sort of bold, if not particularly popular, decisions that will have to be made

1 Like

See this post as to why Monzo have opted for paypoint:

2 Likes

Fully realise there is a fee, but not to the account holder.

As to your opinion of Monzo’s decision making process. Well, that’s your opinion right? I gave mine.

Totally true and what the community is for, but I can equally give mine even when it is the opposite

I did not flag your post or tell you that you were wrong, so enjoy your evening and further conversation on this thread

2 Likes

I think there right to charge 1 pound if u think about how much it must cost them to allow us to pay money in to are accounts plus starling are most likely losing money as well by people putting money in at the post office

1 Like

Enjoying my evening and this thread is in no way dependant upon , or related to any actions you have, or have not done.

Maybe the next level is to deposit cash from paypal or something like that at the web? That could be worldwide and i’ll can use it in my country to!

1 Like

How do you get the cash into your Paypal?

Genuine question for the uninitiated

1 Like

I do not know how much it costs them and honestly don’t care either. Many other operations take cash at post office without charging customer.

Of course, I understand and take your point that it costs Monzo, but as stated, it costs others too, yet they don’t charge.

Realised that I should have just said: In my opinion, of all the things Monzo could charge for, this should not be one of them :slight_smile:

2 Likes

From any bank account the change that you dont have to have a uk bank account

Lior Barzilay

1 Like

Paid cash into my account for the first time on New Years day - paypoint is really convenient and worked great. Happy to pay the £1 as its a rare that I need to deposit cash.

1 Like

So you put the cash into another bank account and then make a inter-bank transfer to Paypal?

1 Like

Yeah something like that, you know how paypal works

Lior Barzilay

Since this launched I have had 3 opportunities to pay cash into the bank and not once have I used Monzo and PayPoint. The first time I paid cash in, I thought I would give it a try but the shop had no idea how to do it and directed me to the post office counter in the same store. I have used the post office service many times for my first direct account, it has always been fast, convenient and FREE. I will continue to use first direct and post office for deposits. I disagree on paying £1 to deposit a maximum of £300. I know it costs Monzo, but why would I bother when I can use a similar service from and existing bank at no cost. As others have said, presumably other thanks pay to have an arrangement with the post office but choose not to pass this cost on. Paying in cash is a basic service for banking. Perhaps going down the free fair usage route would be a better implementation of this? Also, seek arrangements with businesses that know what they are doing with money such as the post office.

5 Likes

Next time you’re in the post office, do you reckon you could ask them to open when I’m not at work?

That’d be convenient.

Cheers.

3 Likes

Similar argument could be made for banks :joy:

I know this will be different on a person by person basis but here in northern ireland more and more post offices are integrated directly into stores.

So in all three instances ( shop closest to home, closest to work and closest to my parents house) the shop is both a post office and a paypoint.

Making it pointless for me to ever use the paypoint way if im honest, wonder is this the case for alot of others?

It’s fine to keep doing it the way you are - Monzo aren’t running this service as a way to make a profit.

3 Likes