You can now pay cash into your Monzo account!


#366

How about following Starling on this one?

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


(Michael) #367

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


(Andy) #368

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


#369

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.


(Michael) #370

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


(Gavin) #371

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


#372

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


(Lior barzilay) #373

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!


(Michael) #374

How do you get the cash into your Paypal?

Genuine question for the uninitiated


#375

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:


(Lior barzilay) #376

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

Lior Barzilay


(Andrew Downing) #377

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.


(Michael) #378

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


(Lior barzilay) #379

Yeah something like that, you know how paypal works

Lior Barzilay


(Kris Littlewood) #380

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.


#381

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.


(Nathan) #382

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?


(Caspar) #383

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


(Kris Littlewood) #384

I will do, but I suppose my point was supposed to be constructive for Monzo as they have invited comments on use cases for the paying in money feature. I suppose as a result of this I will never be full Monzo.


(Kris Littlewood) #385

Point taken, I suppose I am lucky that the post office near me is open from 6am to 9pm 6 days a week. I was excited when PayPoint was announced because of the convenient opening times of local shops but the fee combined with the lack of staff training is really off putting.