You can now pay cash into your Monzo account!


(Ben) #21

I have mentioned it before my main concern is security handing over my monzo card to a stranger…

I do like the hot coral card but it does embarrass me getting it out.

Congrats Monzo again still something on offer you didn’t have before.


(Micky) #22

Unlikely to use this myself but always good to have the option


(Tabby Greig) #23

While I think this is a great idea, I get paid cash weekly. I’d use my £1000 allowance in just over a month. So it would still be in my best interests to put it on my other card and transfer it over to Monzo.


(Neil) #24

Can we combine this with the Image Clearing System so we can pay cash in by taking a photo of it?


(Tony Hoyle) #25

Wow I thought the £1000 every 180 days as just a testing limit… it seems bizzare to actually launch with it. That’s £5 a day or £40 a week.

From what I’ve seen of friends who make cash deposits they need it because that’s how they’re paid - a lot more than £40 a week.


(Nicholas Robinson-Wall) #26

We’re open to the idea of integrating with the Post Office as well, as it would allow us to accept larger deposits than PayPoint. There are a number of reasons we chose to launch with PayPoint first, which I outlined in this post (see the “why paypoint and not the post office” section)

One of the things I didn’t touch on in that post is that it would actually be a considerably more expensive option for us to offer, compared to PayPoint.


(Ben) #27

Glad to hear your not ruling it out.
I would be more comfortable depositing cash with the PO I would be in control. I have to confirm on the card reader and I don’t have to hand my card over.

Regarding Paypoint the ownership of the deposit is with the shop worker.

If I do use Paypoint it will be lager amounts over £100.00 if I’m lucky to come into cash but I do get some over Xmas etc.


#28

Does this mean we could be looking at higher charges for post office usage? Or would you drop the price a little for it and increase PayPoint a little to subsidise it? It seems the subsiding route is probably the best idea, imo


(Tom Glass) #29

Hello,

Great addition. Some points for me I get paid weekly and the 300 per deposit is fine but, the 6 month limit is far too low. I dont mind paying the £1 per pay check to have the simplicity of not walking an extra few minutes to Lloyds and then having to do a transfer in their app, but it seems I will due to the 6 month limit. Hope you guys could look into this.


(Micky) #30

What would be the reasoning behind subsidising Post Office deposits with a higher PayPoint charge?


(Joe Sturgess) #31

My nearest paypoint is closer than my old high street bank! Superb.


(Nicholas Robinson-Wall) #32

Since we haven’t built this yet, we can’t really speculate on how we’d charge for it. We’ll soon have a lot more data on how people use cash deposits which will help inform our decisions for PayPoint fees, and eventually the Post Office too :chart_with_upwards_trend:

My opinion is that it’s unlikely that we’d ‘use’ one payment scheme to subsidise another – in general we prefer to make things simple and let customers choose for themselves.


#33

Simply to make things simple. :wink: It’s a lot easier to say £1.50 for cash deposits at the Post Office or PayPoint than £2 at the Post Office and £1 at PayPoint.

cc: @nickrw hopefully you can also understand my reasoning


(#fullmonzo joint account since Aug18) #34

I get the reasoning, but I’m never going to pay to give a company money. The limits are also far too low.


(Micky) #35

Right I see what you mean now


#36

Starling vs Monzo.

Post Office vs PayPoint
FREE vs £1
£20,000 vs £300 (per deposit)
£20,000 vs £1000 (per day)
£3.6m vs £1000 (limit every 180 days)

:man_shrugging:


#37

(Michael B) #38

Do not see how this new feature works in line with the Monzo’s image of being customer first. Surely they’ve done research showing them that people which would be using the “pay in” feature would require MORE than just 1k per 180 days???


#39

Only shows if you are in ever shrinking minority of those who are still heavily reliant on cash, Starling might suit you better :man_shrugging:


(Danny) #40

I’ve had money sitting on the side in my house since mine and my daughter’s birthdays in October. I don’t want to carry a bunch of cash to work and the banks in my town aren’t open at the weekend. I am VERY happy to pay £1 to do it at the newsagents 5 minutes from my house and will be going down there tonight!