You can now pay cash into your Monzo account!


(Andre Borie) #61

Nationwide ATMs inside the branch accept cash, but I’m in a bank at that point, I use the machines but eh, I could go and stand and wait in line if I wanted to do so.

Yeah but the idea is to open it up to other banks’ customers; not to mention that honestly if there’s a machine to do it for me then I’d rather use the machine and not waste humans’ times which could be put to better use for account queries that can’t be solved by a machine.


#62

@bea, this post can probably be updated now :slight_smile:


(Dan) #63

Willing to bet that the limits are there to protect the shopkeeper: Paypoints could be generally newsagents with potentially minimal security (compared with a high street bank perhaps).


(Jolin) #64

Nationwide ATMs outside the branches here accept cash, so you can deposit at any time. I like @Rjevski’s idea, it would allow depositing in these machines (I think other banks have similar facilities).


(If there's the wrong end of a stick, you'll find me holding it.) #65

Can I be the first Monzo customer to volunteer to receive monetary gifts of £1,000 twice a year?


(Stephen Brinda) #66

Well done monzo for putting this into action. Of course you know your opening a big can of worms charging and putting a limit with this? Not going to read comments, but I wonder how many will say thanks? Much appreciated for find a workaround paying cash.
Well done guys​:+1::+1::+1::+1::+1::+1::+1::+1:


(Brandon Billingham) #67

Nice to see the gap closed but I echo the sentiments of others that the idea of having to pay £1 to pay in cash when other banks do this at no cost is not desirable.


(Euan McCutcheon ) #68

I’ve got to agree, it’s getting very hard to choose Monzo over Starling


(Marcus Nailor, Hot Coral Detective) #69

Does nobody else think that the convenience of PayPoint outweighs the £1 cost? :slightly_smiling_face:

I didn’t realise how many PayPoints existed before now! But the fact that they do means that I can deposit money on a work day without wasting half my lunch looking for a parking space on the high street, walking to the bank and waiting in line (or using one of those paying-in envelopes). :grin:

Yesterday, for instance, was great :yum: I walked to McDonald’s (5 mins) with some work friends and on the way back popped into a BP garage, topped my account up and even got a lift back to work because another work friend happened to be buying petrol at the time :joy: such luck!

I’d definitely say that I would happily lose £1-3 per year (roughly 3 cash deposits) for the incredible convenience that PayPoint brings with it. :sunglasses: Besides, Monzo must have saved me plenty over the last few years :stuck_out_tongue: including time based savings such as being stuck on the phone for hours trying to resolve issues etc.


More Helpful PayPoint Screen :pound:
(Tom) #70

Great news but WHY OH WHY is there a limit when fintech competitors do not have any limits!

1,000 every six months is crazy and very limiting.


(Ben) #71

I have tested it nice and easy but a suggestion can’t you include the paypoint logo on the transaction feed.


(Shaukat) #72

Yey … I will give this a go later in the day, as have some notes to put in :grin: … Even with the cost of 1GBP fee, its a useful feature to have, as it saves running round town, finding parking or even paying for bus fare - that’s before getting to the bank counter and waiting for the cashier to become available.


(Ben ) #73

Amazing! Great decision to use PayPoint rather than other pay-in services (not that they’re ruled out). I think this gives everyone, the entire length and breadth of the UK, a good opportunity to use the feature should they need to.

Also think the costs are fair, wouldn’t be right to absorb this or charge it to other customers who don’t use this feature. I will be trying it out later! :smiley:

I do think the limit is slightly irritating. I know you are trying to tailor to those who mainly add money from gifts, but think of those who sell personal assets such as vehicles and get it in cash? It’s an unnecessary inconvenience to have to add it to other accounts and transfer it across. Only a tiny issue though, I guess


(Chris Black) #74

If you guys been using Monzo without being able to deposit money in, I think we can totally live with this little £1 charge uh.

I have PayPoint everywhere around me man! Finally I can deposit money straight in my bank account. Before I always had to go with my partner to add money on his bank account and then transfer to me, such a pain lol.
Glad to know that I have PayPoint cross the road of the salon I work. This way as a hairdresser at the end of the day I can deposit my tips straight in my bank account POT and not be able to spend the cash wooo :smiling_face_with_three_hearts::partying_face::confetti_ball::tada:

And to be honest, I don’t really care if Monzo charges £1 and other banks does not. You have more PayPoints around you than you have your own other bank. And for me it seems such a quicker way because you are always going to a shop, when you only go to a bank when you really really need it.

Thank Monzo ! Doing brilliant jobs as always :-bd


#75

Just deposited some cash using PayPoint and it works as it should!

As @nexusmaniac mentioned earlier the cashier does need to swipe, rather than insert, the card. After inserting it the cashier told me there was a £49 limit to deposit - I asked them to swipe it instead and it all worked properly :ok_hand:

Edit: just seen that the ‘Spent Today’ section on the home screen of the app is showing as £0 after depositing the cash, even though I have spent money today before the deposit. Could this be a bug with the deposit offsetting the spent today amount?


#76

fyi. Documentation in the help area says you cannot deposit cash.


#77

I got to try this today! It’s thanksgiving, and the other half’s American so we both celebrate it and got a cash gift from extended family. Because the amount was small we bundled our notes together, deposited into my account, and then I did a Monzo-to-Monzo payment to my partner — we halved our fees in the process! :wink:

Whole thing was super easy. We have a PayPoint shop round the corner from our house and it’s open till 11pm, so the convenience will be fantastic in the long run. The chap behind the counter hadn’t seen a Monzo card before, so asked some questions and he was impressed that we can just do it this way!

Really well done, Monzo.


(Is Santa here yet?) #78

Thought I’d try instead of bank transfer because YOLO

If I’d handed over a note saying ‘give me all your money’ it would have produced exactly the same reaction. She was happy to try it after my confident assertion to trust me, it would work. I’m so glad it worked :sweat_smile:

She declared it ‘very handy’ :grin:


(Stephen Clarke-Keating) #79

Agreed. Really happy this is here. Totally accept the £1 charge, I think its probably the cheapest paypoint payment charge for adding funds to an account that I’ve ever seen.

Disagree with the limits completely. They are WAY below any other bank or top up account paying in limit.


(Chris Black) #80

True, I was thinking earlier about the limits, really are way below that it should be I believe !