You can now pay cash into your Monzo account!

#81

Monzo mentioned about the £1000 day or within 6mths being theirs that they’ll later revisit, has there been any official response why they have set the £300 per transaction limit rather than £500 which other FinTech have for PayPoint? A few staff seemed to think £300 was PayPoints limit when it doesn’t appear to be. A £1000 limit per transaction would obviously be the most practical.

Other than paying £4 vs £2 vs £1 to deposit the same £1k :man_shrugging:

It still doesn’t help cases like selling an old car for a few grand and waiting yrs to put it all in the bank, would be great to have an exceptions to bypass limit that chat staff can approve if need be. I guess until Post Office deposits come along stuck with whatever the actual PayPoint limit is

(Jack) #82

Do you know which fintech? I can’t find anyone who’s above £300.

#83

Tide for example? 500 per transaction / 500 per day

(Jack) #84

All I can find for Tide is £500 per day. I can’t find a reference per deposit.

(Nick) #85

I’m not sure it’s fair to compare a business account with a personal account here.

They also charge 3% for depositing by Paypoint, so depositing anything more than £33 will cost more than Monzo.

Though while typing the above I’ve seen your latest reply and realise I was looking at things from the wrong direction, as it were, my apologies.

#86

Its PayPoint limit though trying to establish, doesn’t matter if it’s business or personal banking - the person at the till isn’t asking is this for business? before taking the money and going as it’s personal I can only take x.

I’ve just emailed Tide to clarify.

I assuming that if it is £500 then that’ll be the max to avoid the shop keep having tons of cash to deal with in the register.

#87

So random search, this looks like a prepaid card, hand over £499 in one transaction and they’ll top it up ready to be used immediately.

http://www.myoptimumcard.co.uk/costs/

PayPoint outlets

Min amount – £10
Max amount – £499.00 per transaction

(Jack) #88

Good find, would be interesting to find out why this is higher than what monzo stipulate. It may come down to the individual agreement.

#89

I’ve just emailed PayPoint too as their website is rubbish, not sure how quick they are to respond but I’ll try and remember to update if I get something back.

#90

Thanks for reaching out.
I can confirm this is indeed £500 per transaction and per day.
Thanks,
Ali
hello@tide.co

There are limits set on each scheme, these differ from scheme to scheme.
Most schemes will also have a maximum that you can credit in one day.
Thanks,
Nick
ContactUs@paypoint.com

(Linda ) #91

I sold a motorbike to pay for my holiday spending next year. I might manage to deposit it now. It’s a long trip to the nearest bank, then I have to fiddle about sending my money to monzo. So, paying cash in is good but, I’ll have to do few trips over a few days :frowning:

(Punit Mannari) #92

I really want to try paying cash at pay point…but I am worried something might go wrong and money might not go in my account

((╯°□°）╯︵ ┻━┻) #93

If there is an error it will show on the paypoint machine but either way you will get a receipt so you have proof if it doesn’t appear in your account.

(Punit Mannari) #94

So if the transaction fails it won’t be accepted right…?
I am worried even with a recipt that I get…something goes wrong and I have to wait ages to get money back…
Never used pay point before I must add

((╯°□°）╯︵ ┻━┻) #95

You have a valid concern but it is an edge case. I would imagine multiple things would have to fail for you to lose money that you’ve supposedly deposited. Unless someone from Monzo pops on to shed some more light on the technical side of this and how they verify funds etc, all I’d suggest is that you try with smaller amounts until you feel confident and trust the process :slight_smile:

I’ve used those cash deposit machines plenty of times at the bank with much larger amounts, so I guess I’m a little more trusting than if you’ve never done anything like this before. Don’t forget that the funds show in your account really quickly too so you could hang around in the shop for added peace of mind.

(Hugh Wells) #96

When you go to PayPoint and deposit you’ll get a receipt and a notification in the app. The money becomes available 10 minutes after that when some checks have been completed :slight_smile: It isn’t really possible for the money to disappear between PayPoint and us (and that wouldn’t be your problem anyway!). You’ll get a successful receipt if everything goes through correctly and then you will get your money :+1:

#97

Is there a chance we’ll see the £300 transaction limit raised or removed in future?

#98

It’s a welcome addition but I wouldn’t use :frowning: Its likely I will continue to use my old bank account where I can deposit for free and then tfr funds to Monzo

(Ki) #99

You’re are hitting the people who need it the most here, 16 year old typically will have minimum wage cash in hand jobs. They’re also the people you need on your team, surely. It’s a good start though.

(Peter Shillito) #100

Well, since Monzo.me is being rejected as fraud by banks more and more whenever I ask friends or family to pay me using it, I’ve revered to accepting cash which I’ll deposit into a different bank and transfer over to Monzo. It’s a pain in the arse, but it’s better than paying for it.