Or a little “fax machine” type of device on your phone that you feed money into and it then comes out at the cashiers desk in the bank
I remember when the very first PAYG phones came out when I was like 11 I saw an advert in a magazine which had used a phone with a coin slot in to illustrate the concept. I remember thinking 'well that’s
Cash? What is this thing called cash? Didn’t the ancient Romans use this thing called cash?
So many people seem almost overjoyed at the thought of handing a pound over to Monzo every time they deposit cash. Have I missed some sort of group hypnosis session or something? I suppose it says a lot for the brand and the level of loyalty built up amongst the customer base.
That’s a pretty cynical way of viewing it. It may tell us something about the wealth of the customer base or (more likely) the ‘personal cost’ impact of recent branch closures by the other banks (such that this seems a good deal in comparison with the alternative).
Personally, I’ll stick with the Nat West branch in the high street if I ever need to pay in cash but that’s only a 10 minute walk for me so will cost less than £1.
Not cynical at all. My closing sentence is a compliment to how well Monzo have marketed themselves and built up a sense of loyalty.
I get the £300 limit, especially for Paypoints, I don’t really want my local shop in the Village I live in having to deal with huge amounts of cash, and I wouldn’t expect them to have the same security that the post office has for cash handing. Those corner shops run on pretty tight margins already btw.
As for wanting to pay large amounts in, just get a Starling account for cash, and Monzo for your day to day banking. Nothing stopping you from doing it, and hardly a huge problem to shift the funds around.
You’ve said that a few times though, and it’s seems quite disingenuous.
You write it as though Monzo can do anything and people will just accept it because of Monzo’s marketing - making two assumptions:
- People are dumb and will accept anything given to them - unable to make their own mind up because they’re brainwashed by marketing.
- Monzo doesn’t have a product good enough to stand up by itself, and it’s the marketing that’s creating loyalty, not the product.
Either way it doesn’t appear to be actually complimentary, it’s a bit of an underhand dig.
This post was flagged by the community and is temporarily hidden.
Technically, they’re handing a pound over to PayPoint. Monzo isn’t making money off this. Which maybe gives you some insight beyond ‘group hypnosis’ – for some people, the convenience of PayPoint (locations, hours) is worth paying a small fee for. But plenty of others have said it’s not.
How do we know this? Sorry genuinely interested to know because I might have missed this.
They’ve said so several times
They’ve said previously the £1 is a top value for covering costs.
I think they’ll make a rather small profit perhaps annually from this but not enough to declare it as a means of money making stream for the company is how they left it.
I’m pretty sure they said that they won’t make a profit, and might make a small loss, hang on a minute…
Yes. Complicated as there’s some sort of fixed cost and a per-use cost, so it depends how much cash deposits are used, but:
It’s a fixed cost plus a percentage I believe, so it will vary depending on the amount deposited £1 is averaged across the expected distribution of deposits
Please Hugh look at the 180 day limits. I’m already 35% into the limit and the feature has only just launched!
I couldn’t disagree more with everything you’ve said, and you couldn’t be more wrong about my comments.
My bad. I wrote that whilst at a group hypnosis session.
From @nickrw original post it looks like in order to do it, Monzo need to replace every single card we are using because the current chip isn’t up to Post Office’s standard. That explains the awkward situation when their card machine refused my Monzo current account card despite me embarrassingly said “It IS a full bank card!”.
As to why Starling Bank get to have such a high cash deposit limit is still a mystery to me…