You can now pay cash into your Monzo account!


Re the £1 fee and people in poverty, and I am just thinking aloud here, Monzo have a pretty good idea of how an individual is using their bank account - could they set some sort of arbitrary limit of some %age below median income where fees are waived / lessened? Obviously some people would game the system, but it’s likely to be a fairly low percentage.

I realise it’s taxing higher earners to subsidise lower earners, but is that an issue?


Same feeling. I much prefer the post office for services like these. Its entirely likely that its purely a brand/reputation thing leading that thought, but it makes a difference.

That probably would be an issue yes.

I’ve mentioned before, id pay a monthly fee for Monzo to remove all the limitations and hidden fees from their current account instead. But i’m not going to pay more than someone else because someone tells monzo they don’t make money.

However, on your comment about people in poverty. My un-researched thought on this from past experience is that people who would frequently pay cash into a bank are far more likely to be people on low incomes or part time jobs. I know i got paid cash and paid that into my bank. If i had to pay £1 every time, well id just leave.

(Jolin) #164

The chip issue only applies to if Monzo wanted to allow depositing cash at the PO. There is absolutely nothing that should stop your Monzo card from being used at a Post Office to pay for things. I use mine all the time.

(Richard Bairwell) #165

So say they charged £15/£20 per month for daily cash deposits and overdrafts in total… Would you really be happy paying for that if, you are like me, haven’t deposited cash in a bank for over 10 years (I just spend it at the shops - over £120 in £5 notes not too long ago at a Tesco self-checkout: I was collecting the new fivers for around a year), haven’t needed the overdraft in 3 months+ and only need to take out around £30 of cash from ATMs every 3-4 months…


No id move bank. £3/m maybe to remove/increase the current limits on the account.

As it stands, again like a few things at the moment, the answer is to change bank.

(MikeF) #167

Some people like transaction fees, others want an overall monthly fee while others expect everything free bacause ‘uk banks do that’. There isn’t a correct answer here that will please the world so it looks like transaction fees is where we remain for the short term at least.


Oh yeah, transaction fees seem to be Moznos ideal direction and that’s fine if that’s the way they want to go. They aren’t obligated to do anything for anyone any particular way.

It just happens that things like fees for putting cash in likely hits poorer people more as they may be more likely to put cash in.


Maybe it’s just my particular local Post Office, the post service till accepts Monzo but the coexist stationary till doesn’t accept Monzo.


That’s interesting - I’ve never considered Monzo to have hidden fees. Compared to most high street banks which have fees for rejected payments, bounced cheques, unauthorised overdrafts etc, Monzo has (to me) seemed remarkably clear. 50p/day overdraft (opt in), foreign ATM withdrawal fee (over a certain amount) and £1 to pay in cash. Admirably simple to understand in my view. You might disagree with the level these fees are set at, but I’m struggling with “hidden” here.

(Jolin) #171

It’s worth reporting this to Monzo, because there’s no reason the card shouldn’t work in the ‘shop’ till. Sounds like a merchant issue, as they should accept any Mastercard.

(Tom) #172

I disagree, there is a correct answer. And that’s to remove the fee.

Don’t get me wrong, I’m fine with the fee (it’s the limits I dislike), but people expect to be able to deposit money without a fee because that’s what all banks do (even some fintech ones!).

If they want Monzo to really be a mainstream large bank, they will need to be fee free in the long term.

(MikeF) #173

If that’s your view, I have no problem with it. All we can do (as non staff) is throw our own opinions into stuff like this. I’m not so hard over on any particular direction and am happy to let the company make the bed they then have to lie on.


This is the key bit to me.

This is the first release of a new feature. It’s been seen that Monzo follow a MVP approach, iterating and expanding on things they put out.

Yes it might not be exactly right today, but it is better than it was yesterday.

(Thomas Allan) #175

Tried to use this today. Cashier was superviser of the store, took my card but couldn’t get it to go through on the paypoint machine. Took me to the post office in store and couldn’t get it to work there either. Neither of us really had a clue.
Given the cash to my partner to pay into traditional bank!

(Marcel Ruhf) #176

Did the cashier swipe or insert your card? Only swiping works.

(Steve Daniels) #177

Sounds like the cashier didn’t know what they were doing…

(Jonathon) #178

To be fair it’s not instinctive to swipe the card not insert it for chip and PIN.

(Steve Daniels) #179

Suppose that depends on what era you’re from!

(Andre Borie) #180

But since this is how PayPoint works they should know this. I can’t believe why people get these PayPoint terminals in the first place but have no idea how to even use them.

PayPoint should be cracking down on this as it’s damaging their brand by delivering a bad experience to their users.

(Jonathon) #181

Ah my bad. I’ve never used PayPoint so I would have no idea about that. Is that for any card payment then? Even if you’re paying for say electricity? Seems odd!