Monzo and universal credit

Punmanuk

I am new to monzo. My universal credit is ment to be going into my monzo account next week...on Tuesday..
Any one else use Monzo to get their uc? And any problems they encountered?

[Deleted User]

Why would you encounter problems?

Punmanuk

It's just a simple question..as they are a new bank..

DCFC79

Punmanuk wrote: »

It's just a simple question..as they are a new bank..

Yes a bank like any other, as long as you have given the correct details you should be fine.
Theres also the Monzo Community you can ask your question.

Punmanuk

Yes I am aware of that
.I have asked the question there.. everyone gets paid by bacs there..
Uc pays by bgc method..
So no one has answered my question there..so I thought I will post here

eDicky

If anything, I'd say you have less chance of any problem than you would have with an 'old' bank. They are using purpose developed technology and systems, tested for a year or so as a prepaid card before they were granted a full banking licence.

My daughter owed me £3 so this evening I sent her my Monzo.me link and asked her to pay me with her debit card, to try it out. As soon as she entered her card details and tapped 'pay' the notification that I had received it instantly pinged on my phone. Not many other banks (none?) give you that facility.

EDIT : I've never heard of bgc transfer method - if unsure you can 'chat with a real human' in the help section of the app.

antrobus

Punmanuk wrote: »

Yes I am aware of that
.I have asked the question there.. everyone gets paid by bacs there..
Uc pays by bgc method..
So no one has answered my question there..so I thought I will post here

You are misinformed. UC is not paid by bank giro credit.

antrobus

eDicky wrote: »

...

EDIT : I've never heard of bgc transfer method - if unsure you can 'chat with a real human' in the help section of the app.

An explanation of Bank Giro Credits
https://www.chequeandcredit.co.uk/cheque-clearers/other-clearings/credit-clearing-and-bank-giro-credits

Back in the good old days it's how you paid your gas bill, whatever. British Gas sent you a bill with a tear off BGC at the bottom, you went to your bank branch, wrote out a cheque, and handed it all over the counter.

The idea that the DWP would write out individual cheques and send someone down the bank is quite funny.:)

Punmanuk

I wish I knew how to attach pictures here..all my previous payments where into Lloyd's from uc..I have just switched to monzo full time..
It says payment method is BGC from UC
I have had a bacs payment as well from a company.it says bacs when it is..

[Deleted User]

eDicky wrote: »

If anything, I'd say you have less chance of any problem than you would have with an 'old' bank. They are using purpose developed technology and systems, tested for a year or so as a prepaid card before they were granted a full banking licence.

My daughter owed me £3 so this evening I sent her my Monzo.me link and asked her to pay me with her debit card, to try it out. As soon as she entered her card details and tapped 'pay' the notification that I had received it instantly pinged on my phone. Not many other banks (none?) give you that facility.

EDIT : I've never heard of bgc transfer method - if unsure you can 'chat with a real human' in the help section of the app.

Seems the same as a Faster Payment to me

SnowTiger

eDicky wrote: »

If anything, I'd say you have less chance of any problem than you would have with an 'old' bank. They are using purpose developed technology and systems, tested for a year or so as a prepaid card before they were granted a full banking licence.

My daughter owed me £3 so this evening I sent her my Monzo.me link and asked her to pay me with her debit card, to try it out. As soon as she entered her card details and tapped 'pay' the notification that I had received it instantly pinged on my phone. Not many other banks (none?) give you that facility.

EDIT : I've never heard of bgc transfer method - if unsure you can 'chat with a real human' in the help section of the app.

!!! wrote: »

Seems the same as a Faster Payment to me

Not sure which part of eDicky's message you were replying to.

Monzo offers Monzo.me, which allows punters to pay in to a Monzo's customer's account using a debit card.

Debit card top ups are probably costing Monzo a small fortune.

State benefits are usually paid by BACS.

This is an entry from my Father's bank account, showing his state pension payment from the DWP. It's labelled as 'Bank Giro Credit (BGC)' - 'A payment made after the issuing bank has received a printed instruction along with cash or a cheque.'



Banks seem to label things a little oddly sometimes.