Using monzo as main current account

mr_stripey

bonkersbonkers1 said:

Can I ask a question?
If you have a Monzo account and you want to withdraw a large amount - what do you do?
I can hear you all saying - easy just transfer the money back to the bricks and mortar bank and go in and make the withdrawal.
Well its not exactly that simple - I know of two people who have done something similar and the bank refused the withdrawal until they could prove that the Monzo funds were theirs.
(Money in, then immediately withdrawn is a major reason why a fraud indicator may be on an account)
Just a thought.

what do you mean by "large amount"?
I draw cash from my Monzo account - £200 £300 on occasion when I need to pay a tradesman for example. Large withdrawals attract attention from all banks I think? 

Asghar

mr_stripey said:

bonkersbonkers1 said:

Can I ask a question?
If you have a Monzo account and you want to withdraw a large amount - what do you do?
I can hear you all saying - easy just transfer the money back to the bricks and mortar bank and go in and make the withdrawal.
Well its not exactly that simple - I know of two people who have done something similar and the bank refused the withdrawal until they could prove that the Monzo funds were theirs.
(Money in, then immediately withdrawn is a major reason why a fraud indicator may be on an account)
Just a thought.

what do you mean by "large amount"?
I draw cash from my Monzo account - £200 £300 on occasion when I need to pay a tradesman for example. Large withdrawals attract attention from all banks I think? 

I'm sure he means a larger amount like in the four figures, much more than a maximum ATM withdrawl.

Interesting question.

DCFC79

Keep at least 1 (could be 2 if you like) other accont open where you can at least access some cash whether atm or still purchase things with a card. 

[Deleted User]

The answer is the app banks aren't setup for large cash transactions nor do they issue chequebooks.

bonkersbonkers1

dahj said:

The answer is the app banks aren't setup for large cash transactions nor do they issue chequebooks.

So if Monzo was your only bank how would you access say £2000 cash- not a huge amount  these days? You could withdraw £500 per day of course - but if you had an account with a bank with a high street presence you go in with your card, PIN and ID and you walk out with the money.
(I am assuming here that the cash has been in the account for some time and not deposited the same date as withdrawal)

jonnygee2

Can I ask a question?
If you have a Monzo account and you want to withdraw a large amount - what do you do?

I've withdrawn quite a bit from my Monzo account before. It's pretty easy, you just speak to them in-app and they raise the withdrawal limit for you, I took out about £7k to pay a builder with.

Hardest part was finding cash machines with the cash!

ozaz

cherry76 said:

Thinking of switching from hsbc to monzo.  Interested to know what are the views of memebers who have switched?  Not keen on phone app only if you lose your phone how do you contact them.  Thanks

I use Monzo as my main account (which I define as the bank use most in any given month). Reason I do is I think the app and instant nature of information is so much better than what you get from high street banks, even though high street banks have recently started to copy features from app-only banks.

But I wouldn't use it as my only account. I'd supplement it with at least one other current account from a high street bank and keep a decent sum of money at that bank. Monzo's chat-based support can be slow at times and I haven't yet had the need to test them with a complex support issue. So good to have another account as a backup in case I ever experience an issue with Monzo. Also keep high street bank in case I ever need some in-branch service.

With regard to losing your phone - Monzo does have telephone support and a website to freeze your card
https://monzo.com/help/emergencies/lost-phone