Monzo large transfer

Uriziel

I have a few hundred thousand that I want to move to a new savings account but obviously Monzo has a transfer limit of 10k. They say you can increase the limit to 250k if you provide documentation but I read a lot of posts about how this gets rejected.

I want to do this in one go as the savings account will penalize me if I do several withdrawals and end up deducting money from me but if I move all of it to Monzo it obviously won't collect any interest so I need to make the transfer in one go.
How sure can I be that it will be approved? Should I do it in lower amounts? I had a transfer of 40k denied previously without reason.

Zanderman

Uriziel said:

I have a few hundred thousand that I want to move to a new savings account but obviously Monzo has a transfer limit of 10k. They say you can increase the limit to 250k if you provide documentation but I read a lot of posts about how this gets rejected.

I want to do this in one go as the savings account will penalize me if I do several withdrawals and end up deducting money from me but if I move all of it to Monzo it obviously won't collect any interest so I need to make the transfer in one go.
How sure can I be that it will be approved? Should I do it in lower amounts? I had a transfer of 40k denied previously without reason.

I'm confused. You're talking of moving from Monzo and also to Monzo. Which bank is it in now and which bank is it going to and where does Monzo come into it?

Uriziel

I'm not sure how this is confusing. Obviously the money has to leave the savings account and go into Monzo before from Monzo it can go into the new account. I have now however noticed I can change my nominated account in the savings account and bypass Monzo completely which is probably what I am going to do.

Ballard

I read your first post a number of times and still wasn’t sure what you wanted to do. It’s only after the second post that (I think) that it’s clearer. 

You’re withdrawing money from a savings account into Monzo, and then out of Monzo to a new savings account. If I’ve got this right, you didn’t say as much in your initial post. 

It seems that you’ve found a solution though. 

Zanderman

Uriziel said:

I'm not sure how this is confusing. Obviously the money has to leave the savings account and go into Monzo before from Monzo it can go into the new account. I have now however noticed I can change my nominated account in the savings account and bypass Monzo completely which is probably what I am going to do.

Sorry, but it was definitely confusing. You didn't say you needed to move money from a savings account outside monzo (it could be a savings account within monzo) or why, if not in monzo in the first place, it needed to be moved to monzo (why monzo, why not another account?) to move elsewhere. 

But you have now explained that the reason you needed to move it to monzo was because it was outside monzo and the reason it had to go to monzo was because that was the nominated linked account. That is much clearer!

Thanks for clarifying, and for confirming you've found a solution, by changing the nominated account, so there's no query relating to monzo anymore.