How to transfer money from Monzo to bank account
February 23, 2024
How to transfer money from Monzo to bank account – Monzo is a virtual bank that offers current and joint accounts, and business banking for all.
Are you just getting started with Monzo and looking to leverage its platform and send money to your bank account, if this feels like you, this guide will provide a bespoke idea of how you can get started with no stress.
How does Monzo work?
Your Monzo account works like a current account that allows you to set up standing orders and make withdrawals, as well as deposits.
However, the advantage here is that you can manage your account from a preferred location without having to visit a branch.
Monzo has features to aid your budgeting, as well as helps to understand and organize your finances, with a detailed advantage to manage your everyday finances.
How to transfer money from Monzo to bank account
To get started, kindly log in to your Monzo mobile app, and;
- Tap the payments icon in the menu bar
- Tap pay
- Tap pay by bank transfer
- Enter the beneficiary’s account number and sort code in the column displayed
- Enter the amount you are looking to send
- Review the transaction for correctness, and send.
The beneficiary will receive the transfer instantly, however, transfers could take up to 4 hours sometimes.
To transfer an amount over 10,000 Pounds you’ll need to contact Monzo to raise your limits, though this may take up to a few hours.
How can I transfer money from Monzo to a Nigeria bank account?
International transfers are aided by the Monzo integration;
- Tap the pay in your app
- Tap the payments icon in your menu bar
- Tap transfer internationally.
Kindly note that you are required to grant permission for Monzo to use your Wise account before you can use this process.
However, if you don’t have a Wise account, Monzo will create one for you.
To send your first international payment, kindly note the following;
If you are a Sole trader
- Only the admin on the account can set up international payment with Wise
- After the admin has granted permission to link to Wise, any member of the business account can send an international payment.
If you are a Limited Company
- All Directors listed on Companies House will need to be members of the business account
- A Director of the business will first need to link the account with Wise, once connected, any member of the business account can send an international payment.
- Monzo may also need to ask for more information on your company’s beneficial owner (s) and only the longest-serving Director on the account can provide this.
How do I withdraw money from Monzo?
- Go to the home tab and scroll down to “Savings and Investment.”
- Tap on savings
- Tap on the specific savings Pot you’d like to withdraw from
- Tap withdraw to complete the task.
Why is Monzo not letting me transfer money?
If eventually, you are having issues sending money to another Monzo account using payments with Friends, kindly check that you both have “payment with friends” switched on in your settings.
Can you switch banks with Monzo?
The Current Account Switch Service is a not-for-profit organization that lets people move payments quickly and easily between bank accounts.
Does Monzo convert money?
You can only have British Pounds in your Monzo account, at this instance, you can’t convert your balance into other currency.
However, you can use your card abroad to make payments in any foreign currency, such transactions are treated with the Mastercard wholesale rate without any mark-up on the exchange rate.
Final thoughts
There you have it on how to transfer money from Monzo to a bank account, your account works like a current account that allows you to set up standing orders and make withdrawals, send money, as well as deposits.
However, the advantage here is that you can manage your account, and transfer money from a preferred location without having to visit a branch, given that Monzo is a virtual bank.