Monzo USA recently revealed that you can move money to and from your other accounts – a feature that’s currently in Beta testing.
From August 24, 2021, digital bank Monzo clients have been able to connect their other non-Monzo accounts to their Monzo account. Clients may easily add funds to their Monzo account from linked accounts, or move funds from Monzo to any of their other accounts – “all from inside the Monzo app.”
Monzo, which is under an investigation for criminal charges including money laundering, writes in a blog post:
“Our philosophy has always been to build Monzo out in the open, with input and feedback from our users. We already have plans for how linked accounts and transfers will evolve in the near future, but we wanted to launch this version to start collecting feedback from our users and ensure we’re building something that meets your needs.”
The company adds that this can be an easier way to add funds to your Monzo account and “move money to other accounts.”
As explained by the Fintech firm, you may add money to your Monzo account from a linked account by simply pressing “Add Money” on the homepage, then “Linked account”. You’ll be able to view a pending payment “created immediately and the money will be available to spend in 2-3 working days,” the Fintech firm writes in a blog post.
Additionally, clients may easily move funds to their other accounts. They can simply navigate to the Payments tab and click “Pay Someone” and then “Send to a bank account”. As noted by Monzo, the money will be available (in most cases or generally) “to spend in your other account within 2-3 working days.”
While sharing how to link your other accounts to Monzo, the company noted:
“We’ve integrated with Plaid to enable you to securely link your other accounts to Monzo. The process only takes a few minutes, and then you’ll be able to make payments seamlessly from within the Monzo app.”
You’ll just have to provide the credentials for your other bank or provider “to link the account to Monzo – this is usually your bank username and password. Note: some providers have a different process,” the company clarified. They also mentioned that you can inform them if you are “struggling to log into a certain account and we’ll look into this for you.”
While commenting on how to obtain access to linked accounts and transfers, the Monzo team wrote:
“Right now we’re launching this as an early customer test, because we want to get new features out to you as soon as they’re ready, and get your help to iron out any issues. We’ve turned on this feature for our most active customers first, and will roll out to the rest of our user base over the next few weeks. You also need to have upgraded to the latest version of the app. Message us if you want to test this sooner and we’ll be happy to help you out.”
The company further revealed that they’ve updated their Terms and Conditions “to include terms for transfers between Monzo and your linked accounts (via ACH payment) and information on how linked accounts and transfers will work.”
They have now also updated their Privacy Policy to include “information on how Plaid and Monzo use the information provided from your linked bank and provide you a link to Plaid’s end-user privacy policy.”
The Monzo team adds that you can “always find the most recent legal documents in the app in the “Legal Documents” section of Settings.”
The Fintech firm further noted:
“Our goal of shipping this feature is to get feedback from our customers and identify any bugs or improvements. If you see something that doesn’t seem quite right, message us in the app or leave a comment on the community forum.”
They added:
“This is only the first step in our plans towards giving you greater control and visibility over your money. Once we have tested ACH payments we are planning to improve the experience for linked accounts by showing them centrally right alongside your Monzo account.”
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