Monzo turning off debit card top-ups for everyone from 2 October 2018
- Users won’t be able to add money to their account with another debit card from in the app anymore.
- Users can make a bank transfer, set up a recurring payment, or have salary paid in or use its Monzo.me service instead
- UK challenger bank Monzo shut down this service around nine months ago, but had to reopen it due to consumer demands and despite its costs
- Every time someone adds money by topping up, Monzo pay a small fee to a third-party company who process the payments which cost £4 million last year
- This change will affect older users as they stopped debit card top-up since March 2018
- Last month, Monzo raised fund of a $1.5 billion