We've been working on a simpler way to move money into your Monzo account from other major UK banks. We're calling it easy bank transfer, and it's available to test in Monzo Labs today!
Now there's no need to remember your account details, go looking for your wallet, or worry whether you've typed your details in correctly. Instead, we'll guide you through the process and help you make a bank transfer to your Monzo account in just a few taps.
You can use easy bank transfer to add money to your personal, joint, and business accounts.
Select your other bank from a list, and tell us how much you want to move.
We'll take you securely to your other bank, so you can approve the transfer.
Your money will usually arrive instantly, but it can take a bit longer depending on which bank you're sending money from.
It's even easier if you're logged in to your other bank's app, because you won't have to type in your login details.
Under the hood, easy bank transfers use Faster Payments — the same reliable, secure payments network that powers bank transfers in the UK. This means that your transfer will typically arrive straight away, but it could take a bit longer in some situations.
Help us test it out
If you'd like to help us test it out, please head over to our testing thread on the community forum, where you'll find instructions on how to get started.
We're looking for your feedback to help us iron out any issues, and to make sure it's ready to bring out to everyone in a couple of weeks. We'll also be on hand to answer any questions you might have about how it works.
Easy bank transfer is powered by the latest Open Banking technology — which we blogged about a while back. If you'd like to learn more, we've also done an "ask me anything" on Open Banking on our community forums!
We really hope you like it, and we're looking forward to hearing what you think!