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Saturday, February 23, 2019

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Monzo set to end prepaid beta

Tom Belger | 16:59 Wednesday 7th February 2018

Monzo has given two months' notice to customers who are still using its prepaid cards.

The mobile-only bank recently announced plans to bring the Monzo prepaid beta to an end as more customers upgraded their accounts.

Monzo explained that those who are yet to upgrade their account will receive an email and a screen in their app explaining what's happening and why.

Customers can upgrade their Monzo account for free via the app and it only takes a few minutes to complete.

On 4th April 2018, those who haven't upgraded their Monzo account will no longer be able to use their prepaid Mastercard or the Monzo app to make or receive payments.

The app will continue to work for a short period after this date so that customers can access their account history and upgrade if they want to.

Those who choose not to upgrade will have any remaining money refunded by Monzo, with the bank returning it to customer's original bank cards or transferring it to a bank account.

Customers will be able to withdraw their remaining Monzo balance from an ATM anytime before the 4th April.

The upgraded Monzo account will feature spending breakdowns, built-in budgets, Monzo-to-Monzo payments, debit card top-ups and free card payments abroad.

“We know some of you find it useful to add money to your prepaid card periodically, to help you budget or to use when travelling,” said Monzo.

“And while you won't be able to keep using your prepaid card after 4th April, you'll still be able to do this with an upgraded account: add money every week or month by topping up from another debit card, then use Monzo for any spending, at home or abroad.

“We're expecting a lot of questions, so it may take us a little longer than usual to reply, but we're working hard to help as soon as we can.”

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