Monzo tests ‘easy bank transfer’ for moving money into account from other banks

via Finextra

We’re making it easier to add money to your Monzo account. 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.
An overview of how easy bank transfers work

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.
You can make an easy bank transfer from the most popular high street banks
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.