Making your Flex payment early with an Easy Bank Transfer
We’re making it easier to manage your Flex repayments – even if Monzo isn’t your main bank. With Easy Bank Transfers, powered by Open Banking, you can make Flex payments directly from an external bank account in just a few taps.
What’s an Easy Bank Transfer?
An Easy Bank Transfer lets you pay directly from your external bank account without needing to manually input account details. It’s fast, secure, and powered by the Faster Payments scheme, so most payments arrive instantly (although it can take up to 24 hours in rare cases).
Curious about how Open Banking works? Check out our blog post to learn more.
How does paying your Flex early with an Easy Bank Transfer work?
Here’s a step-by-step guide to paying off your Flex balance early:
Go to your Flex in the Monzo app
Tap on Pay Early to make an ad-hoc early payment
You’ll see an option to select where you pay from
In the “From” section, select Monzo Personal or tap Add bank to choose an external account
Follow the on-screen instructions to select your bank and confirm the payment
Your payment will be sent to a virtual Monzo account set up in your name specifically for Open Banking Flex payments. We’ll sometimes refer to this virtual account as a routing account. This account acts as a secure, behind-the-scenes connection to your Flex account but you won’t be able to access the virtual account. While you won’t see the payment in your Monzo statements, it’ll show up in your Flex statements and on your main feed so you can track these payments easily.
If your bank isn’t on the list of supported banks, it’s because we haven’t connected with it yet.
Why can I only pay early via Easy Bank transfer?
Right now, Easy Bank transfers for Flex payments are only available when you pay early, either towards your upcoming Flex payment or towards individual transactions. This means you can select to pay from another bank whenever you want to pay off your Flex early, but it doesn’t yet support recurring or scheduled payments.
We’re starting with pay early because it’s the simplest way to introduce Easy Bank Transfers for Flex. We’re monitoring how customers use this feature and may expand it to support recurring or scheduled payments in the future. Stay tuned!
Important: Please don’t attempt to make any manual payments to your virtual Monzo account
To keep your Flex payments seamless, please avoid making direct manual payments to the virtual account shown in your other banking app. This account is specifically designed for Easy Bank transfers to pay your Flex early only. If you try to manually transfer money to the virtual account outside of the app, your payment will automatically be returned to you.
Additionally, if you initiate an Easy Bank transfer to pay your Flex early and it is still pending, please avoid making another manual payment through the Monzo current account. If you do make a duplicate payment while your Open Banking transfer is pending, the additional payment will be returned to you to prevent overpayment.
If you have any questions or need a hand, just reach out to us through the in-app chat. We’re here to help!
