/ Monzo.me for paying for goods

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1philjones1 11 Feb 2020

Just been asked to pay for an item on here by sending money direct to their account on Monzo.me as the seller doesn’t have a PayPal account. Never come across it before but it seems to be a legit bank. Am I being over cautious by declining? I can’t see any mechanism for comeback if I was being scammed (I genuinely don’t think it was a scam btw). 
Any thoughts or experiences of it?

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Alpenglow 11 Feb 2020
In reply to 1philjones1:

Monzo is definitely a legit bank, but I doubt there's any payment protection for buyers. Its equivalent to a bank transfer or PayPal family & friends.

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1philjones1 11 Feb 2020
In reply to Alpenglow:

That’s what I thought- shame as I would have liked the item.

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nathan79 11 Feb 2020
In reply to 1philjones1:

I second Alpenglow's comment. A legit bank, I have an account. But the app says nothing to suggest Monzo.me is anything other than a straightforward bank transfer.

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Donotello 12 Feb 2020
In reply to 1philjones1:

A lot of people moving away from PayPal and standard banks, monzo is a breath of fresh air. Alas only for folk you know though as I think only PayPal offers buyer protection, at a price. 

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Dom Brown 11:09 Fri
In reply to 1philjones1:

This was me, Monzo.me is a bank transfer, it offers no additional buyer protection. other than maybe you can pay with credit card, which would offer buyer protections, but I've never tried it.

But it does offer some security, in that it won't show you each others bank details.

I can understand that this might put some people off, I just found PayPal to be a bit of a faff.

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Martin W 11:23 Fri
In reply to Donotello:

> I think only PayPal offers buyer protection, at a price. 

Just for clarity: PayPal buyer protection doesn't cost the buyer anything.  (The seller might, of course, choose to ask a higher price up front in order to cover their PayPal costs.  Or they might decide that the additional confidence that Paypal buyer protection offers to their customers is worth it.  I've not yet found any non-eBay retailer which charges more for PayPal cf credit/debit card.)

Section 75 protection only applies to credit card transactions (not debit card) where the total cost of the single item is over £100 - although you don't have to pay the whole amount, or even £100.01 of it, using the credit card.  More details here:

https://www.moneysavingexpert.com/shopping/section75-protect-your-purchases/

Note especially the bit about Section 75 cover not applying if the payment is handled by a third-party processor.  The article states that the Financial Ombudsman Service is of the opinion that this means that transactions via Google Pay (and therefore, presumably, Apple Pay) don't get the protection.

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La benya 12:29 Fri
In reply to Donotello:

I've wondered about this since they popped up and people started raving about them. All I can see is a well marketing current account which is exactly the same as any other bank account. What makes it so diffetent/ good?

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1philjones1 13:06 Fri
In reply to Dom Brown:

Hi Dom, sorry we couldn’t sort it- I’ve been stitched up before when a buyer said they didn’t receive goods I sent so I’m very wary now with online sites. I’ve ended up buying a new one. 
No offence intended! As I said in my op, I didn’t think you were trying to scam me.

Phil

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Dom Brown 13:46 Fri
In reply to 1philjones1:

No worries, I totally understand.

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deepsoup 14:03 Fri
In reply to 1philjones1:

Paypal offers protection to the buyer against being scammed at the expense of exposing the seller to that risk instead.

As a buyer paying by bank transfer you run the risk that the item never arrives and you can't get your money back.  As a seller using PayPal the risk is that the buyer will keep the item but say it never arrived and claim a refund.

Personally I have no problem paying by bank transfer if I'm buying something on here from somebody who has a posting history going back a bit, especially if they seem to be one of the less anonymous posters among us.  Well, within reason, I guess - the more money is changing hands the more cautious you would generally be.

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