Quick overview: setting up for open banking payments
To ensure a seamless experience, follow these steps:
✓ Enable Open Banking on your House Bank account if applicable.
✓ Add Mimo as a beneficiary. Find account details under Accounts in Mimo.
✓ Make a transfer of £1.00 to your Mimo Balance account. This helps verify your bank’s recognition of Mimo.
Your guide to open banking payments with Mimo
This guide provides everything you need to know to make smooth payments with Mimo via bank account, e.g., open banking and simultaneously avoid common banking issues.
First-time payment limitations
Beneficiaries limitations
Some banks may have restrictions on first-time payments to new beneficiaries, which can cause delays. Lloyds Business imposes a 60-minute delay for payments over £5,000 to new recipients. This improves with future payments, but we can't control these restrictions.
Bank specific limitations
Payment amount limits
Some banks impose restrictions on the amount you can transfer to a new recipient. For instance, Barclays Business caps first-time payments via mobile banking at £7,500.
Open banking limits
Certain banks do not support first-time payments to new beneficiaries through Open Banking. Examples include HSBC, Barclays, NatWest, Royal Bank of Scotland, Ulster Bank, and Tide.
Recommendations for first-time payments
Add Mimo as beneficiary
Add your Mimo Balance GBP account as a beneficiary to any bank accounts you intend to use. You can find the necessary account details within the platform under the “Accounts” section. This step helps minimise the risk of delays caused by your bank rejecting the first payment. It’s recommended to set up Mimo as a beneficiary at least 24 hours before your first transaction.
Initial transfer of £1.00 to Mimo Balance
To further ensure smooth processing, start with a small initial transfer of £1.00 to your Mimo Balance account. Once the transfer is complete, you can withdraw the amount if needed. This simple step helps your bank recognise Mimo as a trusted recipient, reducing the likelihood of payment blocks in the future.
Bank-specific payment limits
Barclays Business: £50,000 limit per transfer.
Lloyds Business: £25,000 limit for Open Banking transfers.
HSBC Business: £25,000 daily outgoing transfer limit.
Santander Business: £25,000 limit per transfer.
Revolut Business: Only account owners can authorise Open Banking transfers.
NatWest Bankline: Open Banking payments need to be enabled in the bank account.
Tide: Open Banking not allowed for new beneficiaries, requiring a manual transfer first.
💡 General tips for smooth transfers
To minimise potential delays, it’s best to begin with a smaller payment before processing larger amounts. Instead of starting with a high-value batch payment, try a smaller, single transaction first to establish Mimo as a trusted recipient. Avoid making your initial payment an urgent, high-value transfer to ensure a smooth experience.
Handling specific payment scenarios
To enable “Authenticate with NatWest” using Bankline, please refer to our detailed step-by-step guide available on the Mimo platform. This guide will walk you through the process to ensure seamless integration. Learn more.
Additional support
If you have any questions about bank payments, Open Banking, transfer limits, or anything related, our support team is here to assist you. Feel free to reach out to us at [email protected]. We’re happy to help!