I’d definitely like to see higher limits sooner rather than later. £1K per month = £33/day. By comparison, my FairFX prepaid US$ card has a $1,000 per day withdrawal limit, and it follows the same pre-paid paradigm. I know you’re in beta, but if FairFX can do it, I know Mondo can!
Saying ‘just use Mastercard’ is great in theory, but if we’re withdrawing cash, it’s usually out of necessity. My plan was for Mondo to replace the mess of USD, EUR and CAD cards I carry around for international travel, and enjoy better FX rates. That’s going to be hard to do if I land somewhere, withdraw a bit of petty cash, and then am locked out of withdrawals for the next 29 days.
Still, this really should be documented somewhere.
The problem with “surprise” limits like this is that people might top up their card to get cash for a specific reason, then can’t get the cash and don’t have a suitably fast way to pull the money back to their main bank account (so in this case it’s not as simple as saying “always keep a backup card”). Easy to imagine plenty of situations where that could cause pretty serious trouble for someone.
Is there any news on this now that Monzo is a bank? Or are we waiting until full current account services are available? The £1000 monthly limit is just about OK, but the £3000 annual limit is more of a problem.
Also is the monthly limit per calendar month or is it over a 30 day period?
The monthly withdrawal limit is still £1,000, it’s over a 30 day period. You can check the limits & how much of each type of limit you’ve used up, in the app:
Card > Profile (icon in the top right) > Spending and top up limits
I appreciate the ATM monthly limit is there for fraud prevention (having experience of working in the banking sector, I can understand the whole money laundering risks of prepaid cards).
I’m wondering if this limit will be removed once Monzo have a full banking licence and employ proper credit checking/fraud checking on the full bank account.
Where I travel to, they don’t have credit card machines, therefore the only way to pay for things is with cash. The trouble is that the towns don’t have cash machines, so often have to stock up with cash in the cities. The credit card I’ve had to this point for travel (with no fees) has a limit on which is far more restrictive than Monzo’s and it causes a few logistical problems, meaning I have to plan my visits to the City and ATM.
