You clearly don’t, take a look here for all your free travel money as they will love you there
Oh and they have a wonderful community also
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Hello,
I hooe you’ll be able to appreciate that when you withdraw funds from an ATM abroad, that ATM charges Monzo a fee for doing so. I am in China at the moment, and I withdrew £100 today. I receive £100, but Monzo gets charged £103ish. So who should pay that £3?
The business would be unsustainable if it covered these costs-I incur them, thus I rightly so should pay them.
This is fairer to the collective whole, instead of allowing a small minority drive the majority of these costs.
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It has never been about free withdrawals around the world, that has just been a side benefit. Look at everything Monzo has posted ever. It has never been about being a prepaid travel card it has been about being a bank Current Account. MoneySavingExpert and other companies decided to say they were a travel card, and maybe Monzo knew using this as a loss leader would help them but Monzo has never misled anyone. They were also clear that this would end at some point. Got the community to vote on the option they preferred - and I didn’t choose this £200 option.
If you can get better elsewhere then thank you for being part of Monzo up to now and I hope you venture back. I’m not happy with Monzo’s approach to overdrafts and I can get a better one elsewhere (First Direct). Doesn’t mean I don’t believe in their approach to Current Accounts and plan to use Monzo in conjunction with other accounts. So who needs Monzo? Me and plenty of others.
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Please can this topic be closed it is just bringing up pointless stuff again that’s been discussed many time already.
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Exactly, the same behaviour as the ‘traditional banks’ that they think they’re replacing. Endless Pumpkin emojis don’t mask over rather obvious, and standard, banking behaviour.
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Additional comments have been merged into this closed thread. This topic has been discussed at length with all opinions, for and against, considered. If you strongly feel there is more to add to this conversation, please me know.
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Hey there community,
Just a quick question.
There was a notification about something to do with £200 and a %3 withdrawal fee. I accidentally skipped it so I couldn’t really understand what it was saying and mentioning.
If someone could give me a quick rundown on what it actually means I would appreciate it.
Go abroad. Withdraw cash from ATM. It is 3% charge. But there is a allocation of £200 free withdrawals.
Is this a per day limit or per month?
Per calendar month, I believe.
I hope this still turns out better than banks ;(
also how does it work with cashback?
It’s all here. Monzo refer only to limits at ATMs.
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It’s an ATM abroad specific charge so won’t affect any other firm of payment.
It’s 1 free withdrawal of up to £200 per calendar month on the prepaid card scheme for as long as that lasts. With the Current Accounts it’s £200 free per rolling 30 days but you can use multiple withdrawals to get that £200.
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Oh thanks,
I was worried i would have to take out 200 at once
On the prepaid card you would, on the Current Account you don’t.
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lucky I got a current hehe
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It doesn’t come in until 18th December, so, until then, fill your boots.
on the current account it is a 30 day rolling period
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