So I’ve had my card since February and mainly wanted it because it seems like a great travel card - and it is.
I’ve been travelling since June and won’t be back in the UK until Christmas however, I’ve apparently reached my £3,000 annual ATM withdrawal limit? I’ve spoken to support and was told it’s just my monthly limit that I’ve reached, but the app says different.
£3,000 seems incredibly low for an annual withdrawal limit when you’re pitching Monzo as a card to use whilst travelling. I’m sure there’s a reason but I would have loved to have known before setting off so I could have brought a backup card for this situation. I also wouldn’t have used my card as much to withdraw cash in the UK which would have prevented/delayed this issue.
And Monzo are working to get the limits increased -
As for
the limits have always been in the T’s & C’s & as you pointed out, they’re now in the iOS app too -
I try to avoid withdrawing money from my Monzo card, as it’s much more difficult to categorize my spending accurately & you lose the merchant, time / date etc. data. Having said that, I’m still at risk of hitting the annual limit so they do seem pretty low.
It’s not that long until the current accounts / debit card launches with the increased limits. I don’t think you have a lot of options in the meantime, although it’s worth seeing what the support team say.
As theres going to be a longer timeline… Will the cash limits be raised ??
I almost hit my monthly limit in 5 days travel recently, in fact I put the Hotel onto the card not cash (at a +2.5%) in part because otherwise I wanted to lower the monthly… That was a bit of a special case, and expect not to be using the card for cash for a couple of months now.
However if the process drags into Q2, its easy to see the lifetime limit not lasting.
Or can we request a cash limit raising manually ??