But a £2400 yearly allowance is what would be given to those who use up their £200 allowance each month. Why should they benefit at the expense of others?
I would be happy with a sliding scale of free European withdrawals from say £20-£500 based on length of Monzo membership and usage (i.e. Not just using Monzo for just holidays) Somthing like 2% in Europe and 4% in the rest of the world.
That would also give an incentive to use Monzo more.
I’m an European student in the UK and I go home frequently. I would much rather a monthly limit. To be honest, withdrawals are something I avoid anyway. However, sometimes you can’t go without cash. I therefore think option 3 would be ideal. 200 pounds is a reasonable amount; if you’re going abroad once a year and spending buckets of cash withdrawn through Monzo then you should pay the charge. Just because you don’t leave the UK often doesn’t mean you’re not part of that ‘20%’.
Definitely like this idea.
I would expect a more innovative business model for the above issue.
However, now you noticed that the cash withdrawals impacted your sustainability.
Did you have any evaluation of the other transactions impact?
Transactions within EU or outside EU.
Do we have to expect other charges?
If you can think of one, it’d be great to hear your ideas
They’ve said that POS transaction’s aren’t an issue, in terms of cost.
Option 4: £500 in any rolling 60-day period in the EU, 2% thereafter. 2% from the beginning in the rest of the world. Or, thank God for competition.
I think a higher monthly free amount say £350. Then option 1% or 1.5% in EU and 2 % outside EU. Got to also think about what happens after Brexit ?
It’s not necessarily ‘abuse’ if you happen to be on a longer trip than others or in a more expensive country or on holiday in a cash denominated society
I’m probably in the 13% group looking back at the last 12 months. To be honest, the only reason I signed up for Monzo was to benefit from fee-free overseas ATM withdrawals. I don’t really have any interest in a Monzo current account or anything other than the basic service as provided today. I have another card which is fee-free for purchases that I continue to use, but sometimes cash is still king. If fee-free ATM withdrawals with Monzo went away completely I’d probably just go back to taking currency with me. If you regularly go to the Eurozone or the USA, it’s not exactly a big issue to either bring any leftover cash home and have it sit there until the next trip or to sell it on to family/friends who are travelling.
I don’t say this to make a contentious point, merely to say that the options in the poll would likely discourage me from making continued use of my Monzo card in the same manner as I have done and therefore it would seem like an effective strategy to deal with the issue of ‘expensive’ customers like me
Option 3 but with an increased allowance or a “carry-over” allowance up to say £500 per quarter for people that don’t use the allowance within a 3 month period? That way for people that use cash withdrawals extensively and exclusively will obviously meet that allowance faster and for those that don’t won’t and thus won’t be penalised. Investigate a “carry over” be that 50% of the allowance or all of the agreed allowance within a 3 month period… and just set an expiry/reset date in the app on your. “current foreign cash withdrawal allowance” It would be easy to understand for the users and anyone that withdraws a lot of money abroad would also become aware of the fees since they utilise this service so much anyway and you’re other customers will just get the same Monzo they’ve been used to.
Hi there, when would we be looking at this change in abroad ATM fees coming in?
why dont you do what revolut does for years now? £200 for free then 2% (not 3% like your option 3)?
I think this is it exactly - if I have to pay, I have to pay (disappointing, but I understand why) - calculating £200 in local currency then 3% after is so confusing. I just want to know what I’m being charged. The whole reason I liked Monzo was how it made something mathsy and confusing (for those of us who aren’t tech/math whizzes) easy to manage, control and understand.
revolut does that up to £400
As one of the 13% offenders I just want to point out that personally I’d withdraw much less cash if half of the POS terminals in Bulgaria were not refusing my prepaid monzo card with “Invalid card number” message.
Monzo promised the current account’s card will not have this problem, which I’m yet to verify. However, their stats are what they are partly because their card is not accepted, which has been repeatedly reported here in the forums.
I don’t see how this is anything but a problem with the payment infrastructure in Bulgaria? I don’t see how this is the bank’s fault. I imagine you’d probably have better luck with the current account card, due to its nature, though I haven’t tried myself.
It’s only £400 per month if you have Revolut Premium (£72 per year) otherwise it is £200 per month.
Link the free with drawals abroad with spending in the UK and limit that spending time.