yes but one option correctly covers the costs incurred in Europe and rest of world (1% & 2%)
one option covers costs for Monzo by European withdrawals being overcharged in order to undercharge on rest of world withdrawals
the other 3% option means users in Europe are paying 2% more than the 1% incurred by Monzo
I voted option 1, however how about this for an option 4: can you some how change the percentage rate of conversion for withdraws only to off set the charge, rather than match mastercards rate, because to be fair if I used my other bank card (awaiting my invite btw lol for yours, I’ve signed up and am waiting patiently). I get charged a transaction fee and a percentage fee upto an amount, I think it’s fairly standard practice to charge, as long as your fees cover costs and admin and not use it as a profit scheme, who can argue, I certainly wouldn’t, or the high percentage user can have a small charge added to their accounts to offset the costs and give them some other free perk to make it worth while 
Rather than £200 per month, why not make it an annual limit? This would reduce the impact on those who perhaps only use the card abroad 2 or 3 times a year
Like many people, I would prefer an annual limit to a monthly limit. £200 per month, which, in practice would mean less than that when you round down to whatever multiples the machine issues in that currency, so about €200 or $250, would not be enough when I’m on holiday, so I would need to bring another card.
Metrobank is free in Europe, £300 per day limit; 2.75% + £1.50 outside of Europe.
Barclaycard is free everywhere, but at Visa exchange rates so about 0.1% more expensive than Mastercard, limit is whatever your credit limit is
Halifax Clarity and Santander Zero, you only pay interest from date of transaction to date of repayment, and you can keep that to a minimum by paying off early.
Then there are options such as Starling and so on.
Yes, I did provide a link which stated Walmart (quite big) offers cashback and another poster has said they had cashback in a number of EU countries.
Why over complicate things? I’m strongly for passingly on the fees as they are. Changing them means that Monzo is trying to incentivise some behaviour in its users - in this case it would seem to be that you should go abroad once a month for a weekend, rather than for example once a year for a long trip. Why penalise some users for their travel habits? Just pass on the fees as they are so we don’t need to adjust our travel habits dependant on whether our bank will charge us more money or not.
I think the best policy would be as stated by another user, that the people who use the card as their main card, and not just as a holiday card get a better deal and earn a higher amount of fee free withdrawals.
I think that its unfair that the minority have driven costs for the company, and I do feel that those who use the card almost exclusively abroad should be penalised more.
Failing that I think £200 is too low and the 3% too high a charge per month, I’d prefer an allowance of around £500 per 6 months, as most people are only on holiday a maximum of twice a year!
Personally I’d be up for paying a low % charge all of the time, it’s much easier to swallow say 1% or 2% rather than 3% with a small allowance each month. While the allowance is a nice touch it’s too low to make any reasonable dent in an average holiday.
I’m surprised so far in the poll the winner is the low quota per month and then a higher fee.
Clearly free cash withdrawals worldwide is not sustainable for Monzo long term. While option 3 is the only option that still allows free withdrawals, ( Necessary in some ways to stay competitive in a market place that still does offer free withdrawals), £200 per month is not really a useful amount. As I think others have said if you go away for a holiday £200 is not going to be enough especially when you also take into account that if you go over your allowance in Europe, you will end up paying three times more for withdrawals than the actual cost of the transaction. I would personally favour a yearly limit of £2400 (still amounting the same as the monthly limit) which means people can still withdraw cash with flexibility with fees of ~2% for Europe and ~4% outside Europe if they go over.
I would be firmly against any changes that either introduced a two-tier system like paying a monthly fee or introduced/improved limits as a bonus because that penalises those on lower incomes and again creates a two-tier system and becomes complex.
Simpler the better is the goal, that way everybody knows where they stand and afterall isn’t that why we like monzo? it makes things simple and less of a pain.
Update: didn’t mean that as a reply to you sorry, wrong button
I was going to say 
I agree with Remco, it feels as though users that regularly use and invest with Monzo are being punished for the few that only use it as a holiday card. If you are an active user, then you should be able to access a higher monthly free allowance (£200 is not enough for a trip for cash, £400-500 would be more appropriate). This would encourage more regular users for day to day banking.
Strongly Agree with this.
I voted for 3 but here is a spinoff into Option 4:
**4. Have a daily allowance: This will allow people to not be penalized for being in a country that rely on cash, and at the same time deter people who want to abuse the system for mass exchanges. **
Having a - reasonable - daily allowance of say £50 free else 1% EU and 2% Elsewhere. This means that people going on a few days vacation will still benefit from it.
This idea comes from a recent trip to Denmark. For some reason, I thought it was going to be like the UK and didn’t bring any cash, just armed with my Monzo. I found out the hard way that it’s a cash country when I couldn’t even leave the airport because all transport accept only cash. I did use the card at POS where possible, and ended up with a 50-50 split between cash and card.
Also, It’s outrageous that ATMs charge the customer and the bank.
What about the option of charging a very small percentage for ALL withdrawals (like .5% or even less?) but keeping it flat across the board?
whatever the monthly allowance, (a) if monzo bank are charging their card holders 2 or 3 percent when they are only charged 1 percent, and (b) when competitors have pledged to continue offering European ATM withdrawals free…then the 3% option is a real loser and even as a shareholder I would go elsewhere
What about just passing the exact charge on? That’s fairest. If ATM’s drop their price there’s no need to update your policy.
Maybe you could do this in combination with option 3 so it’s simple for most people who only make small abroad withdrawals!
Option 4: £XXX free allowance per month, pass on the charge thereafter everywhere outside the UK.
Fair point, well made.
Since Monzo has to pay for each time the user withdraws money, it doesn’t seem to me like it makes any sense to limit the amount that people take out rather than the number of times people withdraw money. I would vote for a 4th option of limiting free cash withdrawals outside the UK to 5 a month (or whatever number makes the fees per active user work with your financial estimates). Otherwise someone who isn’t considerate of that can take their 200 pounds out in 20s over 10 withdrawals, and completely defeat the purpose of the policy.
Got the Monzo card purely to use for ATM withdrawls while on holiday instead of taking cash to exchange while there.If charges are applied then it looks like i will be taking good old captain cash with me on my trip abroad in December without ever using the card.