Thanks Bob. Rookie error. Should have realised.
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Spot on.
Overdrafts “let’s do it slightly worse than the competition”
ATM (option 3) “let’s do it slightly worse than the competition”
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Hi, why not introduce option 1 but also introduce a rewards scheme like some other cards. A point for every pound spent on the card. Rewards could include using ATM abroard or gift cards etc. The rewards could be set so Monzo costs are covered but high users can gain enough points to use their cards abroard or get vouchers, this way people are encouraged to use their cards more to buy goods home and abroard, everyone including Monzo gains.
They make loads of money out of everyone’s money from all the customers who are loaning THEM their money interest free
You think Monzo make loads of money? Have a read of https://monzo.com/static/docs/annual-report-2017.pdf
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Sucks that you guys have to do this but also great at the same time you’re taking opinions into account.
Have to say if, possible, I agree with a lot of people on here and a yearly foreign ATM limit would be much better than monthly as many people only go away once, maybe twice a year and will barely use their £200 a month limit.
A lot of people are asking for this, but you’re all missing the point. A monthly limit is less likely to be maxed over 12 months than a yearly limit; which makes this option more affordable to Monzo.
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That’s the 12m to Feb 2017 before the business really took off, obviously 
The model is one that gets people to lend them money (obviously uses the customers money while they’ve got it) and sells it as a new service but there’s been prepaid credit cards round for years … and now the free cash withdrawals abroad is to go… so already after just a few months one of the couple of 'USP’s are going
Anyone voting option 3 should have their cards cancelled.
#Freeloaders
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…and yet some of us have been offered current accounts 
Oooohh you went for the jugular there 
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Oooooo look at Mr Option 3 over here
Does the democratic process offend you that much?
Nope
I actually don’t really care when I get a card as I am happy with Metrobank, I just like to come on here and mess about like I did with that other wanky forum
I guess so! Maybe not even the £200 over the 12 months… maybe something lower like £1000 over the year.
I dunno. Just a suggestion after all.
To be fair properly thinking about it the last three times I went away I barely used an ATM so I suppose it won’t really affect me too much anyway…
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1k post summary
Chart of costs
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(@anon68157246 since you said cash in Europe isn’t necessary)
I don’t think anyone has suggested ‘No allowance in Europe’ yet, so £200 in RotW only, I don’t know what the rates would be but hopefully they could be lower than 3% (maybe 1.5% & 2.5%)
@anon14486834 I guess the reason why Monzo may be against offering multiple options (they have not said either way) is that it means 2x or 3x more work setting up and maintaining - designing the interface(s), coding the servers, writing the contracts, working out the limitations of feasibility [the £200 is sustained from the 3% use cases] etc.
I agree with your initiative but like other believe that £200 per month is not helpful. You should either give a yearly allowance of £2400 and then 3% after that or option 1.
Thanks!
As mentioned by Bob just a couple of posts up - this is why this isn’t viable.
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But surely £1,500 per year is potentially less than £200 per month? What you’re doing here is playing the percentages. You recognise that most people will not take more than two foreign holidays a year which will probably not last longer than a month. Thus you will make more transactions chargable. Of the available £2,400 per year, most will only be able to use £200-600. That seems fairly unscrupulous to me.
Whereas setting a yearly limit would allow for the same amount of usage, but in more concentrated bursts (the way most people would actually use the facility). Fewer transactions would be chargeable, and this would seem fairer to infrequent users - who I presume are those you want to avoid charging anyway.
Now, how much the yearly limit would have to be depends on forecasts of how many people you estimate are currently taking the card simply to abuse it, their behaviours regarding ATM withdrawals, and how much you are willing (or able) to absorb in fees. This should allow you to arrive at a figure which would be in the favour of those of us who barely use the card for foreign ATM withdrawals and which would discourage those who use it purely for this purpose.
Option 4: free for regular active users, chargeable for irregular Monzo users who mostly use the service for activity outside the UK?