Metrobank (free for European usage, 2.75% for outside Europe): https://www.metrobankonline.co.uk/bank-accounts/i-want-some-information-about/using-my-card-abroad/
2 Likes
I’m sure that that’s what everyone thinks in the beginning 
I agree & they know that too. Will that be a bad thing? Possibly not - if it’s mainly the users who were using ATM withdrawals excessively.
The Monzo service is far more valuable than just free ATM withdrawals. If adding fees is enough to prompt someone to switch to a provider that doesn’t offer the other benefits, then that suggests that they were only using it as a currency card anyway 
3 Likes
Ok thanks. Good in Europe, very bad out. Theres £1.50 fee on top for ATM withdrawals outside of Europe, plus fees on all purchases.
1 Like
The only other benefit I use, which is more for interest than anything else, is the live tracking. I would definitely not be that sad to lose that. What are the others? What is the Monzo USP?
Actually I did sign up for it as a currency card, after seeing a sales pitch in an article on overseas cards.
Here’s my summary -
Option 1 - fair that everyone pays as they use the service. Not sure why those not using ATM abroad should subsidize those who are.
2 Likes
I wouldn’t describe it as very bad, but it’s certainly not better than Monzo in all use cases. As with everything, the value is largely based on your usage pattern.
Within the European zone Metrobank is better than the Monzo option 3 which seems the most popular at the moment (and in fact all Monzo options).
Outside the European zone it all depends on how much you spend and which option Monzo implement. If we assume they go with option 3 then on low amounts Monzo offers a better option vs Metrobank but as the amounts increase then Metrobank starts to become more competitive.
As an example (assuming option 3 and a week’s holiday where you withdraw £400):
Let’s say you withdraw £400 within the European zone. Using Monzo would see £406 leave your account. Using Metrobank would see £400 leave your account. Metrobank win.
Let’s say you withdraw £400 outside the European zone. Using Monzo would see £406 leave your account. Using Metrobank would see £412.50 leave your account. Monzo win.
So, as far as I see it, with option 3 I would get a Metrobank account to use within the European zone and use a Monzo account in the rest of the world. If many people do this, the costs of operation for Monzo could increase as they’re relative uncompetitive within the cheaper European zone but relatively competitive outside of it which could encourage increase usage outside the European zone.
My view is that option 1 makes the most sense. Charge people a rate which recovers the cost of their use and don’t require those who don’t use a service to subsidise that service for those that do.
I’m sure you would like £2400 yearly allowance. But this still means charges to monzo of around £50, with them not getting any charges back from the user.
So in reality a £2400 (or even £1000) would likely never work as the costs would outweigh the returns
2 Likes
I’ll be honest. If there are charges of any kind to withdraw cash, I will just use an alternative method, like Revolut.
In response to this blog post I have closed my Monzo account.
4 Likes
Depends where you go shopping. In Russia there are no extra fees or charges.
I probably won’t be far behind you. I’ll be cancelling my account once the charges are introduced.
There are always other / better options.
Moneywise for rest-of-world transfers (I use a Russian bank account but have to withdraw from UK account aka Monzo to pay money into it so will use my Santander account as source of funds) and (amongst others) Fineco for free EU, USA and CHF withdrawals.
3 Likes
The prepaid card is a precursor to the current account. It exists only as a trial for Monzo to iron out their banking proposition.
Once the CA launches properly the prepaid card will be phased out.
1 Like
You’ve lost me. Russia isn’t listed on Metro Bank’s list of what is covered by the area “Europe”.
1 Like
The list being:
"When we refer to Europe we regard the countries which are part of the Single European Payments Area (SEPA).
19 EU Euro countries - Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain
9 EU non-Euro countries - Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, United Kingdom
2 non-EU, Euro countries – Monaco, San Marino
4 non-EU, non-Euro countries - Iceland, Liechtenstein, Norway, Switzerland
All territories are included by their associated owning country."
1 Like
THIS needs to be repeated to everyone getting their knickers in a twist about Monzo suggesting charges on FX.
4 Likes
And Monzo did NOTHING to correct that assumption. I’m presuming that Monzo also provided a referral link to MSE so that MSE would benefit financially from anyone applying for the card via the MSE site?
Shame on you Monzo. Shame on you MSE.
Option three for me please
Sorry, I didn’t make my self very clear. Monzo have stated that whatever they decide for charges on the prepaid card will also be what they have for the CA account. I think that’s crazy as they are two completely different propositions.
1 Like
For the ATM fees - yes. And that’s if these fees are even applied to the prepaid cards..They’re paying just as much regardless of whether you use a prepaid card or a debit card to make a withdrawal so why would charging the same amount for this service, on prepaid & debit be crazy?