ATM Fees Abroad: Landing Today


(Beatrice Borbon) #1

After the vote and based on your feedback, fees for using international ATMs will be implemented today, Thursday 4th Jan 2018.

From today, on upgraded accounts there will be a 3% charge on cash withdrawals made from ATMs outside the UK, after a free 30-day allowance of £200.

On the prepaid account, there will be a 3% charge on all foreign currency cash withdrawals made from ATMs, after a free 30-day allowance of £200.

We’ve answered a bunch of common questions in a blog post today, but please just let us know if you have any others!

Big big thanks again to everyone who voted and got involved in the decision :heart:


Monzo 101: How do I add money to my Monzo account?
(John) #2


#3

So if I were to withdraw £100 on May 1st and then £100 on May 10th, can I withdraw £200 on May 31st with no fee or £100?


( related to Monzo CEO, Investor in Monzo ) #4

its a rolling limit isn’t it , so logically no you couldn’t withdraw 200 you could withdraw 100 :slight_smile:


(Michael) #5

It’s 30 rolling days. So you’d be charged on that 31st withdrawal. You could withdraw £100 on 31st May with £0 fee. Or, wait till 9th June (or so) & withdraw £200.


#6

Happy cake day! :cake:

Also brilliant blog @bea :+1: one question: if I were to draw out £ sterling abroad, that incurs no fee on the prepaid? Have I read that correctly?


( related to Monzo CEO, Investor in Monzo ) #7

if you’re not on twitter, Facebook, Monzo website, or the community forum is there any other way of knowing that when you have withdrawn your £300 from a cashpoint abroad £100 of it will have a 3% charge before you have withdrawn it , apart from looking in your spending limit screen ?


(Tristan Thomas) #8

In-app :slight_smile: It’ll appear to everyone today in their app and show in your limits screen (and maybe travel reports, but I’m not sure about that)


( related to Monzo CEO, Investor in Monzo ) #9

as long as everybody is notified before pressing the buttons on the cashpoint today :+1: to have to rely on everybody looking at their spending limits before pressing the cashpoint buttons is asking for trouble when the charge rolls in


#10

The fact it is not per calendar month but a rolling period will confuse a lot of people


(Alex Sherwood) #11

They are aware of that obviously. Can you think of any reasons why Monzo might have made that choice?


#12

I think this is a shame…one of the big reasons for me having a Monzo account was not being charged fees for using ATMs abroad.


(Tristan Thomas) #13

I believe it’s live in the app now for everyone :slight_smile:


#14

Difficult to miss today’s in app reminder! :stuck_out_tongue:


( related to Monzo CEO, Investor in Monzo ) #15

Ive only just received it , was on to customer support at 15.50 and hadn’t received it by then :slight_smile: which is fine because I haven’t used a cashpoint abroad today so wouldn’t incur any charges anyway


#16

You still have fee free up to £200 in a rolling 30 day period. Unless you’re somewhere cards and/or MasterCard are not widely accepted this should be ample for most trips.

If you’re in China or similar this a huge retrograde step I agree.


(John A Sheffield) #18

Agreed, this is a retrograde step


(Peter Roberts) #19

Take a look at Starling if you need more than £200 :slight_smile:

It’s very simple to sign up and just like Monzo it is awesome


(Allie) #20

The reality is that people were using this as a foreign cash exchange card, and that came at a huge cost to Monzo. The new system is very reasonable - if it’s part of typical overall usage, it’s still free - the small costs are offset by your profit-making activities.

If you want to exchange large sums of cash, you’re still allowed to, at a better-than-average rate (look at a Lloyds debit card…) that includes a fair and reasonable profit margin (since you’re not otherwise really in the ‘likely-to-be-profitable’ customer camp), but isn’t gouging or excessive.


#21

Any chance that it could show up somewhere more prominently when you’re abroad? A banner at the top of the home screen possibly?