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


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.


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not on twitter, Facebook, Monzo website, or the community forum is there any other way of knowing that when you have withdrawn your £300 from a cashpoint abroad £100 of it will have a 3% charge before you have withdrawn it , apart from looking in your spending limit screen ?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


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?


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:


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


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.


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