So make sure any holidays you take straddle the 18th of the month and you get two lots of £200
(I wonder if the travel industry will note a sudden rise in such holidays bookings?)
So make sure any holidays you take straddle the 18th of the month and you get two lots of £200
(I wonder if the travel industry will note a sudden rise in such holidays bookings?)
And this is why they are introducing fees so people such as yourself don’t abuse the system.
For the group of us that do maybe or two big trips a year, is there any chance we might be able to annualise the fee-free threshold? £1,200 a year, given to you as a lump threshold, to be used until it runs out?
That won’t be an option for now Tom, sorry!
£24 as the first £200 is free
I think you’ve misunderstood a rolling month! It means that it’s not on set dates — so ‘straddling’ doesn’t happen. Instead, once you take out £200, it’s a month from then until you can take out another £200 for free.
On the one hand, that’s a valid point and I understand that Monzo is looking at this for the future.
On the other hand, the product is in beta and therefore changes are inevitable and you should expect changes.
Totally agree a notification would be better, but we did email every single customer about the vote
You’ve missed the point. (Unless you arrived at Monzo from MSE that promoted it as a currency card?)
It’s incentivising people to use point of sale (PoS) with Contactless or Chip&PIN transactions that remain fee-free (excepting MasterCard interchange fee), so still much cheaper than your legacy banks.
Rolling and kicking off on the 18th… I don’t think I was the only one to misunderstand!
I agree with some of the comments that this isn’t fair solution because with 200 per month you gave people ability to game the system a bit, but I guess that’s what you want. 1.5% flat rate or 1%/2% would be much easier to calculate into a holiday budget etc.
This is the worst option for me. I didn’t vote because none of the options were suitable. As someone who mainly travels to cash based countries, this option simply doesn’t work. Had Monzo implemented a loyalty scheme (which was suggested many times in the discussion) where those who use the card a lot in the UK would continue to get free withdrawals, I would be considering to move all my banking operations over to them (hey I’m looking for a new bank anyway and I like the app). Instead I’m now looking for an alternative and will just use Monzo as a backup, clearly the worst option for Monzo too.
The way I read your post, Monzo will be glad to see your usage go.
Well it would’ve been nice to have known about said vote. No notification of it happening.
Didn’t you get the email?
Nope. I only got an email today about the changes being implemented
Sorry, but I think for me this is the end of the road and I will head over to Starling.
The simple fact is the Monzo card does not work with “non-traditional” ATMs/automated cash/token machines across Europe especially at clubs/festivals.
At the very least the 3% charge should be lower. Especially if Monzo wants to be “competitive”.
This is very specific to the prepaid card The debit card will work everywhere your normal debit works!
yep you still cant please all the people all the time - good luck with starling