Following up on my previous post, could someone explain why we will be restricted to one £200 cash withdrawal abroad per month? If the charge is on a percentile basis, wouldn’t the cost be the same if I made 4x £50 withdrawals as opposed to 1x £200?
This may seem like a minor detail but it is quite an inconvenience and I am struggling to see the reasoning :S
I have already answered this.
‘Because of the way the card processing company works’ was the only reason given. Given that this doesn’t start until the middle of December, it won’t matter too much since the cards will be going away shortly after that anyway.
I understand that this is the case, however not fully explaining the
charges that may be incurred is at best the same as misleading customers.
This in no way detracts from the fact that a 3% charge is over the normal
rate.
Some of us wanted it as a current account.
We agreed with Monzo about the issue of foreign ATM costs and were happy to pay a fee.
We don’t want a travel card.
Our issue is Monzo could cover the cost more fairly and the chosen option means some do not cover their costs and others pay over the odds to subsidize those other users.
The fact we want a fair charge and object on principle to the chosen unfair option does not mean we should be lumped in with those who were/are using the card as a travel card as some posters here have done.
We chose Monzo with the intention of it becoming our current account.
That’s pushing it a bit really.
The charges are known so they can be absorbed or avoided. An informed choice.
Things are getting a bit silly when people start wanting to know all about internal accounting and cost build ups.
I can add:
It is sad but to me it is a bad planning form Monzo as the team should have knew before they even started to offer this. This all looks like just a planned exercise to gain some customers.
I dislike paying for anything with a card.
I prefer to use cash wherever possible.
I would have rather seen a yearly, not monthly limit. This would fit in with many people who may only go on occasional holidays abroad.
And hopefully by than both my partner and I will have secured an
alternative card provider.
For what it’s worth, I’d have rather had 1%/2% but hey, there are advantages to a first £200 being free. I suppose it depends on the individual. Whatever they’d decided upon would have upset some people, c’est la vie.
I couldn’t agree more. I’m looking for a long term option to replace my old bank entirely, not a wallet full of cards to that I can get £200 fee here, another £200 there. This is precisely the user you are encouraging.
It’s a wonderful thing that there are so many alternatives from which to choose. People are able to find out which is the best solution for them.
I think we all owe a huge debt of thanks to everyone who has taken the time out of their day to specifically register in this community to let the rest of us know that they’ll all be choosing a Bank other than Monzo.
At the time I thought as the argument was that it was costing Monzo they should have shown stats for how much other banks networks charge Monzo for these withdrawals rather than how much other banks charge one of their customers for using another banks cards
I’m totally happy with the changes, I was fully aware that they were happening, and they won’t impact me at all. Foreign transactions is not why I am with Monzo.
As a small aside Monzo may wish to update their Google Play Store app description, as some of their blurb talks about no fees etc…
Thanks for the clarification. Unless the App shows your usage and used allowance tracking a rolling period could be difficult so I hope that you’ll bear that in mind.
I hear what you say - but it went to the vote and that was the option most people voted for.
That’s an opinion rather than a statement of fact and I shall leave it as
such.
Getting back to the fact that 3% ATM charge is in excess of the majority of
UK cards issuers.
For posterity, I’ll record that I would have preferred the 1%/2% option that I voted for but as I’ll rarely withdraw even £200 abroad then I’m sure I’ll personally benefit from the option chosen.
The British people have spoken but apparently the rest of the British people want a say about changing the deal after the event. That reminds me of something…
Is it really? First Direct charge a 2% cash fee plus a 2.75% non-stirling fee.
That was exactly my point 
and it has just as much validity s the opinion I was responding to.