Out of interest what is Monzo’s version ?
Not impressed with the decision to introduce excessive 3% ATM charges for using a foreign machine. Most UK banks don’t charge anything near this rate and this will be pressing me to seek alternative card providers or to revert back to taking cash abroad for better rates.
I have already incurred a 5% charge for using an ATM in Turkey therefore it was quite misleading to have been led to believe that Monzo card use would not result in ATM charges. However, I was generally quite satisfied up to this point and had recommended the card to a number of acquaintances.
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I look at it this way - I’m going on holiday… I buy some Euros before I go. If I run short and need to withdraw cash from an ATM, I know I have £200 worth I can withdraw without charge. Just a bit of pre- planning is all that is needed. Other than cash, I’ll use my card and that won’t cost me anything either. Simple!
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Europes fine as most things take card. Its when you go outside Europe it stops working. Just been in Myanmar, Nepal and Laos you arnt going to be able to use card anywhere their even for Hotels, so £200 does nothing. I do get why that have done it, still a bit annoying. Would have preferred the 1%/2%
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Take cash before you go?
I think ‘led to believe’ is the key here.
Monzo were always up front that they wouldn’t charge any fees. They never said anything about swallowing fees that other banks charged for the use of the machines.
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Can do yes. But not really advised to carry a months load of cash around. For small 1/2 weeks holidays its fine.
I do understand I am in the minority here, I just think 200 a month is not really helping anyone.
The fees discussed here don’t come into effect until 18th December 2017, so no charges will be applied on our side for withdrawing cash from ATMs abroad until then 
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Some of us do NOT want the hassle and cost of going to book foreign currency in advance of a trip from an exchange bureau which is so last century. We expect with a bank account to withdraw cash from ATMs be they in Belfast or Berlin, Manchester or Munich. So your comment to plan ahead falls flat as far as I am concerned.
If Monzo charge me 1% for taking cash out in Europe fair enough but 3% is a joke and people will look elsewhere. Some say use another account to withdraw cash abroad but Monzo for the rest. Well if I am going to use another account to withdraw cash abroad why not use that for all the rest. As far as I see it for overcharging me for a couple of EU ATM withdrawals each year Monzo can lose a customer’s monthly salary, overdraft revenue and use of marketplace. Business I am sure competitors will be happy to take.
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I think people need to remember that Monzo is a UK Current Account. It is not a Foreign Currency Travel Account. Why should Monzo incur the cost because people choose to use the card for cash withdrawals outside of the UK. If a foreign travel card is needed then there are loads to choose from.
I have used https://www.easyfx.com/EasyFXCards they have no ATM charges.
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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.
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‘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.
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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:
- MetroBank free in the EU
-HaliFax Clarity - free.
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.
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