Is the withdrawal that takes me over £200 charged 3% in full or just on the portion over £200?
Then clearly you are not the target market for 
5 Likes
Just the portion over £200.
1 Like
Don’t bring up the Brexit referendum with a minority of elegible voters (approx 51% of the votes on a 73% turnout so only about 37% of all voters in reality) voting to deprive future generations of the benefits of EU membership as I don’t think that relevant here…except for perhaps a question over the management skills of the previous Government and the Monzo staff in going ahead with their consultations without seriously considering the possible outcomes
1 Like
To all the freeloaders from MSE crying about the fees saying that they are leaving and those just made an ID to express their disgust and to say they are also leaving…
3 Likes
Is there an equivalent of Godwin’s Law for a Monzo thread?
4 Likes
I think once it devolves into a brexit argument godwin is well and truly invoked…
1 Like
I’m extremely disappointed to only hear this news today as my Monzo card has just arrived. 0% transaction fees while withdrawing money abroad was the only reason I signed up for this card!
So… you signed up to a card that’ll be gone in a month, with no idea what it was… and it’s Monzo’s fault?
5 Likes
It is NOT just those who wanted a travel card that object but those who wanted the fair option.
As for Freeloaders they will stay with Monzo or even come to Monzo just to use a £200 a month Freebie instead of their usual card.
What is a shame is losing those who wanted it as their main account just over the issue of charging them 3% when real costs in EU are 1% or over them cross subsidizing the freeloaders who will be taking just their free £200
3 Likes
I did that a while back
1 Like
Yes it is Monzo’s fault, come on now has this thread not taught you anything 
1 Like
My point is comparing numbers of users is pointless until comparing something similar and the dust has settled.
2 Likes
I doubt it judging by all the ‘I’m leaving’ posts
Yes that is a shame and I agree BUT unfortunately everyone jumped on the Option 1 vote without a care in the world.
I will be using Monzo as my main account regardless of the fees.
Anyway will all this really matter coz ya know #Brexit n all that…
Please can someone answer the question…
1 Like
Well by that thinking, Monzo would have lost users by choosing the 1%/2% option too as some people didn’t like it. Given the (admittedly limited) poll of the Monzo user base that has taken to come to the decision, it’s looks like they’ve taken the option which means they lose the least users.
I don’t like how they’ve chosen to charge for overdrafts, but I’m aware of it and will avoid having one on my CA, using another banks facility for any unexpected expenses, but still intend to use Monzo as my main account.
I think the key thing now is that everyone knows the facts and can make there own decision as to what they want to do.
Just totalled up what I spent withdrawing from ATM’s in Cyprus last month; £203.02 between two of us (who both have Monzo cards). So judging from this, I’d be charged £0.09 if it was carried out on a single card? 
Not a massive issue for me personally, and the savings you make in the Mastercard base rate easily make up for it? I guess I can see how it can be perceived from those using it purely as a travel card though, I even have to admit I’ve sold it to a few of my friends and family on that basis. Still with a mixture of the Monzo ATM allowance, a small amount of foreign cash (from exchange) and obviously the free point of sale transactions; I personally don’t see the fee as a big issue.
For reference I voted for the 1.5% option in the community poll.
2 Likes
I think it’s a shame that Monzo has chosen to disregard that a lot of people who voted (from the only options Monzo provided) went on to comment suggestions around modifying the voting options; it reflects a degree of inflexibility, and now there’s a backlash.
Personally, I would have prefered - as I requested - that the monthly fee-free overseas ATM allowance be spread across a 12 month period, perhaps reduced from £2400 to £2000 or even £1500, thereby allowing a little flexibility for those of us who would prefer the option of withdrawing more than £200 for any given trip (which is effectively what the limit is), while at the same time reducing the cost exposure of Monzo. As it is, the ‘freeloading’ 18% of users are likely to continue to be the 18% most expensive to Monzo, and everyone else will end up subsiding them still (somehow).
Before turning on each other, it’s worth remembering that Monzo advertised the zero fee overseas ATM withdrawal as a feature to attract users. I think it’s a bit disingenuous of people to call those that signed up for that reason ‘freeloaders’; they’re more likely frequent travellers who wanted to be able to use ATMs at the lowest possible cost, and Monzo advertised zero fees.
If you choose to buy a car because it is advertised as having a sunroof, why shouldn’t those buyers who were attracted by the sunroof enjoy their sunroof, and then complain (a bit) when it’s announced that the sunroof is due to be removed from their car? (I appreciate a car is a product and Monzo is a service, but hopefully you get my point!).
5 Likes
I agree with you but if I was Monzo, I would have implemented these charges on the current account only, since we are moving away from prepay and we are told by the time the charges are here most people will be on the CA anyway. It would then be easier to make the distinction amd burry these charges and prepay altogether. For people like Daniel it would feel less of an imposed change and more of “having to agree to new terms if wanting to upgrade to the CA”
Minor procedural observation though
1 Like
This is more like a car being advertised with a sunroof for a limited time only, then when that time expires lots of people complaining they’d only bought the car because of the sunroof because ‘What Car’ had run an article about ‘Cars with free sunroofs’.
2 Likes