ATM Fees Abroad: The Community Has Spoken


#21

Let the games begin :game_die::stuck_out_tongue_winking_eye::tired_face:


(Jill Hayes) #22

Whichever way it ended, all’s good for me, as I very rarely use arm’s abroad so it’s win-win for me. A selfish note I know, but I’m more than happy with the result


(Hugh) #23

Thanks for giving us the vote! Most places wouldn’t have bothered :frowning:

For me, this works. I understand for others it doesn’t but if it helps us have all the other awesome Monzo things that’s okay :smiley:


(Tommy Long) #24

I think Monzo are perfectly happy with this… they might not end up covering their costs but they’ve certainly capped their losses.


#25

Interesting voting and hence the decision, did (or can) you separate out the investor votes please to see how similar or different they are to customers?


(Brexit Day Is Gonna Be Shamayzing.) #26

People voted Option 1

People got Option 1

People now complain about what they got and voted for


(Piers Courtney) #27

At the end of the day, it’s irrelevant what the competition is charging, because as we’ve seen, the situation is fluid. The competition could change their rates at any time.

Monzo has taken the hit up to now, but something had to change.


(Bruce) #28

Must remember to try use card rather than use atm. And of course can carry another card as backup.


(Tommy Long) #29

Nah, people are voting about what other people voted for.


(Tristan Thomas) #30

We actually did some analysis over a bunch of different segments of customers (MSE customers, Investors etc etc.) There was no significant difference in votes between them! Which surprised me actually, but was a good reassurance.


(Tommy Long) #31

And whilst I strongly disagreed with the option picked, I’m actually personally happy with it for myself. A fee free buffer is actually a lovely thing as a user and certainty about charges after that is good. I think most people who go abroad don’t know what they’ll get charged if they use an ATM and if they knew it was as low as 3% they’d be relieved.


(Hugh) #33

Yes! This is the entire point :stuck_out_tongue:

Don’t use cash (why would you?!) - if you need loads get it from a proper currency exchange


(Piers Courtney) #34

And if you need a bit, you can get some free in a pinch!


(Patrick) #35

I don’t see what’s wrong with this. It’s completely fine for your average user who goes abroad maybe once or twice a year.

If you’re going to any European country, the USA/Canada or Australia/NZ why would you need to withdraw more than about £200? These are all places where cards are very widely accepted.

If you’re splashing out and going further afield - why would you be bothered about £3 on £100. If you are really bothered there are plenty of solutions to avoid the charges.

It’s perfectly fair for your average account holder. I’ve been abroad a lot over the last decade, 2 - 3 times a year (I think that’s a lot), and I’ve never had to withdraw large amounts of cash. I think the most I withdrew was in the Czech Republic but I’m pretty sure that was still sub £200.


(James Bond) #36

why would you need to withdraw more than about £200?

I think we’ve already discussed this in the previous thread. Some places (Germany for example) do not tend to take cards in quite a number of places, including restaurants.


(Hugh) #37

Then take the cash with you after getting it from a proper currency exchange


(James Billingham) #38

@tristan Could we please have the option to opt-out of the free allowance in favour of paying 1%/2% instead? I personally just want to cover the exact costs I cause Monzo - nothing more, nothing less.


#39

Last weekend, in Berlin :de:, I withdrew €200.

The ATM offered to convert this to £199.21. I declined. Via Monzo it cost £179.82.

I think Monzo still represents a good deal, in the grand scheme of things, with a 3% charge for withdrawals beyond this.


(Brexit Day Is Gonna Be Shamayzing.) #40

Whilst I generally dick about on here what you said is basically what I think so I agree with this, people that want more than £200 cash should go to Starling or Revoult etc.


(Naji Esiri) #41

@billinghamj This won’t be an option for the foreseeable I’m afraid! We needed to come to a decision we could apply universally to ensure that it is something which is both easy to understand and implement for all customers.