Very few people travel more than me (sadly, I’m gold status on all three major airline alliances), but I don’t get your point?
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Do tell us your August adventures and what’s it like to be over the channel and stories about ATM withdrawals in Thailand –
I am sorry but I hate generalisation defeats the argument
Good to hear. Had Monzo opted to charge the fair option of 1% in Europe and 2% rest of world I would have regarded it as a viable primary account. But charging 3% (allbeit after a £200 allowance) for a withdrawal in Europe is just unfair as it is a system where those in urgent need of cash are subsidizing all the users who just withdraw £200. And when you find too many are withdrawing only £200 and not enough paying the 3% will you need to tweek the fee up a bit or reduce the allowance to cover Monzo’s costs. The only fair option was the 1%/2% option as then costs more closely reflect reality and no one is subsidizing another.
Even if I never withdraw cash abroad it is the principle and I will use another account as my main account and keep Monzo as a back up which clearly less profitable for Monzo.
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Well technically, none.
An OFT ruling in 2013 meant that banks agreed to display the true cost of currency conversion on its statements.
“Agreements from a number of card providers to display the actual charges incurred by customers for using cards abroad far more clearly on their monthly and annual statements.”
But you said your legacy bank doesn’t load the exchange rate…
And they don’t, they charge the MasterCard / Visa exchange rate, and a 2.75% fee for the pleasure. Monzo are going to charge 3%.
In the words of a famous Atari Jaguar advert… Do the math.
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I came to Monzo from Revolut because I didn’t want to be charged to take out my money.
Looks like I’ve got to look elsewhere now. 
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+1 to this! Travelling between many countries in a month now means you’ll be at a loss.
Hi guys,
I have been a regular user since last December (ish) - when can i expect to hear about being moved to the current account? I would like to be transitioned across in time for my holiday on the 25th November ideally 
Thanks
Hi @michaelw90 yes you have to give a month’s notice for any changes to T&C that don’t benefit the customer. I hope you’re right but confirmation from @anon50039658 or someone from Monzo would be good please.
Only tricked the few that take out more than £200 per month. I looked through my history when I travel, it is rare that I do. This is a great win for me. Sorry if your spending habits are different.
I’ve always understood that any material change to fees and costs (probably for credit cards more than anything) requires 60 days notice.
We’ve been given ample notice.
so your withdrawal with your legacy bank would be cheaper if you withdraw more than £2400 but otherwise cheaper with monzo.
(Yes I can do math(s))
Check this;
I assume you meant to type £200, not £2400…
But yes, as I said in my original post:
Glad we could go full circle on this.
On the current account, it’s a rolling month 
So that’ll kick off on 18th December. If anyone’s still on the prepaid card at that time, it’ll be a calendar month — I’ll check how that’ll work with it being mid-month. But hopefully that won’t affect many!
Nope, the first £200 is free with monzo, then 3%. It’s not until you hit £2400 withdrawal that a 2.75% flat charge is lower overall.
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Polling in the app would have been the best way. I had no knowledge this poll was going on, even though I use my card (abroad) every week
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I may have misread the announcement actually. I thought that in addition to the £200, there was also a limit of only a single withdrawal per month. It’s that single withdrawal that I would like to have per currency, the total amount doesn’t matter as much. If there’s no limit to the number of withdrawals (there probably should be) then I’m fine with this change.
Only on the prepaid, not on the CA
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