ATM Fees Abroad: The Community Has Spoken

Which bank doesn’t load the exchange rate?

Fair point but you know Monzo prepay says ‘Beta’ and CA is still in preview what this means is we are actually testing a product pre-launch and helping shape it. Whenever someone signup for a Beta or Preview they are expected to provide feedback and the only way you could give your feedback is Community or Blogs.

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??? That’s a bit out of left field. What’s the relevance?

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Apologies if this has been covered but some clarification please.

Are we talking a calendar month or a rolling month re the £200 limit.

If you’re introducing this on 18 November does the £200 run from then and does the first period run pro rata to 30 November 2017 or to 16 December?
Introducing this on 1 December and keeping to calendar months might be easier to understand.

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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.”

http://webarchive.nationalarchives.gov.uk/20140402182124/http://www.oft.gov.uk/OFTwork/markets-work/super-complaints/travel-money/

But you said your legacy bank doesn’t load the exchange rate…

I believe it’s per calendar month. The reason the 18th December was chosen was to give plenty of warning to customers, to allow them to opt out if they wish. I believe there is a legal requirement to give plenty of notice to customers in terms of change of fees etc.

So you’d probably be looking at £200 upto & including 31st December - then £200 from 1/1 to 31/1

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. :frowning:

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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 :slight_smile:

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 @tristan 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;