Avoiding ATM Fees, Loaning Money to Monzo & Marketplace Services

[alexs (Alex Sherwood)]

As you mentioned, your post was off topic so I’ve moved it to a new topic. It’s a shame that you’ve posted several different ideas at once here, rather than in separate topics, as it means that each idea probably won’t get the attention it deserves but I’ll do my best.

@sunFLOWer

As of today , MONZO still bless us with free ATM withdrawals. This could be sustainable within the EU, for I believe the fee is €0.5 per withdrawal.

You’re right that Monzo absorbing ATM withdrawal fees is an issue for them so it looks like fair useage limits are going to be added in the future.

@sunFLOWer

What I would like to suggest to MONZO is to give us a list of banks by countries that do not charge any fees or the lowest fees, so that MONZO customers (as one community ) withdraw the money from those ATM if at all possible and as much often as possible.

That sounds like it would be really helpful for Monzo

@sunFLOWer

When MONZO will be a fully licensed bank, MONZO could direct us to open a savings account where one could put £2000 so as to permit MONZO to use these cash for their internal growth. The rate would be low or none existent if one is touching the saving pot; a rate would exist (though low) IF the savings is not touched for 1 rolling month. But for customers who decide to put much more savings (something like £10,000 + ), then they should always get a guaranteed rate , and a competitive one in relations to other 100% online savings banks.

Monzo has been quite successful in terms of their fundraising so far, so I’m not sure whether they’d be looking to borrow user’s money to fund their growth but you never know..

@sunFLOWer

I also suggest Monzo to direct customers to invest in peer to peer (p2p) platform

@sunFLOWer

If travel insurance isneeded , one should stick to buying from MONZO

You’re right that offering services like this would be a great way for Monzo to earn revenue (judging by the success of Apple’s app store, for example) & in fact, that’s exactly what they’re planning to do.

I expect that services like travel insurance will be offered through the marketplace too though, rather than provided directly by Monzo. The problem with providing the service directly is that it won’t suit every user’s needs & since services like this are commoditised providers can only really compete on price. Whereas offering them through a marketplace has these benefits -

@alexs

rather than having to sign up for whichever bundle of services your bank’s decided are best for you (&/or most profitable for them), you’ll have a choice of providers for each service. So if you need cover for action sports in your travel insurance, for example, you won’t have to worry about whether that’s included & the providers will be competing, which should drive down prices.

By creating the marketplace, Monzo will (hopefully) make it easier for users to access these services & certainly make them easier to manage - as they’ll all be linked to your Monzo account. They’ll also be able to do clever things like spot when you might need travel insurance but forgot to buy it, before you left the country or remind you to cancel your breakdown cover, if you don’t renew your vehicle tax.

How does that sound?