Better foreign ATM withdrawals!

[Steveb1 (Steve)]

I got monzo so I could take money out for free when I’m outside the uk now there is a £200 limit! Per month ! Why not have the option of chargeing customers for a premium account and charge £8 a month and offer free unlimited withdrawals again ! I have had to start paying nationwide £13 a month again for my current account that offers free unlimited foreign ATM withdrawals and other benefits like travel insurance and car breakdown cover !! MONZO SORT IT OUT !

[garete (Gareth)]

You are a few months behind on the discussion about this:

ATM Fees Abroad: Asking the Monzo Community to decide pricing

Thank you for being involved and helping us to make this decision! Before you vote or make any comments below, please ensure you have read the blog post fully. It won’t help the discussion if you haven’t! Once you’ve read it, we’d love to hear your thoughts — both as votes and as comments below. Don’t forget, the poll is designed to be indicative — if there is a clear winner, we’ll choose that option, but if the results are all relatively close together, we may make a decision …

Specifically, would £8 a month cover the cost of your withdrawals? That is why it is a percentage on withdrawal, because the cost to Monzo is a percentage on withdrawal.

[rolanddeschain]

So many exclamation marks.

For myself, £200 more than meets my needs, and I would be against any sort of tiered paid account structure, seems against the principle of equal banking for all.

If you only use Monzo for this reason then Starling might be a better fit at the moment

Edit, also yes, this might be better discussed in the thread linked above.

[tbutz (🏳️‍🌈 Producer of "low value commentary")]

@Steveb1

I got monzo so I could take money out for free when I’m outside the uk

I hate that people decided to get a Monzo card for this purpose. This is the entire reason why they had to introduce the £200 limit.

[evangelskies (Eve)]

I’d imagine if £8/ month doesn’t cover it they would have to be moving a lot of money across
NGL… I laughed out loud when I saw “MONZO SORT IT OUT” how dare Monzo charge for ATM withdrawals! Such an outrage

On a more helpful note: If you wanted to move more money across for free you can try Starling, or a lower rate with Revolut or Transferwise if you are moving huge amounts between currencies. I don’t think you’re the target audience Monzo has at the moment if you’re solely using it for this purpose.

[alexs (Alex Sherwood)]

Welcome to the community Steve

Here’s why Monzo introduced these fees -

Monzo Help - Understanding fees for using your card

& although they will review them at some point -

ATM Fees Abroad: The Community Has Spoken

We’ll 100% do this — constantly We’d love to remove ATM fees entirely if we could and will constantly reassess. This change puts us in good stead but we’re always open to reviewing and changing things!

it sounds like they’re not going to change in the near term.

So if these fees are too high for you, I’d suggest you consider using other providers, like the companies that Eve’s mentioned.

If you want to make sure that your request for different fees / no fees is heard by the team, I’d recommend contacting the support team via the in-app chat.

Since the discussion about this topic has been exhausted, in the thread that Gareth posted & before, I’m going to close this topic.