Card Fees

(Neil O'Rourke) #1

Hey all

Really sorry if this is posted some where but I have searched all over and can’t find anything

Is they Fees with this monzo card I keep looking at other prepaid cards and they charge you for this and then for that

For monzo I haven’t seen anything about fees

Thanks in advance

( related to Monzo CEO, Investor in Monzo ) #2

nowt nada nothing :wink:

(Neil O'Rourke) #4

Seriously ?

so they is no fees for things like cash withdrawls and all that jazz

i seen one card charging for using contactless lol

(Rika Raybould) #5

Nope, no fees at all for the Alpha/Beta prepaid service.

Yes, this does mean they’re almost certainly losing money right now (thanks investors, I genuinely hope you make your return or whatever you’re looking to get out of it long term!). The difference between Monzo and other prepaid cards is that Monzo is only using the prepaid product as a stepping stone to launching as a full bank with current accounts while other prepaid cards are sticking with it. As for how Monzo plan to make money as a full bank, check out this thread.

( related to Monzo CEO, Investor in Monzo ) #6

zilch, niente, nichts, cant think of any more - there is a £100 initial top up - this isn’t a charge :wink: its for the depositor to use as soon as they get their card ( card usually arrives a couple of days after top up ) - which has been discussed A LOT on the forum :wink:

(Neil O'Rourke) #7

yeah im at the point that i need to top up the £100 but waiting till payday haha

Thanks everyone

( related to Monzo CEO, Investor in Monzo ) #8

I lied -

In the T and Cs section 17 Charges

investigation fees to cover the cost of investigating suspicious transactions at customer requests (we may , at our discretion waive this fee if genuine fraudulent activity ) - £30

also some ATMs say they may charge for a cash withdrawal - not many actually do

Travelling with Monzo ✈️
(Alex Sherwood) #9

Just to be clear though, that’s the ATM provider charging the fee, not Monzo.

(Neil O'Rourke) #10

like the little crap ATM’s in a corner shop?

the ones that sometimes sound like they still running dial up lol

(Alex Sherwood) #11

Yeah, that’s the one :slight_smile: obviously they charge anyone that uses a card to withdraw money from them, regardless of the type of card.

You’re probably going to want to avoid withdrawing money from ATM’s anyway because paying on your card lets your categorise the transaction & then set targets for that category.

(James Billingham) #12

There is one case where there can be a fee, though I don’t think it has ever been invoked. Where you ask Mondo to dispute a transaction and it ends up not being considered a legitimate dispute, they can charge you £30.

It is stated in the terms as:

Fee to cover costs of investigating suspicious transactions at customer’s request (we may, at our discretion, waive this fee if genuine fraudulent activity)

My understanding is that this would probably only be invoked if you started disputing every single transaction and basically abusing the system.