Cash withdrawals in the European Economic Area (EEA) are now free!

Monzo Chat News & Updates
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Good news, cash withdrawals in the European Economic Area (EEA) are now free! :euro: :pound:

Due to a change in EU regulation on cross-border payments we’ve removed ATM fees and limits for countries in the European Economic Area (EEA). This means in all EU countries (and a few more) your cash withdrawals are now free!

Withdrawals in non-EEA countries haven’t changed – you can still take up to £200 out for free in a 30-day window, then there’s a 3% fee on top of that to cover our costs.

You can see the full list of countries here.

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Great news!

Hopefully this regulation change doesn’t mean that monzo are taking the financial as before and that it actually combats the higher costs at source.

PS: Don’t forget to update the website :slight_smile:

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Mayotte looks nice

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I guess this means that all banks will follow suite. Out of interest, when does the regulation come in?

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Will this change after Brexit?

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I expect that the regulation would become U.K. law.

It would then be up to the banks to let the Conservative Party know that the lost revenue means that their donations may have to be a bit smaller. :joy:

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Niceee

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If anyone is interested here’s a link with more info regarding this.

So I think all the banks will follow suit.

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Awesome. Thanks.

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The regulation has been effective since Midnight on Sunday

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The regulation is incorporated into UK law, so only by explicit action of the UK government

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Interesting that the law only effects ATM withdrawals and not POS transaction charges that the majority of other banks charge the consumer ( unless I’m mistaken ) .

Would have thought with the direction things are heading POS would be more important to improve for the consumer.

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It’s a fee thats gone so thats always a good thing.
(the fee was always warrented over a free amount to prevent abuse of free withdrawals overseas)

Question - Did the regulation reduce costs on monzos end so they have passed this on or is it a ban on the charge for EU withdrawals.

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Those are also affected - we didn’t mention them since we don’t charge Monzo customers for POS transactions abroad

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Thanks, makes sense. It will be interesting to see how other banks play this out.

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This is great news. Now you need to quickly market the hell out of it before others follow.

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We are usually pretty good at that I think :blush:

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This is amazing news. Are other banks still allowed to charge dodgy foreign exchange fees on POS and ATM? Because surely they’ll just use that instead of fees.

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Due to the change I feel the in app card limit “fee free abroad over 30 days” should be re worded to say “fee free outside the european economic area over 30 days” maybe with a link to said countries.

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My eyes! Can you alphabetise the list of countries. Took 3 looks to realise Spain was actually on the list.

Fee free withdrawals was the main reason I joined Mondo. So it’s nice to have it back. The other developments within Monzo in the time since going from free withdrawals to ‘limited’ was worth the trade off though, you guys set the standards!

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