Good spot Jack. I’ll raise that to get it fixed.
Love this update!
Can I ask how come this one is a very last minute roll out (i.e the week of the law changing) vs overdrafts that is like 4 months ahead of the law deadline?
Not complaining just curious why
Because Monzo is agile and has different teams working at different speeds, have you not been paying attention?
Thanks for flagging. Fixed now!
So in reading the regulation briefly - it sounds like the actual rules around what can be charged and what info has to be given to the user, has become overall more complex than Monzo’s “3% over £200”, not that EU regs are making ATM transactions free in EEA.
Would I be right in thinking that overall, the costs for Monzo to do a currency withdrawal in EU should go down, but the info you’d need to display to comply would increase complexity, so it’s been removed?
And therefore, one might not expect other banks to go free aswell?
It will be interesting to see if those banks that do charge overseas transaction fees will follow suit
IANAL (nor a Monzo employee), but I’d say that it’s because when you have an overdraft you have an agreement with Monzo, and they have to give you advanced notice of changes to the terms and conditions.
With this cash withdrawal thing, there’s no agreement with the customer that needs changing, so no need to get it sorted further in advance. Indeed, doing it in advance may have caused loss of money, if Monzo rolled it out earlier while the old law still applied, so customers would be getting their free end of the deal but Monzo would still be paying charges under the old deal?
Just to expand further, this is a really hard question for us to try and answer with any certainty.
Ultimately, no one knows for sure how Brexit will impact this because there are too many variables (no deal Brexit, Brexit with an implementation window, the desire to maintain close ties with the EU financial services industry! ).
Our current understanding is that the government is proposing not to retain Cross Border Payments Regulation (CBPR), but this could change.
However, if CBPR is not retained, that doesn’t mean we’d automatically reinstate limits and charges for EEA cash withdrawals.
To be honest, we really don’t know what we’d do given all this Brexit driven uncertainty! It would depend on a whole load of factors, such as customer feedback, when Brexit happens, and how much limitless free cash withdrawals are costing us at the time.
Any predicted impact on your EU passport holding UK resident customers following no deal Brexit?
Still showing wrongly on
Same in the monzo android app, but it looks like the app just shows the above page.
I saw this yesterday but was gutted Spain wasn’t on the list. Having read what you said I took another look and still couldn’t see it. After about the fourth look I finally saw it!
Wonder if this is another area where copy has to be rewritten to catch up to reality?
Sorry, this is wrong but the copy fix will not go live until early Jan due to an app release freeze over the Christmas period.
We’ve fixed the limits page which is backend driven and didn’t require a app release.
To make it even better I would suggest adding another option saying “Fee-free inside EEA Unlimited” (like with what you did with the “Top up by bank transfer” option)
Its not unlimited as there is still the daily atm withdrawal limit
Thank you for such answer. No other bank would publicly state “To be honest, we really don’t know what we’d do given all this Brexit driven uncertainty!”. Props to you.
Ah, that complicates it then.
Probably not for long… :-o
Will any outstanding rolling limit utilised within EEA disappear / reset now?
i.e. If I took out £150 prior to this change in Spain <30 days, but today went to the USA do I have £200?