I’m going to Iceland in a couple of weeks and have heard it is quite expensive. I prefer to pay in cash and would like to know if there is any way of increasing the daily limit on the amount I can withdraw from a cash point
Foreign ATM withdrawals cost us a lot of money, so we’d really like to encourage you to just pay with your card at the checkout, please. You get the same great Mastercard rate, and Monzo doesn’t get slammed with fees.
This is one of the reasons we cap ATM withdrawals.
You can read more here - https://monzo.com/blog/2017/09/13/atm-fees-abroad/
I never quite understand why people prefer cash abroad. It’s such a faff having coins and notes that will probably go unused. I often go away and spend no paper cash now. Credit Card for the hotel pre-auth and smaller spend on my fee-free cards. It does help if you have free roaming on your phone though to see the notifications.
If you really need cash then get it in advance, from the PostOffice.
By using cash you’re also losing out on detailed transaction / merchant data (good for recapping where you went while you were away), automatic categorisation & budgeting for your purchases and carrying cash is less secure / safe, which is why I try to avoid using it whenever possible..
I visited Iceland 2 years ago, I used a debit card the whole time, I never withdrew any cash. Every place we visited took cards.
I hope this helps. (I did not have a Monzo card at that time)
Welcome Simon to the forum. I see you joined in the last 7 days. Monzo Card comes into its own when you use it as a purchase card rather than an ATM cash card.
I’m not telling you not to take cash out but it’s limited in terms of value, where as the limit for POS is significantly higher and you will probably struggle to reach it whilst away on holiday.
I appreciate cash can feel more real but the card for me is brilliant whilst out & more importantly in the UK. Contactless was even achievable in Geeece - in my opinion a very backward card focused country.
Simon, I went to Iceland in May and withdrew a bit of cash on arrival. In the end I never needed to use it (I did use it towards the end, just so I didn’t have it left over). My Monzo card was accepted everywhere, and there are some instances (parking meters) where I don’t think cash was even an option.
This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.