Monzo have specifically said they never will charge these fees?
Had to google it, that sounds like the most unfair fee ever. “Sir, we are charging you for doing absolutely nothing other than declining a transaction which in many cases its automatic anyway!!”
You’ll get those with every other legacy bank, but those are just the things Monzo are trying to avoid!
Well, you’ll need a credit check for identity & verification purposes, but if you don’t intend on getting an overdraft or credit facilities, then it’s my understanding (please correct me if I’m wrong!) that it’ll be a ‘soft’ credit check that doesn’t impact your credit rating and won’t be seen by other parties that perform a ‘hard’ search.
I think this topic has been brought up a few times. I hope have taken notice and are planning some very clear marketing to prepaid users highlighting the similarities and benefits… kind of a 10 bullet point list above a more detailed blog. To really show that it’s a positive step for everyone.
Just got an email from Monzo … foreign ATM withdrawals 3% and £200 free of charge once a year!
So you will see feature fees anyway…
Suggest you read it again…
An Important Update on ATM Fees Abroad
From 18th December 2017, we’ll be introducing some limits on foreign currency cash withdrawals
Almost three weeks ago, we came to the community to ask for help making a tricky decision. Faced with rising ATM costs, we wanted to work together to come up with a structure that’s fair for everyone and sustainable for us going forward. So we proposed three different pricing options, and asked our community to decide.
Garnering nearly two thirds of the vote, there was one clear winner, which we’ve used to set out the following limits. With your help, we think we’ve found a fair solution.
£200 free allowance per month, 3% charge for foreign withdrawals thereafter
Per month - sorry
Not once a year, you get £200 free every month
Important to stick to the facts.
So, only one twelfth as bad as you first feared
Anyway I pay by card and £200 in cash will be enough for me
In over a year of using Monzo, I’ve only ever withdrawn €200 from an ATM in a single transaction. Once. POS is much easier for me.
By the sounds of the topic and many others I keep seeing, yet another person who’s been using it as a travel card expecting someone else to pick up their probably huge cost in fees. The prepaid was simply a beta card while Monzo developed the current accounts.
I too, use POS for most purchases (except my barbers). £200 is more than enough for me (each month) while abroad.
(Correct me if I’m wrong)
Abroad Withdrawals : £200 (FeeFree Per Month) then 3% (Still less than regular banks)
Abroad POS : FEE FREE
UK Withdrawals : FEE FREE
UK POS : FEE FREE
I joined Monzo because I wanted a pre-paid card. I don’t need a current account, I already have one with another bank. Please don’t take my pre-paid card away.
Sorry to bust your bubble, but Monzo is a bank, not a prepaid card. I’m sure that was stated somewhere upon registering.
I will continue to use my Monzo current account card in the same manner, ie it won’t be my main account but will have a certain amount topped up and used like the prepaid card. For me it won’t make any difference - certainly not in the foreseeable future.
And I agree with the posts saying it’s a bank card not a travel card - the latter being a great benefit but not it’s sole purpose
The advantage of a prepaid card as I see it is, if you try to spend more than you have topped up, it just refuses the transaction, without causing an overdraft or any unpaid transaction charges.
It acts more like a wallet with a certain amount of cash in it, and once it’s spent, it’s gone.
You’ll be able to use the current account in exactly the same way if you like We never charge unpaid transaction fees, you only get an overdraft if you specifically opt in and you can add money to it as and when you need it. It’s basically the prepaid card + more features!
OK, that’s good to hear. I haven’t been following the announcements, and when I heard “current account” I just assumed that would mean charges for stepping overdrawn a little bit due to miscalculating what was available.