What are the spending limits per day and per month for using my current account card outside of the uk? I do not mean withdrawing money from an atm but using the card to pay in shops, restaurants etc. And is there a transaction fee for this?
I will be travelling abroad for 5/6 months and want to know if I will be able to use the card as my main way to pay for things/spend money.
Whilst there is a £200 per month limit for free ATM withdrawals, you can withdraw a greater amount incurring a 3% charge per transaction.
From your question, it sounds like you’re actually wanting to know if there would be any charges for using the card for payment through a POS card terminal?
Good news!! Spending on your card and online foreign currency transactions are entirely free (if charged in the local currency). The cost of the transaction is passed on by Monzo to Mastercard.
Handily, the Team at Monzo write the below blog, which you’ll find a useful read before heading abroad.
Free to spend, but be sure you always ensure you’re charged in the local currency. If a shop offers - or forces - to do the exchange for you, never allow it and always fight it. It will never* be in your favour.
*Except for that day the Swiss Franc rapidly jumped in value. It was probably the one day, I can remember at least, where DCC would have helped you - since you locked in the pre-sudden jump exchange rate (at a terrible rate before the jump, but a great one after).
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Anarchist
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There is a daily spending limit, a generous £10, 000 per day. So, unless you were thinking of buying a car, you should be OK.