Different fees


(Andrey) #1

Hello Guys,

Please clarify several questions:

  1. What is the fee for transaction? In a store for example outside UK?
  2. What is the ATM fee outside UK?
  3. Everone can use Monzo? USA people also?
  4. What is the fee for currency exchange?
  5. Should I use only GBP as main currency or USD or does not matter?

Thank you

Andrey


(Danny) #2

What is the fee for transaction? Free
In a store for example outside UK? Free
What is the ATM fee outside UK? Free
Everone can use Monzo? 18+ only
USA people also? If you are a non UK resident then you will not be able to use this card
What is the fee for currency exchange? Free
Should I use only GBP as main currency or USD or does not matter? Whatever


(Andrey) #3

Hi Danny,

Oh. This is only for UK residents? So sad :frowning:


#4

What is the fee for transaction? In a store for example outside UK?
Mastercard exchange rate but NO fees on top

What is the ATM fee outside UK?
It is currently FREE but it costs Monzo about 1% if in Europe and 2% elsewhere and it looks like they will be introducing a 3% fee shortly

Everyone can use Monzo?
Over 18s

USA people also?
If you mean resident in USA then no, but if you mean US citizenship then if they resident in UK then they can have an account

What is the fee for currency exchange?
Mastercard exchange rate

Should I use only GBP as main currency or USD or does not matter?
Always use the currency of the country you are purchasing in and decline Dynamic Currency Conversion


#5

Hi,

Following the answer you gave to the question:

Do you have any updates following the ATM fee poll they had open until the end of September?

Cheers,


(Danny) #6

That answer would come from Monzo directly not us.


#7

my understanding was any new fees were not going to be applied to the prepaid card scheme which terminates later this year but would be implemented for the current account once it comes out of preview…but that based on staff’s verbal comments and not anything official from the bank


(Andrey) #8

Thank you everyone for the answers.

Tell me please, if the person has European residence? Is it possible to use Monzo card? Or it’s ONLY FOR UK residents?

Thanks!


(MikeF) #9

The prepay card was only launched a test method for Monzo to test its banking systems before its full license was granted. As such it was a limited to the UK market only. All that aside, it will be closed down entirely in the next couple of months so anyone applying for one now will probably only get very limited use from it.


(Danny) #10

Only for UK residents that live in the UK


#11

Yes @AndreyRomanov, this is only for people living within the UK, regardless of their nationality.


(Alex Sherwood) #12

The blog post said:

We’ll keep voting and discussion open for one week from today. We’ll then review all of the votes and all of the discussion and aim to make a decision as soon as possible after that. We will of course communicate this to everyone who voted and all of our customers — the actual fees won’t come into effect until two months after that, as per our terms and conditions, and will apply on both the prepaid card and the current account.

Emphasis mine.


#13

thanks. I based it on what staff said verbally, but having something in writing is better


(system) #14

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