is there an internet based app i can use to manage a monzo card that i can access via any internet cafe i use during my travels, kinda like i access my facebook currently, or do i need to buy a smartphone and install the app.
im asking cos smartphone recently broke, and have no plans to currently buy new one.
One last question regarding 200 pound ATM free withdrawall per month limit, is that per transaction, or can you make 4 tlmes 50 pound value withdrawalls? Also, does the app show you have exceeded the limit, and what you are then charged at 3 percent, or do you have to work that out to understand whats going on.
The £200 free allocation is different on prepay and the current account. On prepay it is on one transaction per calendar month and on the current account it applies to multiple transactions in a 30 day rolling period.
I am not sure if the remaining allocation will show in the app or if you will manually need to keep a track of it. That is because it was not implemented in December as planned but deferred to January so we don’t know how it may be shown (if at all) in the app.
i would just want to know if i withdrew like 250 quid equivalent(in a single atm transaction), would i get charged 3 percent only on the extra 50 quid, or 3 percent on the 250 total, because i exceeded the 200 monthly free limit??
sorry if this sounds overcautious, but sometimes the technicalities can be misleading.
i wasnt aware there was prepay or current account. which should i use when travelling, and what are the benefits. i suppose prepay is like using as a travel card, and current account means using munzo as my bank?
The prepaid card scheme is no longer open to new applications and is being closed down. All new accounts are current account bank accounts only. The prepay card was to beta test the bank systems prior to the launch of the full accounts, it was never planned as a long term thing.
You don’t need any large sums to open an account but in theory it is only open to UK residents, however there have been some posts by individual Monzo staff members indicating accounts are open to channel isles residents, however with different tax reporting authorities and requirements, and being covered by different FACTA treaties, I would make sure that they record your address as Jersey and NOT as United Kingdom
I can’t believe I just read that. You do not want to be using an internet café. Never. You don’t know what’s on those computers and should not be trusting them, especially not to access your bank. Any information your enter in them (like your passwords) should be considered compromised.
Get yourself a second-hand phone or laptop if you can’t afford a new one, reset it to factory settings (to wipe any malware left from the previous owner) and use that instead.
Honestly, it won’t have been a waste. As @Rjevski said, you never, ever want to use Internet cafes if at all avoidable. If you must, use them with two-factor authentication enabled accounts only (and you’ll need either a smartphone or a token for that), but even that’s highly risky as anything on the screen and anything you type should still be considered compromised. They just won’t be able to actually get into the account, if protected by two-factor auth.
Thanks for advice, I’ve been using online banking in internet cafes with a
number generator supplied by bank, with no issues. Munzo should do the
same, its practically impossible to sabotage as the code constantly changed
That is what I’m referring to by two-factor authentication. As Monzo doesn’t have a web interface, it would be wrong to speculate how their future web interface will work.
Two-factor authentication is also available for Facebook, Google, etc and you should use it (everyone should, but since you use Internet cafes you’re at especially high risk).
However, this prevents attackers from getting in your account and stealing money, resetting account details, sending email impersonating you, etc… they can still record all your keystrokes and everything on the screen thus you should assume any personal information seen in an Internet café has been compromised.