Do I still get the MasterCard Wholesale Exchange Rate with the Monzo current account?

Monzo Chat Travelling with Monzo
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MasterCard wholesale foreign exchange rate

I opened a Monzo pre-paid debit card account for holiday spending money because the exchange rate given by Monzo was the same as the MasterCard wholesale exchange rate and the card was recommended by Monysavingexpert.com. I was recently invited to upgrade to a Monzo current account which I have done.

My question is this; with the new Monzo current account debit card will I still get the MasterCard wholesale exchange rate on my cash withdrawals and purchases in the European Union and the United States???

Finally, Monzo is no longer listed as a recommended card for travel money and purchases on Moneysavingexpert.com – is this an indication that the Monzo card no longer represents the best value travel debit card anymore.

Kind regards,

Julian Wilson

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Hi Julian,

As I understand you will still get the wholesale rate on the Current Account and Monzo will continue to do this fee-free.

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You will always get Mastercard exchange rate with your Monzo debit card. You will get £200 fee-free then there will be a 3% fee on cash withdrawals from next Monday I think that’s why MSE might have stopped recommending this as a Money Travel Card, which Monzo never really intended to be.

So again no charge and MasterCard exchange rates on online/in-store purchases, 3% fee after first £200 free cash withdrawals per month when you’re abroad.

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If you need more than £200 a month for your travelling you may want to consider looking at Starling

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That’s £200 (local currency equivalent) in cash. As @SC95 says, you can spend as much as you want in shops with your Monzo card and there is no fee, just the MasterCard rate.

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Thank you everybody - that was very helpful and I found out what I needed to know.

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