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

(Julian) #1

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no longer listed as a recommended card for travel money and purchases on – is this an indication that the Monzo card no longer represents the best value travel debit card anymore.

Kind regards,

Julian Wilson

(James Wheatley) #2

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.


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.

(Peter Roberts) #4

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

(Jolin) #5

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.

(Julian) #6

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