Fee to bypass withdrawal limits

[alexs (Alex Sherwood)]

@Rjevski

It looks like there are withdrawal limits due to the fact that they cost cash to

For anyone who’s wondering, here’s the background to this -

@anon91821566

The exception is foreign ATM withdrawals, which cost Monzo around 2.5% for any withdrawal outside of the EU. So if you take out £200 in India, that one withdrawal costs Monzo £5. We offer it to our customers for free. So you can see how those costs add up over time.

@alexs

As a result, we will explore ways to reduce this cost in collaboration with our community – it will not be a profit-making exercise. UK and EU ATM usage costs us much less, and we aim to keep this free. We still believe foreign exchange at point-of-sale (in shops, restaurants and online) can be provided to customers for free.