Fee to bypass withdrawal limits

(Andre Borie) #1

It looks like there are withdrawal limits due to the fact that they cost cash to :mondo: so it’s understandable that they don’t want to operate at a high loss - however in the unlucky event that you reach that limit, wouldn’t it be better if you were able to still withdraw and pay the ATM fee rather than being stuck without cash?

(Alex Sherwood) #2

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

(Customer of Lloyds Banking Group, plc) #3

It’s worth noting Monzo are still in beta and ultimately you should always carry another card at all times.

(Bob) #4

…and if you are carrying another card, which you’re likely to be using to top up your Monzo card, why not use that card at UK ATM withdrawals instead of Monzo? At least that way you’re less likely to hit withdrawal limits.

(Alex Sherwood) #5

That sounds like a good strategy for users who’re likely to hit the limits if they don’t do that.

Obviously you do lose the ability to track that spending via targets etc. though :pensive:

(Bob) #6

What spending? It’s petty cash, which could be spent on any number of things. Use the card at POS if you want to track spending.

(Customer of Lloyds Banking Group, plc) #7

Also losing the better exchange rate. But if you’re maxed out of your withdrawals then there are limited options.

(Bob) #8

I was referring to UK ATM withdrawals where FX rates don’t come into it, thus saving your limits for overseas ATMs :slight_smile:

(Customer of Lloyds Banking Group, plc) #9

Very, very, VERY good thinking. Here’s a :beer: