Fees to withdraw cash in UK

I assume the fees introduced with cash withdrawals is because of the UK signing a separation agreement at the start of the year to leave the EEA (European Economic Area) but out of curiosity how come the ‘larger’ banks aren’t charging fees, is this because of a difference between Visa and Mastercard or is this just a decision Monzo have made based on the fact not a lot of members withdraw cash?

I think just the latter from the blog post. Seemed fairly clear they just want to recoup some of the costs being incurred by the customers withdrawing the most cash.


Did you read the email you were sent?

I can’t speak for Monzo anymore but I can tell you that all banks and card issuers pay a small fee to the ATM provider every time you get cash out at an ATM, get a balance check, and so on.

This fee covers the cost of running the ATM, keeping it stocked with cash, etc.

When you are a larger bank, you own your own ATMs so you do get money when customers of other banks use yours.

Larger banks mainly have many other fees and products (think mortgages, loans, investment, insurance of all kinds, large corporate accounts, etc.) that allow them to subsidise branches with ATMs, though even then you’re seeing many close.

All of this applies regardless of which network your card supports such as Mastercard, Visa, or the LINK ATM network. The fees may differ slightly but not enough to really matter.


sorry to see you leave Monzo Rika , good luck in your next role :+1: yes off topic …I know :slight_smile:


No, it’s nothing to do with the UK leaving the EU/EEA otherwise Mondo’s planned changes couldn’t come into effect before 1 Jan 2021.


Big banks own ATMs… and have agreements between them.
In Europe big banks with ATMs charge small legacy banks (no branded ATMs) customers for cash withdrawals in their ATM (20-50 cents)

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No, I’m blind…


This is the kinda answer I was looking for, thanks Rika! :blush:


That explains your post then.

I think the EU rules are that you can’t charge more or EU withdrawals than at home, so the new Monzo fee fits with this rule.

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