Global / European / UK ATM network fees, out-of-network fees etc


So how much ARE these fees that everyone keeps bandying about and using as a club against anyone who dares withdraw money from an ATM outside of the UK?

How much does Monzo get charged for withdrawals from other UK ATM’s?

Any banking insiders have answers or can point us towards answers?

Links please :smiley:


Isn’t there a fee that the network charges such as Mastercard or Visa? Then there’s a fee that an ATM operator can charge?

We’re lucky in the UK that we don’t charged for using ATM’s.

Over in US you can get charged DOUBLE for using an ATM to withdraw from an ATM. Once by your own bank and again by the ATM operator.

(Hugh) #3

There is a post on this in the huge discussion/voting topic. Cba to find it (and it’s pretty difficult with 1.1k posts…) so to summerise:
Charges are made up of several different components. The ATM operator, the network etc. These can be both “fixed fee” for making a transaction and also a percentage of the transaction. They can vary wildly and I get the impression that Monzo aren’t told at the point of transaction how much the fees are - I expect they are included in the MasterCard licence fee payments. So, the 1% European and 2% US are averages because it is so difficult to calculate on the spot.

Think about it, if Monzo could charge you exactly what it costs - on the spot, they would. That makes the most sense.


British banks DO charge for ATM withdrawals within the UK but they absorb the charges.

The rest of the world passes those charges on to the customer in withdrawal fees but in the UK that doesn’t happen. When the banks do raise the subject it then leads to The Daily Mail / Express etc screaming about the end of free banking and how the world is about to end while blaming it on the EU / Russians / Little green aliens.

(Hugh) #5

Essentially it’s precedent. When Barclay’s first introduced the ATM they never conceived it would be so popular… Monzo is in a similar position with ATM Charges abroad. Any change prompts uproar!

(Nick Perry) #6

I guess for a long time UK banks saw ATMs as cost positive “automation” that might mean the reduction of wage costs and even branches. I remember when I could only use my own bank’s ATM or those of a partner alliance - and those alliances seemed to be based on favourable distribution. I guess at the heart of it was equitable cost sharing in the infrastructure.

I’d be interested to know how Link membership works. I assume some banks pay in to it and others receive revenue from it depending on how manny ATMs they provide to the network.

If you are a bank without any infrastructure, I guess that could only ever be a cost (which you’d offset against not having any retail premises costs).


Really? That’s why I thought the LINK network was set up.

(Johnny Ellwood) #8

(system) closed #9

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