So far I have used Monzo mostly for paying directly and not for taking cash.
Is there a way to see if the fee has been applied? will be showed somewhere in the app or I need to convert by myself the values from pounds to euro and make the math?
The ATM will not know what fees your bank (Monzo) will apply. It will only tell you if the ATM operator will impose fees.
1 Like
phildawson
(Sorry, I will have to escalate this.)
9
The ATM will give a choice to either buy in local currency or to convert to pounds at their rate/fees (which are displayed).
Always use the local currency option which means Monzo will use the direct mastercard rate with 0 commission.
You wont get shown what the MasterCard rate is on the ATM screen. You could use the MasterCard site to view what that is at that specific time but it’s 99.999% always going to be better.
I used Monzo once abroad to take some cash ( Germany) and the ATM machine DID NOT ask for conversion or stated any fees.
However, when I saw the notification on the phone I realised that I was charged a bit more. I contacted Monzo’s customer service and they confirmed that a fee had been paid, due to the ATM policy and not to Monzo.
What I was asking is : when I take money from an ATM, will the app tell me if a fee as been applied? in such case, next time I need cash I will try to avoid that ATM and try another one :).
phildawson
(Sorry, I will have to escalate this.)
14
If you are likely to use more than the limit, it might be worth using Monzos rival Starling which is free with no limit. A lot of people have both to get the benefits of each app.
Monzos good at budgeting, Starling is better at everything else. However I still use Monzo 90%, Starling 5% and NatWest 5% of the time. Handy having all three.
That’s in relation to Monzo’s fee when you withdraw more than £200, not in relation to an ATM-imposed fee if the ATM you are withdrawing from has a fee, which seems to be what you’re talking about.