I have just signed up for a Monzo card - its on the way. It’s all a bit overwhelming for meCouple of questions. I thought the card worked a bit like Revolut but you don’t have to change the currency to Euros. How do I draw Euros out then when travelling in Europe as I am starting a month trip next monday.
Also, frustratingly, I tried to load some money onto the card from my bank account and I find that the coop bank does not support this card. Coop is my bank so I am a bit snookered. is there any other way I can load funds on to it?
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
2
Use an ATM and draw the Euros that way. Be careful to pay in Euros and don’t accept the machine’s conversion.
Cash at a Paypoint (there’s a fee), post a cheque, but the best way is bank transfer.
I have managed to move money onto it now. I as a bit confused because when I went to add money it showed a list of banks and coop bank is not on that list. I spoke to someone in support and they helped, Yes I can just send it instantly direct bank transfer, all done.
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Use an ATM and draw the Euros that way. Be careful to pay in Euros and don’t accept the machine’s conversion.[/quote]
Regarding “be careful to pay in Euros”. What do you mean as I thought the card works by paying everything in Euros automatically?
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
6
ATMs abroad will usually offer you the opportunity to be charged in GBP. So instead of charging you, say, €200, they’ll charge you an equivalent in GBP. It is always a bad idea to accept this.
If you want to transfer money from Co-op onto your Monzo card you need to do this on the Co-Op banking app and set it up as a payee and then make the transfer.
I thought it was £250. I spoke to someone on support yesterday they told me £250. or £400 if you have a Plus card. I am aware that that is is Free fee amount. I will be using my card a lot to pay for stuff but I will need cash as a lot of shops in southern Italy and Sicily will not accept cards for small amounts, especially the market traders, and the local buses - need cash for that type of expensive.
Could do with knowing though if it £200 or £250 as I am pretty certain that the lady I spoke to yesterday said £250. Just checked on the app and it also says £250.
There is one thing I wanted to ask as well. If you are buying stuff in a shop you are making a payment in Euros even though the money on your account is in GBP? Does Monzo just change it automatically to Euros as you go to pay for something?
For those customers that use Monzo as less of a bank and more of a spending card, we’ll ask that you pay a 3% fee if you withdraw more than £250 cash in 30 days in the UK and EEA. If you’re using Monzo as your main bank however, we won’t charge you anything for these withdrawals.
To see if you’re affected, you can visit the Fees & Allowances section in the Monzo app, or read more about the change here. You can also see a full list of countries in the EEA here.
When paying for something in Euros you don’t have to do anything extra from the app do? You have to select Pay in Euros or anything like that? It just works automatically. How does the app know what country you are in and what currency to use.
Nope, you don’t need to do anything in the app. Just make sure when paying that if they ask, that you opt to pay in Euros.
The app (your bank) will accept payment in any currency, and then convert it to the correct amount in British Pounds, to then subtract from your account.
You can use the card anywhere that the Mastercard logo is displayed, and should be good to go!
For those customers that use Monzo as less of a bank and more of a spending card, we’ll ask that you pay a 3% fee if you withdraw more than £250 cash in 30 days in the UK and EEA. If you’re using Monzo as your main bank however, we won’t charge you anything for these withdrawals.
But the question is how do you know if one is using your account as you main bank account?
It really doesn’t make sense to become a plus member because even then you cannot draw more than £400 in a month without incurring fees. So what I pay £5 a month and the only benefit to me is be able to draw out another £150 a month. The 3% that I save would be less than the £5 a month I pay to have the plus card!