If I only want to use Monzo for travel do I need to make regular deposits

If I only want to use Monzo for travel do I need to make regular deposits?

You need to make regular deposits to be able to take out large amounts of cash. And get more free replacement cards.

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There’s no requirement to. Note there are lower limits and higher fees for card losses etc if you aren’t depositing into the account.

From Monzo-dot-com:

"Withdrawing cash

If you’re withdrawing cash in the UK or the European Economic Area (EEA), withdrawals are fee-free up to £250, with a 3% fee after – unless you’re using Monzo more as a main bank than a spending account or if you have Monzo Plus, in which case there’s no fee."

These are the conditions that need to be met to avoid the lower limits/higher charges:

You won’t pay some of our fees if you meet any of the criteria below (our Fee Criteria):

  • At least £500 was paid into a Monzo account in your name over the last rolling 35-day period, and you have at least one active Direct Debit on the same account in the same period.
  • You’ve received a Department for Work and Pensions or a Department for Communities payment into a Monzo account in your name over the last rolling 35-day period.
  • You’ve received a student loan payment into a Monzo account in your name over the last rolling 8-month period.

If you’re using your Monzo card as a travel card, paying with the card itself will give you the best bang for your buck. If you intend to withdraw spending money from ATMs, you’ll almost inevitably be charged some fees (the banks who own the ATMs will often charge their own fees in addition to any fees Monzo may charge).

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