But users have voted for the 3% option and not the 1%|2% option Tom etc favoured. Now a bit like the Brexit vote will they ignore that or follow it? I doubt after putting it to a vote that they will then ignore that vote
I never said they were making money out of all customers just that if they go for the option voted for the users withdrawing in Europe will be paying over the odds while users in rest of world may be paying less than they incurr the bank…so they are making money out of certain users with that option while losing money from other users yet overall they not making profit from it, but those abusing the option by just withdrawing their free allowance are benefiting while Monzo profit from others in order to subsidise the free withdrawals
I am sure they did NOT consider it carefully for the benefit of the bank, fairness to all, impact on income depending on take up of free allication only, etc, but purely on their own personal gain and benefit
Maybe Monzo could set an example that it’s possible to not follow the result of a referendum to withdraw from Europe(an ATMs)
That might have been more acceptable had the result been much closer, but with almost 2/3rds of the votes indicating a clear favorite I think Monzo would lose much of their credibility given the statement made when the poll was posted:
People that voted Option 3 clearly haven’t been on here long enough to realise that the prepaid card is going, also Monzo should put some caveats into the account i.e. minimum balance over x period to get rates or x spent in the uk… something that prevents it just being used for travel.
I wasn’t seriously suggesting they do, just saw the joke there and had to take it.
Trust me, I never took it seriously
The revised ATM fee terms and conditions are a compromise in my opinion - so be it.
Anyway, I’m very happy to continue to use my Monzo card (prepaid or current account when activated) for POS transactions etc. where no fee is involved.
As for ATM usage - is there any way in which Monzo can flag up, immediately in advance of withdrawal, the maximum amount in the appropriate local currency that can be withdrawn before reaching the £200 threshold ?
One further question, if the ATM transaction works out to be just over the £200 - is the 3% applied to the whole sum taken, or just the amount over and above ?
I believe this is something Hugo is looking into
As far as I know, it is applied to the amount over the £200. So, if you withdrew £250 worth, you would be charged a 3% fee on the £50 which is £1.50
Thanks Hugh - that was quick !!!
Just had this little notice appear…
Wonder when the freeloaders will appear?
Prepaid account I assume?
It appeared in my merged account
It appears if you log off and log back in on Android also appeared while merging as @DaveTMG said.
I had assumed it would be more than one single transaction up to the £200 limit for the fee free deal.
Is there any demand for that option, or are we tied into a one off withdrawal from an ATM ?
You can withdraw up to £200 in any number of transactions.
This will answer; ATM Fees Abroad: Asking the Monzo Community to decide pricing
Me too, I’m not very happy with a single withdrawal - that’s not exactly flexible