Monzo - ATM fee chat

I know just checking :wink:

I just hoped the android app wasnt behind apples :wink: only complaint

I know this all too well. I hope Monzo will stay true to their word and iOS superiority will end soon.

Neither of these posts mention a 30-day rolling period. As far as I can see, there are only two posts on that thread that even mention 30 days. On that’s using it in an example showing how it might work and a later question asking for clarification of 30-days or a calendar month.

These two specific posts both refer to a “rolling month” which normally means the same day number in the next month, NOT 30-days later. Otherwise, they’d say “30-days later”.

So again, where has this 30-day rolling term come from? Has it actually been stated somewhere as something that’ll happen, or has it just been assumed by someone?

In all honesty, things seem far easier with legacy banks where they give you a big printed list of terms and conditions and they spell out exactly what will actually happen. Monzo’s approach seems to be that you can get a rough idea of what the rules are if you read every single press release and use the forums every day to catch up on all the speculation and discussions, and even then what you think is probably not the same as what others think.

BTW, to clarify why this actually matters…

The current press release says “£200 free allowance per month”. From reading that, you’d expect to be able to withdraw £200 in January, £200 in February, £200 in March without penalty.

Consider transactions on January 31st and possible transactions on February 28th or March 1st…

Under a rolling 30-day period, the neither transaction would be free.
Under a rolling month, the March transaction would be free but not the February one.
Under a calendar month, all 3 transaction would be free.

There is a big difference in outcome and user expectation here. The calendar month one is obviously the most useful, as potentially two transactions a day apart but on different months would both be free. But generally 30-day rolling is better than rolling month for half the year.

Personally, I don’t much care which option happens, but I just wish that we actually had the information available in a definitive source, like the official announcement, rather than having to rely on supposition and speculation from reading-between-the-lines in forum posts.

@ralf Here is a link to offical blog post on this at Monzo website please read it and make-up your own mind and if there are any confusions around this you can check with them by emailing or in-app chat.

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Firstly, if you’d read my posts, it should be clear I have read the official post. I even quoted it.

My point is I shouldn’t have to “make up my own mind”, the actual terms and conditions should be documented.

I think as you’ve said before it shouldn’t be up to you to be assuming terms and conditions, neither reading through the forum to find them out. As we can’t really give you a definite answer I suggest you reach out to COPs who will be able to help :slight_smile:

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terms and conditions for the pre paid card

"5.1.
The card can be used for transactions that are not in the currency of the card. Please note that from December 18th 2017 ATM withdrawals in a non-GBP currency will attract a fee of 3% after the one fee-free withdrawal per calendar month of up to £200."

Monzo current account version 1.2 says its a 30 day rolling

“Introducing a 3% charge for withdrawing cash from an ATM outside of the UK after an £200 fee-free amount in any rolling 30 day period. This will be done by introducing a new section called Using your card abroad which will be:”

Current account Version 1.1 doesnt say much about either

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My understanding is that with CA you can have multiple withdrawals up to £200 and @tristan said this about rolling month

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never will :smiling_imp: :troll face:

You mean like this?

The second page includes:

You can withdraw up to £200 of foreign ATM withdrawals in any rolling 30 day period without incurring a fee. After that the cost is 3% of the total amount withdrawn above £200.

I think the website is a lot easier than printed T&Cs, as you can easily skip to the correct section or search. But you can print it out if that is easier for you.

Now, I agree that currently the Terms page is currently a bit confused as it is based around the prepaid card, and you have to click on the Current Account section for modifications that apply to the CA. That will surely change soon and we’ll have one Terms page that is correct as the prepaid card is being closed down. But the main point is that you do not need to scour blog posts and the forums to get a “rough idea of what the rules are”. The rules are set out quite clearly on the Terms page, in line with other banks (actually, these are a lot clearer than many banks).

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Use Caxton Card (MasterCard) for cash withdrawals - free and up to £400 daily… Use Monzo for purchases as the currency exchange rate is the best I know …

The below comments were posted in response to this post -

so those who may need more cash such as a family of four (two adults and two kids) are paying over the odds to make it cheaper for say a single person who may need less cash, some customers subsidizing others, that is why the system is inherantly wrong. All customers should be charged fairly without some having to subsidize others.

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@anon44204028 With the greatest respect could you please stop talking about the bloody foreign ATM fees?

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but all customers are being charged the same amount there is no inconsistency in the charge, do you expect all people to have the same spending habits - if you choose to use the facility over the free allowance whether you are single or family is up to you, nobody is being forced to use it

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In other threads for sure, but in this thread someone posted about the cost of card top ups and maybe charging for it, so there is an obvious connection with the cost of ATM charges, so my post was relevant.

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That’s like saying everyone pays the same amount of tax, though, isn’t it?

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no they are not, they are only being charged the same amount if there was no allowance, the introduction of the allowance stopped it from being a system where they are all charged the same.

Anyhow, I don’t want the thread to go off at a tangent so let’s stop there!