Monzo banking charges


#1

The current account is due to be released to the public in less than 3 months and still no sign of what their confirmed charges will be.

Overdraft fees have been announced but what about the rest of the standard banking offerings?

What about EU and global ATM usage fees?
SEPA transfer charges (assuming they do it)? Incoming, outgoing or both?
International payment transfer fees?
Standing order failure fees?

So little time left, even less information given.


(Alex Sherwood) #2

Monzo will be consulting the community about their plans for these :soon:

They haven’t announced the TransferWise integration yet..

My assumption is that just like declined Direct Debits, there won’t be a fee for these.

Presumably they’ll let us know about any other charges once they’ve been decided.

If you’re not comfortable about ‘missing information’ I’d recommend not signing up for a current account until you have it. There’s no pressure on you to sign up right now.


( related to Monzo CEO, Investor in Monzo ) #3

I think they will always keep them secret , when you sign up to a current account you will have to guess the charges and terms and conditions :slight_smile:


#4

How dare you accuse Monzo of lack of transparency :stuck_out_tongue:


( related to Monzo CEO, Investor in Monzo ) #5

the transparency would be "we haven’t decided yet " which doesnt really help, but they have your 3 month timescale to decide I suppose and then you can chose whether they are acceptable or not :slight_smile:


#6

From comments by Tom and other Monzo staff at events and in the community here are my comments on the likely scenario.

They aren’t going to do SEPA and instead going to get customers using Transferwise thru the marketplace.

As for Free EU ATMs from other discussions in this community and the presentation at an Open Evening it looks like they will charge for EU ATM withdrawals despite Starling, Monese, Fidor etc providing them free in the EU.

It may still be a month or two before they launch the accounts beyond their current small testing group, they still have no announced which pricing option they will introduce for ATM withdrawals but they all look poor choices compared with the competition.

While it makes sense charging for rest of world ATMs when some charge according to Tom £6-7 to end free ATM use in EU will I think encourage use of their friends at Starling.


Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
(Jamie 🏳️‍🌈) #7

So, what’s your point exactly?


(Alex Sherwood) #8

4 posts were merged into an existing topic: Will Monzo Continue To Offer Free ATM Withdrawals?


Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?
#9

As far as I remember, the overdraft charges still aren’t confirmed. Yes there is an Overdraft Preview happening soon at 50p/day but that could change once feedback is received from users.


(system) #10

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