I just received my Monzo card. I have just seen in the app that there is an annual £3,000 ATM withdrawal limit. I was under the impression that Monzo was positioned as a straight up alternative to traditional banking. However, this is just not going to be the case with this limit. Are there any plans to have this limit increased to anything approaching a reasonable limit?
I am abroad a lot, i generally try to use small local shops, with limited options for paying by card. Seems my monzo card will just have to supplement my Nationwide card. A real shame, i was hoping to move everything over to Monzo.
You will find another thread on ATM charges for withdrawals abroad. It is currently costing Monzo about 1% in Europe and 2% elsewhere for cash withdrawals and users look likely to vote for a 3% charge on withdrawals outside UK
I agree with you on the limit. But as you mentioned your card use I advised you of the other thread in case you were unaware as I thought it may be of interest to you
At the moment, the costs of foreign ATM useage are unsustainable so they’ve had to impose these limits. But once users are covering the costs of these withdrawals, by paying a small fee when they make them, Monzo will be able to increase their limits.
They’ve also said that the limits will become more flexible once the current accounts launch, regardless of the outcome of the fees process.
has anybody managed to find the ATM limits on Starlings websites - Ive seen the 6 withdrawals a day and £300 / day but cant find any info on monthly / annual amounts - not being a starling user
@Masti There are smaller limits on the prepaid system. When the current account is rolled out the limits are much higher. Currently they are:
Nothing about a yearly limit but the monthly is much higher than the yearly on the prepaid
Yep, one of the huuuuge selling points for me was the 0% fees. However, i understand they need to add a fee to keep it sustainable. Option 3 is probably the worsst option for me (i voted 2), but i think it still works out a tad cheaper than Nationwide. Still going to be good though, i love the app, the fact you can temporarily freeze your own card, and that they do not upmark conversion rates. Once i get the current account this will save me loads, as i get paid in USD, which converts to sterling and then converts into the local currency while travelling.
Bizarre. why would they obfuscate the process of getting the limit increased to 5k. Anyway if the current account negates this issue then it probably doesn’t matter too much
Definitely is for me, i ama location independent worker, i am reluctant to use the hip digital nomad label as it conjures up images of vegan yoga advocates with man buns
I would think Monzo wanted to see how you use your card - whether you are someone who goes abroad a year to far flung places, never makes any transactions in the UK and only withdraws cash - costs Monzo a lot of money so wouldn’t have the enhanced verification limits
