Monzo cannot replace my other bank, £3,000 Annual ATM limit?


#1

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.


#2

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


#3

Yep, but my question is regarding the £3,000 withdrawal limit, not the charges


#4

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


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

my annual limit is £5K - probably still not enough for you - perhaps you should try Starling Bank :slight_smile:


(Alex Sherwood) #6

Hi Masti,

One of the reasons why Monzo are currently in the process of introducing foreign ATM useage fees, is to enable them to increase the limits that you’ve mentioned.

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.


#7

How did you get a 5K limit? Would be an impovement!


( related to Monzo CEO, Investor in Monzo ) #8

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 :slight_smile:


(Adam) #9

@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


( related to Monzo CEO, Investor in Monzo ) #10

going through the verification process and then using for a period of time -


#11

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.


#12

there are no monthly or annual limits (currently) with Starling


( related to Monzo CEO, Investor in Monzo ) #13

woo hoooo sounds like a no brainer for the far flung gap year, business and ex pat cash users at Monzo :slight_smile:


#14

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


#15

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 :slight_smile:


( related to Monzo CEO, Investor in Monzo ) #16

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


(Alex Sherwood) #17

People using the card for fraud is potentially another factor.


(Ed) #18

This is interesting. When I queried these limits when abroad I was told it was due to the back end bank imposing them. Was that a point-blank lie?


#19

I’m not sure, but i am still in the UK and the limit is 3k


(Adam) #20

Which limits… the prepaid or current account?

Believe Wirecard impose the limits on the prepaid system as the card is actually issued by them