That’s the easy solution, not the smart/different/innovative one in my opinion. Targeting this behaviour with number crunching and AI would set Monzo apart from the competition.
1 Like
MSE’s mission is to save people money by explaining the cheapest way to, e.g. withdraw money abroad. It’s not MSE’s job to worry about the sustainability of offers that companies like Monzo offer of their own free will. Of course MSE will withdraw their recommendation when the company withdraws the offer. In any case I suspect that MSE’s coverage gained Monzo a lot of signups, many of whom will in fact continue to use their card.
As for why someone would want to withdraw cash, how about if they spend time in countries where cards are generally not accepted? i.e. the majority of countries.
Edit: in case this isn’t clear, despite relying on Monzo while in such countries, I’m supportive of the change and the transparent way in which it was announced. Would’ve preferred a bit more warning, but they made a very clear case for why this needs to happen asap.
4 Likes
Just commented as it annoys me they have no clue that it’s not going to be a prepaid card soon and the costs involved in ATM withdrawals.
3 Likes
Exactly. I mean, I as a consumer use the option that is best for me. I am under no obligation to ensure that my provider’s model is financially viable. That’s their responsibility. My responsibility is that my finances are in order, and that I make the best use of them.
And while MSE isn’t perfect, it’s still a pretty good starting point for me.
Usually my decision for a provider comes down to a decision of cost vs service. If a provider offers the same service as another, but at a lower cost: I choose them. If a provider differentiates on both service and cost I need to decide what’s worth it. (As an example: On broadband I consciously chose a fairly expensive provider, because they provide much better service. For travel money I pretty much don’t care about the service [as long as it’s reliably usable], but about the price. Others may choose the opposite. Good for them!)
Why do so many judge those who are making use of what monzo offers? It’s not the consumers’ fault that monzo (currently) offers free ATM withdrawals abroad. Nor is it the consumers’ fault that they’d like to keep it that way.
If Monzo need to change their charging model they are entirely free to do so. In fact if Monzo just wish to change their charging model, without any need, they are still free to do so. However, the consumer is also free to say “I don’t like that” and to go to a competitor if they offer a better service/cost ration in that particular consumer’s eye. Stop judging them. Monzo needs to do what’s best for them, the consumer needs to do what’s best for them. Neither should be a surprise.
(Incidentally @ whoever wanted to switch to Revolut: The aren’t really any cheaper than Monzo will be, if they go for the current favourite: They charge 2% for withdrawals over £200 a month. Additionally they have all sort of other charges over the weekend, and for “illiquid currencies”.)
Let’s all chill out a little and appreciate that my motivation is different from Monzo’s. It is not my job to ensure that Monzo is finanically viable, and it’s not Monzo’s job to ensure that I have cheap access to cash abroad. Let Monzo do what they need to do, and then see where the market moves.
1 Like
I’m sure in early 2018 MSE will mention / recommend the CA (if it’s to their benefit).
I think that is the approach one might take with a legacy bank?
The difference is, Monzo are actually consulting on these changes - how many banks do you know that have asked you how you feel about a change (and are actually going to listen to the answer)?
So no, it isn’t your responsibility to ensure Monzo is solvent, but there is a community for a reason and treating Monzo like a legacy bank that is out to get you (not you specifically) will only lead to it becoming one.
2 Likes
I don’t think that’s what I wanted to convey. The point is that, community or not, our economy is a capitalist (or whatever the adjective to capitalism is) one.
One effect of that is that each party does what’s best for them, and hoping that together (with sufficient competition) we’ll arrive at a solution that’s better for both parties (and the economy as a whole). That has nothing to do with “being out to get someone” - I think you can have capitalism while still remaining fair, despite the fact that there are both individuals and companies who don’t seem to think so.
So, maybe to put it the other way around: Treating every customer who makes use of Monzo’s offer to withdraw cash abroad, and/or every customer who doesn’t want Monzo to withdraw that offer, as if they are out to get Monzo, will only lead to the community being divided and toxic.
That is true. But treating Monzo like it’s a crime for them to not subsidise people’s holidays has the same effect 
3 Likes
It’s the same article as in the first post 
2 Likes
Sorry it’s gone
this to achieve 20 character limit 
Here’s The Telegraph’s coverage, kind of amazed that they’ve picked up on this 
It’s not 100% positive but I think it’s pretty fair, in terms of including all of the relevant details.
http://www.telegraph.co.uk/travel/news/monzo-introduce-atm-charges-withdrawal-fees/
It includes a pretty cool comparison for the fees -
6 Likes
Indeed better than big 6, and fee free spending (I’m sure most have a charge, or some 2 charges a percentage and fixed fee)
1 Like
It does show that any of the options are still excellent value. And how much cash do you actually need anyway?
3 Likes
That’s awesome! As you say, suprised the Torygraph picked up on it…I guess Monzo is becoming more mainstream 
Superb graph as well.
I cant stand MSE purely because of how ugly the website is - actually makes me physically cringe 
Monzo is definitely becoming mainstream, canteen lady at work said to me last week ‘we’re getting loads of those bright pink things now’ - maybe it’s working in FS…
5 Likes
They missed an entire option too…
Really interesting thread.
Have to say, though, that MSE have taken a beating here they probably don’t deserve. They provide advice and health warnings across a wide front and are bound to offend the sensibilities from time to time. They’re bouncy and challenging. Surely not the bad boys they’re painted?
Since we don’t pay for advice and health warnings, it means that WE are the product. They don’t offer it from the bottom of their heart and with readers’ well-being in mind, they do this to earn money from their customers. They had been carefully threading to not ruin the relationship with readers, but the risk is that they can do this at any time. But they only care about this relationship as it would hurt their profitability and market impact, thus earning them less money. So it’s a low confidence relationship, but mutually assured destruction situation - MSE can’t advertise really bad stuff, because it would ruin their business model, so I KINDA trust that they know about it.
Irony, I learned about Monzo from MSE, though I didn’t use their links and typed Monzo manually in google.
2 Likes
This is exactly what concerns me about Monzo’s marketplace/targeted offers
1 Like
Of course they’re a business but it’s not as simple as that and I’m sure they’re not as predatory as you suggest. Or maybe I’m just gullible…