Looking like a no… someone asked a question on twitter:
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Some of these charges are a bit too steep but will have to see all this in works to judge properly.
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Agreed seems steep.
Might argue that 1.7% for withdrawing cash abroad… if you want to withdraw more than £200 in one go… it beats Monzo’s 3%
£6 replacement card fee… ok, that’s pricey, but beats Starling’s £60…
ECA at £120… does Monzo offer this? Can’t say it’s something I’m worried about tbh, same with the overdraft.
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Anyone had an email to say they can sign up?
Nothing yet, think i’ve read it’s internal testing and will be released gradually.
unarranged overdraft fee - I’m out
Isn’t Monzo’s 50p a day?
Monzo don’t do unarranged overdraft… Only arranged and that kicks in after £20 buffer.
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Monzo don’t offer an unarranged overdraft. They just decline payments that would you do not have available funds for.
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Except offline payments but don’t think you’d be able to rack up £20 on those. If you have an overdraft it would take you into the unauthorised but that’s still covered by the 50p a day
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I’m planning on using N26 as my spending card, which will ultimately mean I will probably now go full Monzo and close one of my legacy banks down.
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Starling replaces card free of charge…
£60 to replace card if you are abroad…
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Ahhh ok, fair enough. I only know about the £60 quid thing… (which is ridiculous).
But to be fair, it does say reading N26 T&C’s that card replacements for when it’s not your fault, won’t be charged:
We will not charge this fee unless the need to issue a replacement card results from circumstances for which you bear responsibility or where the Bank is responsible for these circumstances.
You get one free replacement card a year though.
I guess it depends on how it works this out. If you lose your card for example… you get one free and have to pay if you lose it loads more times.
If your card needs to be replaced due to fraud… if you’ve used your freebie… i’d assume a replacement would be issued at no cost to you (assumption, need to dig into the T&C’s probably)
They won’t charge the fee if it’s something outside of your responsibility.
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AFAIK, no bank shows you card spending and day to day fund transfers separately, despite being one of the most helpful ways of tracking spending. The easiest way to sort this out is to use totally separate accounts.
IMO, the “card” should really be shown as a separate transaction feed, at least, or something similar like filter for card transactions…
More money goes through my other accounts. If I can replace Monzo with N26 then that means I can then close one of my legacy accounts and put more money through Monzo which hopefully help the bank out too
arguably… i’d say its worth keeping a legacy… better to at least have 1 option that you can walk into IF you needed to.
For example… if you lost your wallet. You freeze your monzo card, order a new one (also replace your legacy card), but can pop into a legacy branch for cash (with ID etc).
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