Yes we can go elsewhere - a bit more transparency in the first place would have saved the aggro…
I think they were very transparent. Transparent that they wanted to be the best Current/Bank Account.
When it became clear that the ATM withdrawal fees abroad from a certain number of users were unsustainable they told us, let us discuss it and then vote on a solution to that problem. I can’t see any other bank doing that and I am sure that if they could have kept the ATM fees at 0 then they would have.
Yes I think this is correct. I view pre-paid cards in a similar way as top-up-as-you-go SIM cards. It’s less stressful because there is no direct connection to your finances and identity. It gives you ease of mind as you can just load some spending money and go out for drinks or travel. Even if you lose the card are or you lose interest and don’t want to use the card anymore there is no hassle, no need to call anybody and let them know (just like top-up-as-you-go SIMs, just throw them away if not needed, or put them in a cupboard and forget about them).
Your pre-paid card was most definitely firmly attached to your identity as much as your current account card would be. That it might not say your name on the front doesn’t affect that I’m afraid
but there is…you have to prove your identity when getting a Mastercard Prepaid card (or Visa Prepaid card). The only card where you do not need to prove your identity is a Mastercard Gift Card or Visa Gift Card, they are anonymous.
When it came out, it was the only card (ignoring Supercard blow-up) which was widely accepted and effectively free to use abroad and which also gave pretty much spot FX. This was the attraction.
Now there are charges and others are offering a better service - they have been overtaken here.
I know that above it says that the current account card can be used the same way as the prepaid card, but looking at the T&Cs it notes that transactions can still go through even if you don’t have the full amount in your account and in that instance the shortfall must be repaid by the end of the day or else you must pay interest.
On the pre-paid card, if there wasn’t money to pay for something, it didn’t get paid, no interest, no bother. That was one of the most appealing features as it gave me control over unauthorised transactions (that can be reversed, sure, but from experience it’s time consuming and can really mess up your cash flow).
I was happy to upgrade until I saw this point. Is there any more information that can put my mind at ease?
An anonymous MC/Visa gift card with a mobile app, instant notifications and good fx rates would be a killer product then I feel. That is what I suspect a lot of people thought they signed up for (the same with Revolut and some other challenger banks).
Ok, so not related to the current account then but the fees which were announced quite some time ago? Might I recommend Starling as an alternative for you?
I’m not quite sure I know the difference between an online and offline transaction, but if it meant that something didn’t get paid if there wasn’t the balance available, then I’d be satisfied, yep!
An offline transaction can be made using your card alone without even talking to monzo. If this happens monzo have to deduct the payment no matter what. They are very rare these days
No - No issues with the current account other than i don’t require another one.
My points have all been regarding how they’ve made a once great travel card very average compared to the competition…
Thank you - will check Starling out.
Barclays Platinum Travel Card also very decent as no fees incl. ATM cash (to 2022) and all the benefits and protection of a proper credit card.
Reading over the thread it seems that while people understood that Monzo wanted to be a bank from day one, they didn’t realise that would mean Monzo would be ditching pre-paid cards in place of current accounts.
Fair point - but that doesn’t detract from the fact that the card was their only initial offering and it’s the marketing around this (and huge hype re the no fee travel element) which snared most subscribers.
Yeah but they don’t want another full bank account, they want a pre-paid card. I don’t think that’s unreasonable. Plus they have ATM fee’s abroad which didn’t exist when they signed up.
I did, and I’m happy. Doesn’t mean that those upset are being irrational.