I have recently been travelling to the USA and used my Monzo to pay for the hotel thinking this would save me money as I would be paying in dollars. The hotel used my Monzo to take various security deposits which would be refunded when I checked out. I understand that due to exchange rate fluctuations I may not get back exactly what I paid in sterling, but today’s Monzo screen was an eye-opener…
So, from a refund of $28.85, I get back 6 pence because my exchange rate was $480.83 to the pound.
I have initially been told by Monzo customer services that this will not change because the rate is set by MasterCard and that all I get back is 6p. I’ve asked for it to be escalated because I can’t believe I am being charged an exchange rate of £1=$480.83.
Has anybody else had a problem like this?
If this is the case, I’ll be asking to change some pounds into dollars at the same rate.