This would be incredibly helpful for the USA monzo product as there are no āFree ATMsā it all depends on what agreements your card provider has with the operator.
I really like this idea. I also think it can be expanded.
Find closest ATMās and if they charge.
Tell what notes they stock or distribute. Would be handy to know if an ATM has Ā£5 notes (or Ā£50 notes for that matter. - I have never needed one but there could be people who do.) .
Given the above - knowing if a machine has run out of particular notes - like Ā£10 notes. Very annoying having to take out Ā£20 instead!.
Given the above the ability in the app to request the denominations you would prefer - i.e. the ability to ask for two Ā£5 notes and Ā£10 for your upcoming withdrawal from the machine or a Ā£50 note instead of a combination of other notes.
Nowadays the times that I need cash it is usually only for small amounts so knowing where I can get Ā£5 notes from is really handy. The ability to ask for 2 Ā£5 notes instead of a Ā£10 is also massively convenient!
Iām not sure how much remote information or interaction can happen with an ATM but you never knowā¦
Would this be seen as encouraging cash withdrawals and therefore increase the usage?
I assume the limit is there for a reason and Monzo would rather you paid with your card rather than take out cash? Might send a confusing message if they rolled this out.
Anarchist
(Press āHelpā search āContact usā or email help@monzo.com or call 0800 802 1281)
5
Iāve seen this in other countries, but Iām not sure itās available in the UK
Neither do I. But refer you to my last line in my comment. I can only assume there is some sort of remote connection - to update your bank balance or to communicate when the machine is out of money. If it can communicate that it is out of money or a particular note then it is conceivable it may know how much of a particular denomination is currently held. As I said - I donāt know ,but someone that works in that section at Monzo mightā¦
It would be an awesome featureā¦ well, I think so anyway.
Anarchist
(Press āHelpā search āContact usā or email help@monzo.com or call 0800 802 1281)
8
Iām sure Iāve seen an app or website with the ATMs which hold Ā£5 mapped.
Iām not sure the ATM operators would be keen to supply live information about what is actually in the machine for security reasons.
Iām sure there are crowd-sourced databases around, the same as for fuel prices etc, to make this a Monzo feature would (for me) need this to be sourced by the other banks as owners of the machines and Iāve not heard of that being available via some sort of inter-bank API.
I agree, data on the actual cash load of a specific machine would likely be seen as a security risk.