Starling Bank - Will you join and how will it affect Monzo?

[alexs (Alex Sherwood)]

@JamesBell

I believe the banks actually have to pay some fee themselves to mastercard for foreign transactions - the banks above are currently absorbing this themselves

Only for ATM withdrawals -

@tom

I’ve said before that I think FX will tend towards zero cost to the consumer over time, and I still believe that. There’s very little inherent cost in it, and the large banks are ripping off customers.

The exception is foreign ATM withdrawals, which cost Monzo around 2.5% for any withdrawal outside of the EU.