Other banks can offer unlimited cash withdrawals because they own their network of cash machines, and where their customers use other machines there are reciprocal agreements that apply and balance out costs.
Monzo don’t own any cash machines. They have nothing to balance out costs. So where customers are unprofitable, it absolutely makes sense to restrict where they could cause disproportionate loss to the business.
Not true. Starling started doing BaaS and they launched business accounts long before Monzo which allowed them to capitalise on grants and offers bounce back loans
I still don’t understand what you want to know. You seem to move the goalposts with every comment.
Are you now wanting a list of things that Monzo do that other banks don’t?
In a village? I mean my village has 2 pubs, 2 shops a hairdressers a Chinese takeaway and a chippy. And we are quite a reasonably sized village. I can’t think how I’d spend that much without getting heart disease
You just seem to be on a constant “Monzo are terrible and don’t know what they are doing” path with your posts, spread out whenever you find the time to moan about it.
Get paid early, salary sorter
I think in terms of USP, having the best app interface and user experience is still where it’s at. Compared to, say, Barclays signing up is easier, logging in is easier, and generally managing finances is easier from the average user perspective (individuals may differ but there are general principles to user design).
The gap is certainly narrowing but I think it’s still ahead in terms of feel compared to a high street bank which is why it’s still growing. I think it’s a strong USP personally.
If it’s “just shy of the £500 minimum” Monzo said that they will make exceptions so I’m sure he will be fine if you speak to them 
A direct debit can also include Paypal too by the way.
If you tap on that item it gives you the dates when your allowances reset, which seems to be new
Also the option on that page to see when international atm limits reset
Pretty sure that staff members have hinted that another form of borrowing is coming (ala Klarna?). That will help generate revenue to put into further product development.
People who want everything free just want everyone else to subsidise them. If they aren’t profitable then other customers have to cover the losses Monzo incurs.
That’s kinda what I thought when I read the potential Klarna-type product thoughts – for all Monzo’s original leadership virtue signalling about doing banking a different way, Monzo might just become a regular bank, where those who do borrow money subsidise those who don’t.
Is there an alternative? I’m really not sure that Plus/Premium will ever make the kind of money that banks generate from mortgages and loans.
Also, lending doesn’t have to have a negative social impact. Responsible lending enables people to do things like buy a car so that they can get to work, buy a house that they can do up and add value, etc.
that’s not accurate though, in the context of banks.
In most banks, they make most of their money by lending your deposits out rather than charging customers. In Monzos case, their lending / profit making facilities are not as developed yet, so VCs fund the shortfall - not individual customers.
By giving a bank your money, especially at 0% interest, you are already in a way paying for your account.
That’s not to say additional charges for certain behaviours are or aren’t essential for the business model, but I feel it’s fair to expect a certain set of services without additional charges given you are providing the bank a means for them to make profit off your money.
For me, I think that rhetoric about being ‘different’ was about being transparent and fair about charges, treating customers well and making their financial arrangements easier. Particularly at a time when completely unreasonable ‘unarranged overdraft fees’, abysmal and often hostile customer service approaches, aggressive and unfair lending strategies and terrible tech platforms were what most of us were living with.
They were always vague about their overall business direction - some sort of ‘marketplace’ seemed to be the initial ideal although hasn’t amounted to much so far. Still, I always expected them to end up as a deposit holder / lender really, it’s how banks make money.
Monzo should give me more free stuff isn’t a strategy for long term success.
Monzo employ smart people who are working out how to become profitable whilst still delivering good customer service and benefits.
Whos even saying that though?
Personally, Its more a case of monzo should be incentivising me to choose them over the competitors and continually improving their product.
Selfishly the things they’ve been developing recently havent been the sort of things to incentivise me to continue to be extremely happy or to step up and pay for “premium”.
As for future vision im not sure theres been a yearly outlook since TS became CEO? Years been less innovation more squeeze on banking fees to date so far
Why? If you follow that logic it would be impossible for there to be any disruption to the industry, no new players could bring in new thinking or features.
Previous banks thought it was OK to tell you what transactions you’d done in a paper statement (or emailed PDF if you’re lucky) once a month, now they are all trying to show you that information in near real time like Monzo (and other new banks). As far as I am concerned it is OK for them to look at what other banks do and decide for themselves what should be included as part of the basic service, what should require a certain commitment by the customer and what should cost additional (premium services).
It is not hard to meet the threshold showing your a commitment as a customer who is therefore contributing to their success.
Going back to your original post and premise; do Monzo have a direction. Yes. Is it public. No. Is that OK? Yes.
Remember they are no longer a small startup who can take into account the active forum users’ views on every change or new idea. Some they need to develop quietly, prototype and launch before their competitors know about them. This means that what those of us keen members of the forum community will need to get used to something different, less as influencers and more as customers.
It is valid that the criteria Monzo have used to determine the threshold of “full monzo” and therefore move you from “basic” service to “standard” service (my words) but that again is for Monzo and I am sure they could tweak the criteria if they see specific gaps appearing. My advice here would be, if you think you have a genuine belief your spending/income/use is “full monzo” but you are not meeting their thresholds then drop a message to the in-app team.
Some very valid points above about needing to become profitable to achieve significant growth to continue to disrupt the market place, and I really hope that Monzo are able to continue international expansion because personally I would love a single bank who can offer me a £GBP and €EUR accounts in a single app without charging me extortionate premium account fees which the legacy banks do (if they even offer the option).
Do you use Starling for this currently?
We have 1 shop and a pub and no cash machine.
Some round here don’t even have a shop and just a pub.
You have to own a car or motorcycle.