I’d prefer Monzo to nudge the businesses that still require me to carry cash!
7 Likes
You do realise this has turned into speculation? They’ve never said they will introduce UK ATM fees. 
9 Likes
So you prefer a fee upfront right now rather than an attempt at leaving them free but with a reminder you’re not even required to read?
Nobody is preventing you from using cash withdrawals as much as you want; there’s just an optional reminder in the app that I personally never even noticed. I’d understand the outcry if someone from 
reached out and said « NO MORE ATMs FOR YOU » but we aren’t there, at least not yet.
3 Likes
I would prefer that a bank didn’t offer me a service then ask me to try not to use it.
If their business model doesn’t give them enough margin to offer that, then don’t - I would very much prefer that Monzo don’t go “Eh, we’ll see how it goes”. Lets remember that Monzo is FSCS backed - if they go bust it is the government (us) footing that bill. Monzo need to know they can afford free ATM withdrawals.
The message is unprofessional to be quite honest.
Like I said above, I wouldn’t accept it from any other bank.
6 Likes
I like that Monzo is trying a different and personal approach. Maybe it’ll work in changing people’s behaviour, maybe it won’t 
3 Likes
It seems that it’s a bit divided on this. As they are new to all of this, this is probably quite a burden on them. I don’t mind helping out where I can but if I need cash I will have to withdraw it.
It would be useful to know whether these kinds of fees are generally transaction based or rate based as it might help us to save on fees for Monzo
7 Likes
They would be better off campaigning to reduce POS card costs so more merchants will take cards and less need a minimum spend
9 Likes
The fee is 17p per transaction from a branch ATM and 12p for a balance enquiry. This fee is paid by the customer’s bank to the bank that owns the ATM where the withdrawal is being made.
But at a non-bank machine of the sort outside shops and stations, the fee is 25p for the cash plus 15p to check your balance, which gets paid to the independent ATM operator.
3 Likes
As far as I am aware, (what I remember from a post like this before) the cost of a UK ATM withdrawal costs Monzo about 0.10p - 0.25p depending on the ATM
2 Likes
Thanks 
. So if I need to get cash, I am better getting more than I need to
Thanks, I will keep this mind 
(although I generally use a ATM about once every few months)
If you need cash… you need cash mate, I wouldn’t worry too much about it 
17 Likes
12p for a balance enquiry? Is there someone sat in the machine manually phoning a 118 number from a mobile?
15 Likes
Bullshit fees at their finest - they’re basically charging 12p to send and receive two packets over the network. 
6 Likes
Probably more than 2 after all of it’s tokenization but still just silly!
1 Like
Bit of a pointless debate
As it stands as of today, Monzo do not charge to withdraw cash. If that position ever changes anyone that is unhappy can change to a different bank for free.
So nothing to worry about
9 Likes
I have a foreign account that charges a small fee for withdrawals and for balance checks. I would rather pay that fee than have Monzo come back to me in a year and say it is costing them 12-25p and they are introducing a 50p charge every rolling 28 days on all withdrawals after the first £99 
4 Likes
If it’s an average £1 per user per year, an average yearly balance of £200 would pay this cost - remember Monzo accounts don’t pay interest, and I thought the reason was to pay running costs…
As for why 12p for a balance enquiry? A choice extract from Treasury Committee: ATM Charges 2004/5
…purchase and installation costs of the machine, site rental, repairs and maintenance, cleaning, communication costs, cash delivery and replenishment, insurance and security, rates, and the opportunity cost of the cash in the machine…
The typical cost of operating a free [i.e. non-charging] machine is £19,000 per annum at a branch and £33,000 at other locations.
3 Likes
I think the UK has spoilt me a little with free ATMs. It’s so convenient to get cash out since so many ATMs say “free cash wthdrawals”, back in Singapore I had to hunt down one from banks I use and they are usually placed all around shopping malls/ train stations and you have to pay a fee to use a different bank’s ATM.
Personally, I don’t mind helping Monzo reduce costs and I already use my legacy bank to take out cash. Plus, Monzo doesn’t charge for lots of things like bounced DDs, it’s convenient, no monthly costs, etc., but I think that message does risk making customers feel obliged to have to help out here and there when it is a pretty basic/necessary feature of a bank to be able to use an ATM.
10 Likes
two points… 1) with increased card usage and hence reduced cash use the declining use of ATM will effectively make per transaction costs rise when annual cost divided by the number of uses each year. This is why in some countries ATM operators are moving away from cash vending to other services such as charity donation, mobile phone top up etc, as they make more revenue from that. 2) Link network fees vary by location. Where ATMs are installed in impoverished areas the operator gets more money as an incentive to install and operate there.
2 Likes