"Thoughts on ATMs"

Hi there,

I used my Monzo card on a Lloyds bank ATM today (for the first time!). All went through fine but I noticed that I had a link on the transaction that went to “Thoughts on ATMs”.

It basically explained that ATMs cost Monzo a significant amount of money, both in the UK and abroad.

I have a few questions:

Does cashback in supermarkets cost the same amount or less?
Is this always going to be the case? Or is this something that will get better over time?

I just thought this was a little bit odd. Does it cost the high street banks the same amount, or are Monzo getting a bad deal?

I don’t take cash out very often but I will try and use it as little as possible and instead use my Lloyds for “just in case purposes”. (I worry about this kind of thing lol).

Sorry if this thread has been duplicated. I couldn’t see anything referring to this specifically.

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Yes it does cost them when their customers use other bank’s ATM. However when the customers of different banks use their ATM network they are getting paid money by that other bank for letting their customer use it. So when you own a network of machines your bank can offset the costs


It costs them more as they use LINK and Monzo doesn’t… but again, as @anon44204028 said the mitigating factor is they also own ATMs.


This is the sort of thing that’s turning me off to Monzo - a serious bank shouldn’t be asking their customers to watch their costs for them.

UK cash withdrawals from ATMs are an expected feature of any current account and Monzo shouldn’t be asking users to curtail them…


Yeah. Kinda feels like there’s a long list of things which cost Monzo money – foreign ATMs, topping-up, now domestic ATMs – and as each one is brought down in cost, the next ‘suggestion’ to save Monzo a bit of money pops up.

It cheapens Monzo, if I’m honest, to keep asking its customers to help a little bit, here and there.


The next thing they will have is a pop up dialogue in the app asking for donations to pay for the coffee in their office only joking


That makes sense! I didn’t think of it like that!

Thanks! :slight_smile:

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Just because it costs them money doesn’t mean you can’t use them or feel bad using them…

I use an ATM about 3 times a month, if that… It does enter my mind about it costing Monzo but at the end of the day I need cash and they are my bank… it’s in their business plan that customers cost money…

Use ATM’s if you wish, I’m sure they don’t mind the odd usage :slightly_smiling_face:


I see it as honest and transparent banking

Rather that than punitive fees elsewhere that catch you out


I will always feel bad about it :joy:

Monzo can be honest and transparent without trying to guilt trip their customers in to changing their habits to reduce Monzo’s costs.

If Monzo can’t run the current account profitably without requiring their customers to change the way they handle their finances then, sorry, but the business model isn’t working.

If they can run the current account profitably without their customers changing the way they handle their finances, then they should stop badgering their customers for no reason!

I wouldn’t take this sort of thing from HSBC, I don’t see why Monzo should be treated any differently.


I’ve not seen the message myself but I can’t see it being a ‘guilt trip’

As somebody else has mentioned, continue to withdraw cash freely without worrying about it. Simples…


Because they’re still building a customer base who will use it more like a current account than a prepaid.
I leave money in my legacy bank to take out an ATM and card money goes to Monzo. When I use Monzo as my main account then I need cash from that account

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Here’s a quote from the message:

It costs Monzo significant amounts of money when you withdraw cash. If you can, please use your card in shops and restaurants instead of withdrawing cash, both in the UK and abroad - it’ll save us money which means we can put more time and effort into making Monzo better and building a more sustainable business.

Reads like a guilt trip to me…


Wouldn’t say it does in the slightest

‘If you can’


Inserting the words ‘if you can’ magically stops the message from being a guilt trip?


I have a divided opinion on this message…

On one hand I agree that it’s not the concern of the customer whether something costs money or not… but there is a risk that we could go to a nominal charge situation like we have had in the past with the old “your card issuer may charge you for this transaction” scenario…

On the other hand, in order to support Monzo and help it build it’s bank we should try and avoid things that cost the company money until they can stand on their own two feet and properly absorb charges like this… Whilst most of us still have access to legacy banks, etc is there really any harm in trying to do our bit in the short term?


Monzo surely wouldn’t charge customers to withdraw own cash…

I use Monzo to help and be apart of building a bank of the future and take no issue with them making polite suggestions about how to save them money whilst on this journey


I like Monzo and Starling because they’ve actually got me interested in Money and Personal Finance, which is something I’d never thought i’d be too bothered about…


And me

Who’d of thought I’d be writing/ debating on an Internet forum about my bank even six months ago :joy: