Transactions abroad or in a foreign currency

[alexs (Alex Sherwood)]

@Mazag_1919

And, is there not a charge to Monzo? If this is the case is it sustainable?

Here’s some more info, to answer your question - there is a cost to Monzo for all this & Tom shared has some insight into the implications of this since you posted the question here -

Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?

We’re not going to introduce anything immediately and we want to figure out a fair solution in conjunction with our community (all of you!) Roughly speaking, a year’s worth of UK ATM withdrawals for an average user might cost Monzo £1. ATM usage within the EU costs another £1 per user. Outside-EU usage costs about £8. And that’s averaged across the entire Monzo userbase of hundreds of thousands of people. In reality, these outside EU ATM costs are driven by a very small fraction of users, some …

& here -

Monzo's Tom Blomfield on cutting the crap from financial services

This interview was pretty wide-ranging, and maybe I was too vague at the time! We’ve got a clear goal - we want Monzo to be a financial control centre for a billion people around the world. But the path to getting there is not set in stone. We tend to be quite iterative, so making cast-iron promises about the future is frankly impossible. If you’d have asked me two years ago whether I could guarantee we’d still be called “Mondo” today, I’d have probably said yes. And I would have been wrong! …

@Mazag_1919

Maybe you could contrast that with how a ‘classic’ bank would work that transaction?

Typically the banks charge you to make purchases in other currencies, a foreign useage fee & an ATM withdrawal fee. So enough to cover their costs & then some

There’s more info on those charges here -

http://www.moneysavingexpert.com/travel/overseas-card-charges