I recently read the post by Monzo over fees for travelling abroad. I regret not replying at the time cause now I can’t find the post.
However, my idea lives on! It’s fairly simple. For those high flyers who travel a lot with their Monzo card rather than absorb the fees charged, Monzo creates the travel account. It’s a set premium paid to Monzo by the customer to use their cards abroad. We then set a limit of transactions that card can do in say a one month rolling period, i.e. you can use your card 10 times a month in a foreign country. Should you go over that limit, you absorb the fees charged to Monzo and Monzo charge you for doing so, this way if you know you’re going to be using your card more often abroad you’ll be better of paying a premium to avoid charges.
Obviously, a balance will need to be struck. I used my monzo card whilst on holiday and part of that was the no fees for doing so. We are aware it isn’t viable for Monzo to keep absorbing the charges, so change needs to happen, I think this idea could benefit everyone, the infrequent traveller still benefits from fee free travel, frequent travels don’t pick up the slack and avoid charges, Monzo see the cost of the fees go down due to premiums paid by Travel Accounts and Those who are abusing the card for travelling rather than help build a sustainable bank for the future will pay heavily…with their live!! I joke.
Please let me know what you guys think?!