Nice to see that Monzo got a mention on ITV’s This Morning show yesterday, in a segment about which cards to take on holiday. The segment started at 35:04 & Monzo’s mention was at 37:54.
It was Martin’s 1st pick as an alternative for users who’re worried about using the legacy bank’s fee free cards, which require a credit check before they can be used
Martin Lewis has just mentioned it again on his TV show but he did add a caveat. He suggested that he doesn’t know how long it will last as monzo are probably just trying to build a customer base.
Hi, I will be travelling to Thailand, Vietnam & Cambodia in a few weeks.
My friends & I have all ordered Monzo cards with delivery coming within the next few days.
However, as are trip is 6 weeks long we are worried about the £1000 ATM monthly withdrawal limit.
Is there a way around that? For example if I get cashback with a card transaction will this affect this limit?
Any advice would be greatly appreciated.
Thanks,
S.
You won’t have been with Monzo long enough to be eligible for the enhanced limits so you’ll be limited to the standard ID verified £250 a day/£1000 a month rolling limits. You could withdraw £250 a day for the first four days, and then 26 days after your last withdrawal you can withdraw another £250 a day for the next four days (sticking to the rolling limits).
Try using Monzo to pay for accommodation, trips, meals etc. The less cash you use the easier it’ll be to budget.
Best to have a backup card available just in case; remember Monzo is still in beta.
Thanks for the reply Bob.
I think that’s what I’m going to do just to be safe.
Can you enlighten me some more about these enhanced limits?
Even though they won’t apply to me yet I’d like to know some more about them.
Just to highlight this one - cash back is not possible with Monzo prepaid card (UK or anywhere). Please see point 3.5 in Terms: Terms & Conditions I believe that cash back will reject whole transaction.
I don’t know about overseas, but this is definitely the case in the UK. Several months ago, I tried getting cashback when paying with Monzo at Tesco, and the transaction just failed. I can’t remember the error, but it was rejected before it even got through to Monzo (no ‘payment declined’ or anything else in my Monzo feed). And there was no indication it was because of the cashback. So I would certainly agree with Marta’s advice, as if you try getting cashback abroad, you might think that the Monzo card doesn’t work at that merchant, when in fact it is the cashback blocking the transaction.
I’m travelling to Thailand and Vietnam in October for 23 days. I’ve just taken out a card and will be using this at ATM’s over there. I understand I can only withdraw up to 1k in 30 days. I will inevitably exceed this probably at the end of the second week. The lassie at Monzo told me I can give them a call when this happens and they’ll reassess my limit. Realistically what’s the chances of my limit being increased?
I find it a bit daft only allowing 1k withdrawal when you’re using your own money and not using actual credit.
Looking at the above post on new limits it looks like I’ll have to try and get on enhanced verification although I’ll probably still exceed the 2k atm limit
The issue is that the fees to Monzo for using overseas ATM networks are quite high. So whilst it’s your own money, there is the cost of the international financial network and foreign bank charges which are being absorbed by Monzo.