Updated 2020 Rules Around Cash Withdrawals

Hey all,

Haven’t been here in a hot minute.

What is the latest re cash withdrawals as of now?

Do you mean what are the limits?

If so, search for withdrawal limit in in-app help

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That being said, I’m wondering if the new limits that are being introduced in the UK will stay in the UK, or if we should expect a similar announcement for the US soon as well. I hope they don’t, because it’d really put them behind just about every locally-based challenger bank here. The only challenger banks here in the US that charge a fee for “excessive” cash withdrawals are basically the UK ones- TransferWise and Revolut. There’s also crypto.com if you consider their MCO Visa card to be a banking product. Otherwise, no one charges a percentage fee to withdraw more than X amount of cash a month no matter how much or little you use your account with them.

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If I was to hazard a guess, I imagine Monzo US will probably follow suit with other challenger banks and only allow for 1 or 2 out of network ATM withdrawals per month as to keep costs down.

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I expect you will be treated separately with consideration of the local market and cash usage in the US, etc.

So I would say don’t expect a total blanket import of the U.K. rules but there may be a review of the situation there like there has been in the U.K.