I might really disappointed by what I see another strategic move by Monzo to push all their users to use Monzo as their main current account!
The main reason I join Monzo in the first place 2 years ago was because I found it to be very convenient to have a pre-paid debut card that you can just top up some money when you are travelling abroad and don’t pay interbank charges! I’ve been very happy with that.
Then about a year ago, you guys “forced” all your users to open a current account with you otherwise “leave”! It was no big deal but this way of doing thing is not really customer friendly! Now, next step you are saying that top-up by debit card won’t be possible anymore using the fact that it costs you money as an excuse. I’m sure it does but I don’t think that’s the main reason. Your main reason is that you want your users to start using Monzo as their main current account and eventually close their existing current account with their bank, i.e by getting your salary paid on your Monzo account!
And once you will have X amount of users switching to Monzo as their main current account (target which I’m sure you have already set), your next step would be to become a “normal bank” saying that not making your users paying interbank charges is costing you guys lots of money and therefore going forward you will start charging a % on any transaction fee abroad! By then people would already have all their direct debit etc set to their Monzo current account that despite being annoyed they would likely stay with you!
Clever way of doing things Monzo but somehow very readable! So I won’t be surprise if in 1 year you send an update saying that there will be a transaction fee applied to every foreign transaction going forward!
I won’t wait that long to see, I’m switching to Revolut as from now!