Wrong. We all remember those heady early days when the Monzo chat would respond in minutes - you know, when they were keen to establish a reputation as a ‘friendly, transparent bank’ and a viable alternative to traditional UK banks.
Guess they gave up on the facade of customer service - the chat now takes anything from 30 mins to more than an hour for a response.
I’m still confused here.
Monzo doesn’t allow other currency (in the account) does it?
So really it’s what the receiver (Degiro/Fidelity) decide the exchange is as they are changing it from £ to Euro/Dollar? Not Monzo the sender?
Edit
Or does Monzo count it as paying for something, rather than a transfer?
Monzo > Degiro (EUR)
Monzo > Fidelity (USD)
Monzo > Crypto Exchange (USD or EUR) (depending on the prevailing exchange rate on the day).
I’m assuming OP means that the transactions to the Crypto Exchange have the option of being put through in EUR, USD, GBP etc.
He’s putting them through in USD as GBP is in a good position vs. USD. He’s using Monzo rather than the original bank as they have no foreign currency fees (I guess this is what is meant by ‘exchange rate’).
When I use PayPal, I have the option to use PayPal’s exchange rate, or my local bank exchange rate (Monzo). The Monzo rate is FAR better.
It’s the same when I send X thousand EUR or USD to my brokerage or crypto exchange.
Ahh now I get it. Thanks!
I think it goes like this
Precisely.
Can anyone therefore recommend an alternative to Monzo which offers interbank and not ‘market’ exchange rates for EUR and USD?
I think you have worked out your answer …you are sending “vast” amounts through Monzo benefiting from their subsidised exchange rate when Monzo only want to offer this to occasional use …lots were culled when they only used monzo for withdrawing money abroad …its costing them a lot to service your freebies…perhaps Coutts are more generous if you have the wonga in their accounts
Then perhaps Monzo should not advertise this is a ‘benefit’ of using their service? Or perhaps they should clearly and transparently outline what is ‘free’ - and what is not, and charge accordingly.
For example, if Monzo had a chargeable upper tier of ‘Unlimited FX’, I would gladly have paid for such a service. But opting instead to penalise customers who use the service Monzo advertise as a benefit, they do nothing but lose revenue - and good customers who would be more than willing to pay for a fine service.
well that is true , they dont , they have decided you are perhaps taking advantage of something they didnt expect people to take advantage of and they have decided to terminate your facility - so I think we have found out why they are closing your account ???
How does one ‘take advantage’ of a service that is touted as a reason to use Monzo?
5. We take the stress out of spending abroad
We pass Mastercard’s exchange rate directly on to you. And we don’t charge you to pay with your card when you’re abroad.
well they haven’t stopped me using this service …probably because I haven’t abused it …they have considered your usage to be abuse …maybe …again all supposition …but with what you have said . thats the conclusion I would come to … I may be wrong …the terms obvs dont say if you kick the arse out of this free service we will stop you because it costs us money , they dont have to I suppose 
when they say we can terminate our agreement should we chose to…they have chosen to because of your usage …conjecture
Are you spending abroad?
Very occasionally - and obviously not in the past twelve months or so.
Perhaps Monzo should not emphasise their Interbank FX rates as a benefit of using their service if there is an undisclosed limit to said FX rates. As mentioned above, it all comes down to Monzo failing to be transparent.
it all comes down to reasonableness ?
Reasonableness would be a fair and transparent breakdown of FX limits (assuming they exist) - rather like Monzo advertise their cashpoint withdrawal limits.
I’m not entirely sure that this thread needs any more unfounded speculation, if I’m honest.
It’s how and what you spend on
Using your logic, that would mean Monzo (or any other UK bank) should be able to dictate what is and is not a reasonable way to spend one’s own money.
If I am not breaking any UK law by sending money to my broker or crypto exchange, then there should be no justification for terminating an account on that basis (if that is indeed the basis for the closure).
Is this English? Perhaps I am just old and unaware…
No one has said you are. It’s just that something you are doing is something Monzo don’t want to be a part of.