Hi Baily, quick question regarding this latest article. It states "…plus we currently pass on Mastercard’s exchange rate ". Does the “currently” mean we might stop getting the full MasterCard exchange rate at some point?
Would be keen to hear the answer to this as well. @bailey or @tom, I wonder whether you could share your thoughts as to how Mondo will make money in the future? Obviously, we’re all enjoying the free services you offer currently (and they’re absolutely fantastic, by the way) but I think it would be good if you guys could be transparent about future fees (or potential fees) now if possible.
I’m going off to various places around Spain and the Canary Islands in October so I can’t wait to use Mondo there. I hope Mondo keeps the commission free travel part of its core product. Metro Bank used to offer free worldwide spending however they have now limited that to Europe I’m hoping Mondo does not go the same way after launch - however I’m sure Mondo is a lot more efficient with how it runs and can therefore pass these savings to us
Hi! Great point @Kabe - no, we don’t plan on making any changes to how you use Mondo abroad ️
In terms of revenue @SladdinCJ - we don’t make any money on the prepaid scheme but we know how we’ll make money in the future. When we launch as a fully regulated bank we’ll offer overdrafts to our customers, and make a small fee (in a transparent way) each time we lend.
Hi @bailey, that’s great to hear. I think the transparent overdraft fees are a good way of making money. Will this be the only way Mondo makes money or will there be other fees (e.g: a monthly fee for the account, etc?) Would also be interested in understanding whether Mondo will pay interest on its current/savings accounts when it becomes a fully regulated bank?
I received my card a few weeks ago and am currently in Sweden, it’s so nice seeing charges on the app that are actually better rates than the ones displayed on Google. As I’m also headed to the US later this month it’s nice to know I don’t have to rely on my old cards and all of the charges that usually come with it.
I have a feeling my partner and I are accountable for all 86 Taiwan transactions. Happy to have made a mark
I probably did all the Lichtenstein transactions and the vast majority of the Gibraltarian transactions, although I suspect because these countries use another country’s currency (CHF in Lichtenstein, GBP in Gibraltar), many merchants may be misreported into those countries.
I’m going to Cape Verde on Wednesday. Has it been used there yet?