We’re not going to introduce anything immediately and we want to figure out a fair solution in conjunction with our community (all of you!)
Roughly speaking, a year’s worth of UK ATM withdrawals for an average user might cost Monzo £1. ATM usage within the EU costs another £1 per user. Outside-EU usage costs about £8. And that’s averaged across the entire Monzo userbase of hundreds of thousands of people. In reality, these outside EU ATM costs are driven by a very small fraction of users, some of whom are each costing Monzo £100+ per year in ATM costs alone.
On the other hand, some of our users are very frustrated by the £5,000 annual ATM limit, and want to withdraw even more. So these people should probably be able to withdraw more than that, as long as they bear the costs.
@tristan is going to lead some work over the next few weeks talking with our user-base to figure out a fair strategy that doesn’t impact the vast majority of users, but prevents a small minority causing disproportionate cost that has to be subsidised by everyone else.