I’m sure you’re right that quite a few users do initially sign up because they’re looking for a currency card type of solution.
But the fact that 74% of Monzo’s users are active in any given week, suggests that the majority of those people continue using the card, after they get back from their holiday. So the charges shouldn’t put too many of the existing users off, now that they’re realised that Monzo is more than just a currency card.
I agree that adding a fair useage fee will have an impact on the number of users that sign up. The question is, how big will that impact be? I’m hopeful that if Monzo can explain the reason for the charges clearly enough, users won’t be put off.
Since Monzo are only covering their costs, it should still be a very competitive solution. Particularly once the remaining providers are forced to add these fees too..