Will Monzo Continue To Offer Free ATM Withdrawals Outside the UK?

totally dislike that idea. Do not want Monzo priviledging the rich by offering those with higher incomes better terms than those on lower salaries.


Your find quite a lot of legacy banks have minimum deposit to get benefits such as interest etc… but they also offer a free tier that has no bells and whistles.

Yes but I am hoping Monzo don’t replicate this and be just like a legacy bank. Hopefully they are fair and offer same services and perks to all.


Whislt I agree that Monzo shouldn’t be replicating features just because most legacy banks have them, Monzo has stated that the model they are following now for free withdrawls abroad is just not viable.

They need to find a solution that allows the majority of their users to benefit from free withdrawls abroad without losing money.

Rewarding the rich isn’t the vibe I got from Monzo so far. I don’t think that rewarding customers that bank with them regularly, as opposed as just wanting a holiday card, is a bad idea.

Maybe £800 a month and 3 direct debits is too much, I don’t know, but I think it’s an avenue that at the very least should be explored.

My own two cents :wink:

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I agree, maybe this was just an unfortunate choice of criteria -

but Monzo certainly is capable of identifying regular users, who aren’t just using the card like a currency card so this is feasible.

What no Monzo Premier?


I think one of the many reasons customers hate the legacy banks is they way they shunt most customers into long queues on the phone or in branches, unless they’re very high earners or hold significant assets with them. Imagine the novelty of a bank offering “premier” service to all customers :grinning:


Hopefully not. And I would rather not see a £800 cut off or a number of Direct Debits. You may earn £650 net and have your salary and all bills thru Monzo versus someone with £1000 a month spare change paid into Monzo and a couple of direct debits with Monzo just to get certain perks while not using it as their main account. Also you may not own your own home and have direct debits for gas and electricity and water as you could rent and your standing order to your landlord cover your rent and utilities combined. Any rules put in place to allow free withdrawals for some will be utilised by the better off and provide a barrier to use by those on lower wages. One account for all and either everyone gets withdrawals free or everyone pays a fee, we should not just have the better paid getting free withdrawals abroad but the lower paid not.


Just keep it simple and charge people what they cost Monzo. If the amount is low enough (like for UK withdrawals) then absorb it.

There has to be incentive for the user not to rack up high costs for Monzo, otherwise Monzo won’t remain viable as a concept.

Pass the costs on to the user and then focus on giving the user more info, such as crowdsourcing which overseas ATMs are cheapest (or even the cheapest set could be set as free by Monzo) or highlighting other ways of getting cash overseas that is cheaper.

Give more information to the user when they arrive in a foreign country, for instance how likely they are to need cash. I imagine lots of people withdraw cash they’ll never need. I still take foreign currency when I go abroad “just in case” but if I could see that 98% of Monzo users who had been to the country reported not having needed cash then I likely wouldn’t have bothered.

Highlight that people can get foreign cash in advance (instead of using an ATM when they’re there) at good rates using their Monzo card and where they can do that cheapest.


I totally feel like some kind of traitor who’s lost touch with his roots now :slight_smile:

Maybe £800 was too high? I just meant a usage pattern that indicates that you’re using the account as your main everyday account for all your banking. There absolutely should not be any kind of two tier account.


It was tongue in cheek!

Believe me HSBC premier is there so they can make a personalised attempt to separate you from your money instead of using semi automated methods. They soon lose interest when you ask difficult questions about charges…

Compared with First Direct it is way behind. And I have high hopes for Monzo to take over the mantle.

I am eager to leave my legacy bank. I find the interface clunky and slow and transactions take forever to show up.

It would be lovely to have free transactions under a current account, but if it’s not doable, it’s not doable. One of those things.

Right so here is the thing, Monzo is spending an inordinate amount on international ATM fees and so need to cut back, yet we have a big thread for people to get golden tickets, many of which go along these lines “Help, I’m going away In a few days and really need a golden ticket” with a user that registered approximately 1-10minutes before that post.

Does anyone else feel slightly conflicted by this?

Here is my point, if it’s an issue then why are we saying here you go in a big thread, have a card, spend some cash and increase the bill. I get if you’ve waited weeks for a card then you’re probably more likely not to just use it whilst youre away then stop using it when you get back to blighty.

I dunno, I guess my point is that I know some people will turn to active users in the UK when they get back from their hols and its balancing that with the few that the few that we never see after the holiday.

Surely if we think this is an issue then we should be prioritising the card for people who have waited their turn not everyone who just turns up and wants a charge free holiday card. I think Its perhaps just doesn’t send the right message.



What you’re saying makes sense but my instinctive reaction is, since such a high proportion of these users apparently continue using the card after getting back from their holiday, it doesn’t really matter why the signed up, as long as they do. After all, the key objective for Monzo right now is growth, in terms of the number of users that they have.

I fee like I could be overlooking something there but without more data, it’s hard to do a more sophisticated analysis of the situation.

I think what I meant to convey more (and it’s 1am with the wind rattling outside so my apologies if I’m not doing it so well) is about the point of having a queue at all if basically annoying can skip it.

Surely the point of the golden ticket system was that if you show your friend and they go wow that’s awesome, and you give them a ticket and it’s a little bump up the queue but with the thread it seems to have just morphed into a wholesale way for anyone to avoid the queue.

My point is that is there really a point in a big queue if anyone can skip it? Surely being British we can all appreciate that people should in general wait their turn, sure sometimes you help a friend in (the original intention of golden tickets) but by letting just anyone getting one on there I feel sorry for those who are patiently waiting behind who are potential growth.

Tbh once the current account launches the atm thing should become less of an issue anyway


Ah ok, I see what you mean now.

I assume it was & they are still useful for this, in my opinion.

Again, I agree but there’s others who don’t :man_shrugging:

Although I appreciate the fact that users are sharing their golden tickets with good intentions, I don’t like that topic either but for a different reason - it removes the incentive for users to promote Monzo (refer 3 friends) in order to skip the queue.

At the end of the day, there’s over 1k users signing up to Monzo each day though & there’s far fewer golden tickets being shared in that topic. So a) the tickets are being used by a relatively small proportion of users that’re signing up & therefore b) as far as I can tell, it’s not having a significant impact on anything at all, related to new user sign ups.

But that’s a discussion for another topic :wink:

I’d be curious to hear more about how you’ve come to that conclusion?

It was more hope as much as anything else and the assumptions that:
a) base running costs per user should go down compared to the prepaid card
b) The fact that this has been raised by monzo suggests that there will come a point when a decision on the future of international ATM charges will be made soonish
c) hopefully some of those who currently cost the most in these fees will either not sign up for a current account (because a current account is a bit more of a big deal than a prepaid card) orrrr even better they do sign up and use the current card as a proper account because of its better features and therefore probably generate some offset for these fees.
d) presumably during conversion to current accounts some inactive prepaid cards won’t be converted which should reduce overheads

This and the fact that hopefully more users means more revenue to offset the heavy int atm users.

That was my reasoning behind that thought anyway

Update: writing posts at 1am on a mobile is never a good life choice, it just means I have to recheck and edit my posts because of mistakes

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This is an excellent idea!
I don’t know if anyone uses the Petrol Prices app? If not, it uses fuel card data to plot the petrol stations and their prices on a map. I might choose to go to the cheapest, or if it is inconvenient (or I’d use more fuel than money saved!) go to a slightly more expensive place.

Couldn’t Monzo do something similar in app? I also like the idea of a “free” tier, which I think makes it slightly fairer - if you cba to go the free ATM, you’ll pay for the convenience. But I guess it depends how foreign charges work…


A post was merged into an existing topic: ATM Fees Abroad: Asking the Monzo Community to decide pricing

This subject is being continued over here, where a poll is available for the community to have their say on the ATM fee topic.