That is exactly what they are doing…
The more I think about this, the more I think that Monzo could be shooting themselves in the foot if they get this decision wrong.
It seems as though a considerable portion on the tweets that Monzo ‘like’ are concerning using the card abroad. I really think that that a lot of new users (who aren’t as passionate about the Monzo project as people on this forum) would be put off signing up and use other services instead. I know for sure that all the friends that have signed up initially did so for travelling purposes.
In the annual report, it said that around 40% of the per-customer loss is due to international ATM usage outside the UK or EU. For this reason, I think that it is vital to keep ATM usage free within the Europe (it also says in the annual report that the aim is to keep EU usage free).
It has been stated numerous times that the goal is to find a system in which the majority of users will remain unaffected. Two out of the three options automatically make this goal impossible.
I’m sure that you clever people could find a better solution than any of the three suggested so far!
P.S. I still appreciate what you are doing, Monzo team. Keep up the good work!
8 Likes
The only reason I got a Monzo card was for the fee-free non-EU ATM withdrawals at MasterCard FX rates.
If Monzo starts charging for these withdrawals and it adversely affects me then I’ll take my money and custom and be off to some other company.
1 Like
enjoy their 2% fees for their ATM withdrawals after your £200/month limit and their 0.5% markup on currency at weekends - when you might go for a long weekend away 
-
edit - my comment before you deleted “might go to revolut” from your message
4 Likes
Bye then. It’s customers like you that is costing Monzo the loss, as they’ve explained, so I doubt they’ll be worried at your strop.
8 Likes
they charge users who use their card at the weekend?!
1 Like
Really enjoyed reading that cashless Sweden article on my commute today!
Yes. Revolut charge their users more for use at weekends with a weighting on their exchange rate rather than a flat fee
I find the posts and transparency explaining the fees that Monzo are charged and other details fascinating. We all want free banking but at the same time don’t want to pull back the curtain and see the true cost of providing it.
By revealing this cost, maybe some people will reduce their ATM withdrawals or try and find an ATM with better fees, for example, but as has been proved with other things like unlimited data on mobiles, there’s always a small minority who think it doesn’t apply to them, or as it’s free they can use it as much as the like. E.g. unlimited data on mobiles.
I would pay a small fee appropriate to the fee that Monzo pay, especially if it was just the non EU use. Of course I’d prefer to pay nothing, but how should Monzo make money to cover these fees?
10 Likes
What is clear from a lot of these replies is how the prepaid card has moved on from being understood as a means to test back end banking functionality because of the side benefits being offered when abroad. The seeming assumption that “this is what it’s for isn’t it?” is quite revealing.
The reality is that if people stopped using the beta card, I doubt the bank would be that troubled since the maximisation of foreign withdrawals is effectively a loophole in the testing process.
Yes, the sentiment may play into the current account too so there would need to be some care taken with the marketing there but, realistically, no bank will offer a facility that is unaffordable for them regardless what people feel they’ve been “promised”.
7 Likes
I think a better reply could have been to list all the other brilliant reasons there are to use a Monzo account! @RichardBurt is the exact kind of user that I talked about in my previous comment. The fact of the matter is that a lot of people wont be as understanding as you about losing the free worldwide ATM usage.
Finding an effective solution, which helps Monzo spend less money and also offers a world-class service to use Monzo abroad, is clearly the desired outcome here. It would be far more helpful to understand where @RichardBurt is coming from, rather than just telling him you don’t care about his “strop”.
3 Likes
Without any actual final answers coming, it’s probably best to leave this topic until there’s actually something to discuss. We’ve seen what monzo are looking at. They’ll be a proper thread when they announce their thoughts etc.
I blame whomever created this thread. They should be banished immediately.
8 Likes
you’ve been reported to the authorities
2 Likes
I am sure that a lot of monzo users only have this card for foreign withdrawals. If you go on most travel forums it is the main topic of conversation as travellers want their money to go as far as possible. I have recommended the monzo card on a lot of forums so if charges are applied to withdrawals then I can see the business taking a huge hit…
one of the reasons I initially got the Monzo card was for ‘free FX’ holiday spending , but now the app has become so useful in terms of I know where I spend my money , I can find out how much I spent last year , quarter, month at the touch of a button, or two … , how much Im spending on booze, food, coffee etc etc - I wouldn’t now give it up for a nominal charge to cover Monzos costs in giving ‘free’ FX - Monzo needs to keep acquiring customers as fast as they can to reach its ultimate market place goals , I think most ‘new’ users will stick with Monzo once experienced whether Monzo charge a nominal ‘fee’ to cover their costs or not - speaking purely as an investor of course
4 Likes
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..
7 Likes
Thank God for thread muting.
8 Likes
Got to admit this thread has got a conversation going at Revolut…
Either way on how we move forward with the ATM fees, I think the amount of people leaving won’t be as much as expected as there isn’t a bank in the world that gives the same love, care and attention as the wonderful team at Monzo - let alone the amazing community!
The thing I love about Monzo is that I can see how I am spending as well as getting instant updates once I pay for something, e.g. I know that my money has gone out instantly once I grabbed some lunch at a bento place (other cuisines/foods are available 
), the fluorescent hot coral card and I can send a Monzo.me link to friends who owe me money (they are in awe when they can just send me money like that)
I am going to pay close attention on how this ATM withdrawal topic goes and also when Tom et al, let us choose how to go through with the final vote on future ATM charges
FYI said thread is at:
2 Likes
Then they’ve missed the point of what Monzo is about and the purpose of the cards as I said above. As for the ‘business taking a hit’, that’s just (respectfully) nonsense. Even if the foreign transaction market was the point of all this, what any business wants is profitable interactions with customers rather than simply a large number of customer interactions so the concept of massively losing out as a result of any of these theoretical changes as described is somewhat flawed in my opinion.
3 Likes
If Monzo put a monthly fee on, that’s all the students gone. Especially as Monzo don’t offer an overdraft on the prepaid card. Secondly I would just switch to First Direct who now have a new app and interest free overdraft and 5% regular saver.
2 Likes