Thanks for the actual figures, Tom, interesting. Are the ATM fees charged to Monzo per withdrawal, or a percentage of the amount (maybe some of the contributors here with banking experience already know this)?
We have an Italian Bank (MONTE DEI PASCHI DI SIENA SPA).
Will I be able to transfer GBP directly into our bank using my Monzo card?
Or will I need to use it at an ATM to get Euros and put them in over the counter?
Appreciate any help and ideas.
When the current accounts launch, there will be a TransferWise integration so you should be able to use that to transfer funds from Monzo to your Italian account.
Iāve already used TransferWise to transfer funds from Monzo to my euro bank (Bunq). Very easy via the TransferWise app. I wonder what benefits weāll get when they integrate with Monzo current accounts. Preferential fees?
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Thanks Alex. So I presume that as I will be doing this next week at our bank in Italy it would be best to get Euros from an ATM and han those over the counter?
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Yes, youāll need to do that for now Iām afraid. I expect that you could withdraw the cash in England & get your bank to convert it to Euros when you pay it in but they probably wonāt give you such a good exchange rate 
Thanks Alex. As this will be the first time Iāll be using Monzo in an Italian ATM, are there any tips?
Iāve used Monzo at Italian bank ATMs. No fees and a great exchange rate 
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There are, from other users 
The ATM section in the wiki isnāt very detailed yet though so it would be great if you could add some more info, once youāve used them 
May be overlooked by most but always go for the local rate (Euros) and not the card rate (GBP).
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Hereās the thoughts of Revolutās Head of Communications on this -
for what itās worth, I think heās probably right but to put that in context for the newer users, he does have a vested interest in saying that, as Revolut have a fair useage policy already.
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The best way would be to have fee-free EU and UK withdrawals. Then have a limit for countries outside of the EU that are free and charge above that, maybe at cost? You could also maybe arrange some agreements in certain popular destinations to cater to the public who are attracted to the fee-free concept. If you start charging then you essentially just have a card that has instant payment notifications, and I donāt think it will be very easy to drive more user growth when thatās all the card will remain to be.
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The oldest bank in the world meets the newest in the UK. Cool.
(Though how long it will actually be a solvent bank, who knowsā¦) 
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I wouldnāt mind paying a fee to get cash out overseas (would like a lower fee in the EU though) but it would probably change my spending habits eg taking cash out in bulk, using card more often instead of at ATM. This will not be applied to overseas purchases in stores, right?
No it wonāt (from the expanded quote in the OP) -
If I had to pay for foreign cash withdrawals Iād stop using my Monzo card for them. Frankly Iād prefer to spend everything on card, but when you are in a cash based country you often donāt have that option.
When I go abroad, Iām able to use 2gb of my 12gb data allowance in a large number of countries without any additional charges. Perhaps a similar āallowanceā for non-EU cash withdrawals could be made for customers, with 1% fees or similar levied above that.
As long as Monzo make it clear itās designed to cover their costs it seems reasonable, it will still be competitive compared to most banks who charge higher margins to gain profit on their customersā trips.
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Undoubtedly what Iām about to say will draw criticism from some factions of this community but here goesā¦
Quite frankly when you launch the Monzo current account I wouldnāt mind paying Ā£10 a month to use Monzo. I do the same for Natwest and canāt even remember the last time I used some of the benefits. Iād pay it to Monzo for no additional benefits because I, like the majority of people in the country, are sick and tired of the traditional banks. Iād do it even if it was a voluntary fee. It doesnāt take a rocket scientist to work out Monzo is already light years ahead of existing banks and itās my belief that the real innovation hasnāt started yet and wonāt until after the current account launch. So if paying Ā£10 a month so that Monzo can keep existing ATM withdrawals and perhaps accelerate their roll out plansā¦ then tell me where to send my money
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Iām not going to critise your suggestion I just think that would be a little excessive. I have a legacy bank where I pay just over Ā£15 but I do use all of these add ons - car breakdown, taste card etc.
Iām impressed by monzo and itās very good to see a transaction come up on your phone before it tells you to remove your card on the POS.
If ATM in U.K. & Europe remained free then could there be a package to use in either different countries or collectively outside EU.
I donāt think some will pay Ā£5 in Asia but if these customers are not big users back in U.K. Then is Monzo going to actively want them?
Iām was thinking Ā£2 per ATM transaction- not the full cost but nearly meets halfway?
I may be wrong but from my short time on this forum the typical monzo customer probably wonāt make Monzo enough money through overdrafts when they start.
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Ā£4.95 a month may be reasonable but over that I would think twice
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