A flat fee for all users would be very off putting for new users & one of the key metrics for Monzo (& it’s investors) is user growth.
As Tom said, it’s only a minority of users who use the ATMs excessively so why tax every Monzo user to cover that cost?
@drew58 I was just responding to the user suggesting a £10 a month charge by saying if it was even half of that I would still seriously have to think about having an account or not
If there is a fee perhaps it could be just for those wanting to use ATMs outside Europe?
That’s what I thought. I think your 100% about more than £5 - I don’t think a lot of customers would pay this.
So all ATMs worldwide cost banks money don’t they? I thought here in the U.K. it’s about 20p per transaction?
If I was (not yet) on enhanced and made 50 ATM withdrawals in a year in Asia that would be my limit?
So the cost to Monzo is £250? That’s per user - how many will do this? I’ve no idea but it looks very expensive to me.
Look at mobile phone - buy a data package - therefore my suggestion is this
Free ATM in Europe (inc UK) then pay either a one off yearly fee or a monthly fee to allow you to use your card for ATM worldwide. Confusing it further could it be based on where in world you travel?
I wouldn’t keep the Monzo card if there was a fee and I doubt a lot would. It is fine it is a monthly fee for those that opt in to get free withdrawals or something but not a charge for all.
I don’t like the general trend in this post and other parts of this forum where people keep on saying “I don’t mind paying a fee …”.
I do mind paying a fee. To differentiate itself, monzo has to keep providing such services for free. Don’t forget that banks like monzo are already making tons of savings by not opening thousands of branches worldwide and saving their running costs (salaries, machinery etc.).
There has to be a very reasonable free international ATM withdrawal limit. This limit should cover an average person’s travel spending in a year. It doesn’t have to cover cases like prolonged periods of stay outside, but it has to cover average travel stays.
I personally don’t like the strategy of offering a service just to get more customers and then revoking it. It’s very Revolutish and it’s not good.
There are still many other competitors who provide such services for free and I will never really switch to monzo if it started introducing such fees.
It sounds like that’s the plan -
I completely agree with this -
but as for this -
I expect that the user’s who are at / close to their limits for ATM withdrawals that will have to pay the fee. In which case, they have a choice - to pay or not to use continue withdrawing cash - but up until now, they’d have simply hit the limit & been stuck which sometimes provokes this sort of reaction 
https://twitter.com/mnlfrgr/status/878283530677170176
so at least they’ll have a choice now.
I only know of one - Starling, am I missing any? - & as I shared, those competitors are likely to start adopting fair useage charges too…
Completely disagree. I also think everyone who knows enough about foreign exchange would recognise that a small fee to compensate excessive costs to Monzo would probably still be far less than their incumbent bank would charge (after taking into account forex spred / ATM fee / % commission). Personally, I’m not expecting massive fees, this is about a minority of users, probably in a minority of circumstances, and they’ve stated it’s not a profit making exercise.
Let’s not forget, that it looks like they’re not talking about ALL transactions outside of the UK/EU, just ATM withdrawls. A lot of this will be about educating Monzo users. If you’re in the US for example, and you now know it’s going to cost you money to use an ATM, then you take a small amount of cash with you (or even take it out with Monzo depending what the fee structure is), and try to pay as much as possible on your cards while you’re out there – doesn’t look like there will be fees for this.
While probably very difficult for Monzo to implement, I’d like to see a system where your loyalty to Monzo is rewarded. Someone who has got a Monzo account with the sole purpose of using it abroad to benefit from cheap forex/free ATM withdrawls and only uses it for a couple of weeks a year while on holiday, shouldn’t be treated the same as someone who has their salary paid in, uses it as their main account, signs up other users through golden tickets, etc.
Thought the annual report was brilliant by the way @tom 
Nope I disagree. I have a Clarity card and would happily give up Monzo if I was charged a fee as its free for me to use the card.
I travel a lot and don’t withdraw money abroad but I do transactions on the card.
Any mandatory fees implemented by Monzo and I would be gone.
This is a good point, I’m pretty sure that you won’t get an exchange rate that’s as good as Monzo’s when you use their card but it might be tough to explain this to users who’re thinking of signing up.
It sounds like you wouldn’t be charged in this case, once these fees are added, anyway though.
Yeah you get the mastercard rate too.
Wouldn’t leave Monzo unless there were mandatory fees added. As I said I don’t withdraw so any fees to do with withdrawing cash doesn’t bother me.
But that’s a credit card. So while they give you the master card rate, and you don’t pay “fees”, taking cash out from an ATM on a credit card incurs interest costs - so it’s not exactly free.
As I said I don’t withdraw cash so doesn’t affect me
Thanks for letting me know this, I’ve just checked (nothing personal 
) & according to the common enquiries section of the summary table, that’s correct.
Sorry I misread your post - doesn’t look like you’ll be affected then
But since it’s a credit card, you do pay interest on the card’s balance. And yes, some users will pay the balance straight away but as with all credit cards, a lot of users won’t so it’s hard to argue that there’s no cost.
Of course, not saying it’s an alternative as it’s not the same. Credit checks too etc.
Just saying I would go back to just using that if I had to
I would pay a yearly fee to have the confidence of fee-free withdrawals even if I don’t use enough to warrant that fee.
I think the confusion came about because there’s not been any suggestion (from Tom or others) that there will be fees added for overseas point-of-sale use of the card. This is about fees for withdrawing cash overseas.
it was just as people were suggesting monthly/annual fees for everyone which is why I mentioned it 