MSE News: Monzo to curb free overseas ATM withdrawals

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  • M4RKM
    M4RKM Posts: 5,132 Forumite
    Combo Breaker First Post
    edited 21 October 2017 at 10:04AM
    Actually, Starling is a current account and not a pre-paid card. You earn credit interest, can use the switch service, have an overdraft. You get a sort code and acct number from day 1.

    I use it in the UK as my bank account for my day to day expenses.

    As for Monzo, you still get £200 free withdrawal per month, and every card payment transaction is free as well. I just don't get the obsession of using cash everywhere!

    M
  • heatherw_01
    heatherw_01 Posts: 6,554 Ambassador
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    M4RKM wrote: »
    Actually, Starling is a current account and not a pre-paid card. You earn credit interest, can use the switch service, have an overdraft. You get a sort code and acct number from day 1.

    I use it in the UK as my bank account for my day to day expenses.

    As for Monzo, you still get £200 free withdrawal per month, and every card payment transaction is free as well. I just don't get the obsession of using cash everywhere!

    M

    Monzo will be a current account soon too. They will be getting rid of prepaid cards.

    I use Monzo and I love it, I don't make ATM withdrawals so this doesn't bother me tbh. Still get one withdrawal if I need it which I am happy about.
    I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments boards.
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  • Maximum_Saving
    Maximum_Saving Posts: 183 Forumite
    It is awful how banking keeps changing. I wish to go abroad and get no fees with my spending. I used to have a current account with Norwich and Peterborough Bank which had no fees. Sadly it closed all current accounts in August 2017 Monzo Bank is silly for changing its deal for overseas spending.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Maximum_Saving wrote: »
    It is awful how banking keeps changing. I wish to go abroad and get no fees with my spending. I used to have a current account with Norwich and Peterborough Bank which had no fees. Sadly it closed all current accounts in August 2017 Monzo Bank is silly for changing its deal for overseas spending.

    Silly?

    They'll be bust before the end of next year if they don't change it.
  • Doc_N
    Doc_N Posts: 8,268 Forumite
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    PeacefulWaters wrote: »
    Silly?

    They'll be bust before the end of next year if they don't change it.

    And once they have changed it they'll lose most of their customers. Is there really any advantage over, say, First Direct or Santander 123?
  • heatherw_01
    heatherw_01 Posts: 6,554 Ambassador
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    Maximum_Saving wrote: »
    It is awful how banking keeps changing. I wish to go abroad and get no fees with my spending. I used to have a current account with Norwich and Peterborough Bank which had no fees. Sadly it closed all current accounts in August 2017 Monzo Bank is silly for changing its deal for overseas spending.

    There is still no fees for using the card abroad only ATM fees.
    I’m a Forum Ambassador and I support the Forum Team on the Quick Grabbit, Freebies, Overseas Holidays & Travel Planning and the UK Holidays, Days Out & Entertainments boards.
    If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Doc_N wrote: »
    And once they have changed it they'll lose most of their customers. Is there really any advantage over, say, First Direct or Santander 123?

    Well if you want to save nearly 3% on every overseas purchase, yes.
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    Doc_N wrote: »
    And once they have changed it they'll lose most of their customers. Is there really any advantage over, say, First Direct or Santander 123?

    Customers who only use their accounts situationally and for things you charge no money for, and otherwise use other companies' products, are not good customers a bank wants to keep. N&P stopped their current accounts because by and large that's all they were getting - customers who did the bare minimum to qualify for free overseas spending.

    Monzo's USP is that it's a brand new app-based bank based on a brand new platform with lots of new technologies, similar to Starling. That's not something that First Direct has or that Santander has.

    Frankly, people who rinse good deals for all they're worth while doing the barest minimum to qualify for them have only themselves to blame if those good deals turn out to be wildly unprofitable and thus go away.
    urs sinserly,
    ~~joosy jeezus~~
  • zagfles
    zagfles Posts: 20,323 Forumite
    First Anniversary Name Dropper First Post Chutzpah Haggler
    JuicyJesus wrote: »
    Customers who only use their accounts situationally and for things you charge no money for, and otherwise use other companies' products, are not good customers a bank wants to keep. N&P stopped their current accounts because by and large that's all they were getting - customers who did the bare minimum to qualify for free overseas spending.

    Monzo's USP is that it's a brand new app-based bank based on a brand new platform with lots of new technologies, similar to Starling. That's not something that First Direct has or that Santander has.

    Frankly, people who rinse good deals for all they're worth while doing the barest minimum to qualify for them have only themselves to blame if those good deals turn out to be wildly unprofitable and thus go away.
    The whole purpose of MSE is to do exactly that! If a company has a business model which includes loss leaders then that's their choice of business model, and they have no-one to blame but themselves if people "rinse" them.

    There'll be someone else along offering the same in a while. I've recently got the new Barclaycard travel card which I'm only using for ATM withdrawals. Plenty of other options for fee-free spending, and the Clarity as a backup for cash.
  • mikeeboy
    mikeeboy Posts: 175 Forumite
    First Anniversary Combo Breaker
    M4RKM wrote: »
    As for Monzo, you still get £200 free withdrawal per month, and every card payment transaction is free as well. I just don't get the obsession of using cash everywhere!

    M

    A lot of people (like me) are only interested when they go on holiday. Ok to use the card for a restaurant bill or a supermarket shop. but buying drinks at the hotel bar or buying ice cream on the beach, for example, cash is much preferable
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