Is Monzo a good option?

Matthew_Girvan

Hello

Just watched Martin's show on Holiday spending. I am travelling to Thailand in June.

I did some research beforehand and I am very interested in travelling around using a prepaid MasterCard. On his show, he mentioned a few prepaid options such as "WeSwap" which I had seen before. However, with all of the options he looked at, there are fees somewhere. Whether it's a sign-up fee to get the card, an overseas withdrawal fee, a POS charge or a bad exchange rate.

I did find this option called Monzo (Used to be called Mondo). It passes the MasterCard exchange rate straight on to us. There are also no ATM withdrawal fees and no fees for using it at shops abroad. To make it even sweeter, it's free to get and use. This seemed a bit suspicious to me, but after further emails back and forth with their support team, they confirmed all of this, and as long as their international ATM doesn't add their own little charge to use it, it's almost like carrying cash. Except it's stored safely on a card which you can instantly freeze it using the app if it is stolen.

Too good to be true? I'm contemplating using this or getting a great exchange rate here and just taking cash across.

eDicky

Monzo works fine in my experience, a simple and reliable app and good service via the chat function. Transactions are listed immediately (when your phone has connection) showing location on map and itemized as grocery, transport etc. But check the daily and weekly withdrawal limits to see if it's sufficient for you. Never rely on a single source of funds, anyway.

Be aware that ATMs in Thailand all charge Bt.200 (£4.53) per ATM withdrawal using any foreign card. Don't buy Thai currency in UK, take your pounds and change there for a better rate (at exchange shops rather than banks).

NiftyDigits

eDicky wrote: »

Monzo works fine in my experience, a simple and reliable app and good service via the chat function. Transactions are listed immediately (when your phone has connection) showing location on map and itemized as grocery, transport etc. But check the daily and weekly withdrawal limits to see if it's sufficient for you. Never rely on a single source of funds, anyway.

Be aware that ATMs in Thailand all charge Bt.200 (£4.53) per ATM withdrawal using any foreign card. Don't buy Thai currency in UK, take your pounds and change there for a better rate (at exchange shops rather than banks).

Be aware that ATMs in Thailand all charge Bt.220 (£5) per ATM withdrawal using any foreign card.

They should have a slogan.

"Thailand....possibly the greediest banks in the world".

Has a nice ring to it.

AEON still charges 150 baht.
Bank of China, nothing. http://www.bankofchina.com/th/en/aboutus/ab3/ Though not many ATMs.

gt360

The best pre paid i have used plus the app must be the best around!!! Im sure you wont be disappointed.
Just be aware the places abroad (as some have mentioned Thailand) you will be using the card.
As always keep another card with you just incase you have problems with this card.

benjus

NiftyDigits wrote: »

"Thailand....possibly the greediest banks in the world".

I think Argentina beats them there... roughly the same per-transaction ATM charge, but a per-transaction withdrawal limit of only 2400 ARS (approx £120).

Matthew_Girvan

Great, thanks everyone for the advice. So if I use the Monzo card at restaurants (if they accept it) there shouldn't be any charges? I'm open to all suggestions. If you guys have had better experiences with other pre-paid cards then let me know! Or if Monzo seems to be the best, I'll go with that. Thanks again.

eDicky

When used for any purchase globally in any currency there are no charges. The Monzo app will immediately show the transaction in the local currency charged and in pounds at a provisional exchange rate, which will update to the MasterCard rate on the date of settlement a couple of working days later.

You can top-up instantly at any time with the debit card(s) you already used, stored on the app, or a new one.

If and when Monzo becomes a bank this year, as planned, hopefully it will retain both UK and overseas use totally fee-free, but who knows...

Always have a backup - Monzo itself warns you to do this (or it did) - such as Revolut (not such good rates in Thailand), cash, or even your regular bank card.

Farel01

I love Monzo, but I'm also disappointed. I am moving to Singapore for 6 months in March and I thought; hey that is brilliant, but the limits are stifling. £1000 monthly withdrawal limit, £3000 annual limit, which in a country where in a lot of places cash is still the norm is not going to work :-(

eDicky

Farel01 wrote: »

I love Monzo, but I'm also disappointed. I am moving to Singapore for 6 months in March and I thought; hey that is brilliant, but the limits are stifling. £1000 monthly withdrawal limit, £3000 annual limit, which in a country where in a lot of places cash is still the norm is not going to work :-(

A card provider is charged every time an ATM is used, so you can't really expect a product like Monzo, which has no fees whatsoever for the user, to allow unlimited cash withdrawals and still try to survive.

In Singapore a card can be used to pay for most things, and your food court lunch is just a few dollars cash. Get an EzyLink public transport card and load it with Monzo, instead of using taxis. Beware of the occasional outlet such as Costa Coffee charging your card in pounds instead of SGD.

Farel01

eDicky wrote: »

A card provider is charged every time an ATM is used, so you can't really expect a product like Monzo, which has no fees whatsoever for the user, to allow unlimited cash withdrawals and still try to survive.

In Singapore a card can be used to pay for most things, and your food court lunch is just a few dollars cash. Get an EzyLink public transport card and load it with Monzo, instead of using taxis. Beware of the occasional outlet such as Costa Coffee charging your card in pounds instead of SGD.

You are right of course, I'm just being a greedy git

Thanks for the tips! I was planning on using public transport most of the time and I'm located close to downtown so walking is also doable.