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MSE News: Monzo introduces overseas ATM fees

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App-based bank Monzo has introduced overseas ATM fees – so you'll now be charged 3% on cash withdrawals while abroad, after a free 30-day allowance of £200...
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'Monzo introduces overseas ATM fees'
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  • poppy10_2
    poppy10_2 Posts: 6,576 Forumite
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    Bait and switch
    This is why it is hard to trust "challenger" banks like Monzo
    poppy10
  • eDicky
    eDicky Posts: 6,613 Forumite
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    My belief is that Monzo had no particular intention to be regarded as a 'travel' card at first. Until late 2016 there was no visible mention on their website about being fee-free overseas, and I had to ask on their chat about fees and exchange rates. Soon after, they began publicising their usefulness as fee-free for overseas travel.

    So it's likely that they never originally factored in the substantial cost of all the users who subsequently made lots of fee-free overseas ATM withdrawals. Their only revenue, the interchange fees etc when the card is used for purchases, was simply not enough to cover the unexpected cost and survive, without introducing the foreign fee-free withdrawal limit.
    Evolution, not revolution
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