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    • MSE Callum
    • By MSE Callum 5th Jan 18, 11:55 AM
    • 238Posts
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    MSE Callum
    MSE News: Monzo introduces overseas ATM fees
    • #1
    • 5th Jan 18, 11:55 AM
    MSE News: Monzo introduces overseas ATM fees 5th Jan 18 at 11:55 AM
    App-based bank Monzo has introduced overseas ATM fees Ė so you'll now be charged 3% on cash withdrawals while abroad, after a free 30-day allowance of £200...
    Read the full story:
    'Monzo introduces overseas ATM fees'

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    • poppy10
    • By poppy10 7th Jan 18, 4:08 PM
    • 5,957 Posts
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    • #2
    • 7th Jan 18, 4:08 PM
    • #2
    • 7th Jan 18, 4:08 PM
    Bait and switch
    This is why it is hard to trust "challenger" banks like Monzo
    • eDicky
    • By eDicky 8th Jan 18, 3:44 AM
    • 3,517 Posts
    • 1,697 Thanks
    • #3
    • 8th Jan 18, 3:44 AM
    • #3
    • 8th Jan 18, 3:44 AM
    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.
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