Monzo Announces New Abroad ATM Fee Amounts

By Samantha Hurst for Crowdfunding Insider

Just one month after asking its Community to decide on ATM fee pricing, challenger bank Monzo announced the new prices for abroad ATM fees. The company shared in a post on Tuesday:

“Last month we announced that we needed to explore charging for withdrawing cash from international ATMs, to help cover the fees that until now we’ve been paying. We explained how it has become unsustainable to keep covering these rising costs, and shared the results of our research into how much other banks charge. To solve this problem, we wanted to work together with our community to come up with a solution that’s fair for everyone. So we set out three different pricing options, and asked our community to help us decide.”

Monzo then revealed that the winner, which garnished nearly two-thirds of the vote, was £200 free allowance per month, 3% charge for foreign withdrawals thereafter. The bank stated from December 18th it will be introducing the new limits on cash withdrawals made from international ATMs. These amounts will apply to current accounts. If a customer is still on the Monzo Prepaid Mastercard® Debit card at the time, they will only be able to make one free withdrawal per calendar month, up to £200, due to the restrictions of the card processor. Monzo then added:

“Thanks to you, we think we’ve found a fair solution that is still significantly cheaper than the other banks we tested. As we mentioned before, it may be possible to find specific cards that offer cheaper withdrawals abroad. Our aim is not to always be the absolute cheapest on the market if it means we can’t build a sustainable business, but instead to find a fair way to meet this cost as part of the overall Monzo experience.”