ATM Fees Abroad: The Community Has Spoken

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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.


  • Spending by card in a shop, hotel, restaurant, or at any other “point of sale” abroad will remain free of charge

  • Online transactions in a foreign currency will also be free of charge, and we’ll continue to pass on the Mastercard exchange rate with no markup

  • ATM withdrawals in the UK will also continue to be free

Garnering nearly two thirds of the vote, there was one clear winner:

£200 free allowance per month, 3% charge for foreign withdrawals thereafter

From 18th December 2017, we’ll be introducing the above limits on cash withdrawals made from international ATMs. This will apply to all current accounts, and by the time the limits are put in place, we expect to have offered all existing customers a current account.

There are no fees to withdrawals made from an ATM in the European Economic Area (EEA). For other countries, you can withdraw up to £200 in cash every 30 days for free. If you've used your free allowance, there's a 3% charge on withdrawals after that.

If you’re still on the Monzo Prepaid Mastercard® Debit card at the time, you’ll only be able to make one free withdrawal per calendar month, up to £200, due to the restrictions of our card processor.

ATM fees in the Monzo app
A preview of how the new limits will be displayed in Monzo from 18th December

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. If you missed the original post, we’d recommend reading the whole thing.

Thank you to everyone who took the time to vote and give their feedback. We really couldn’t have predicted the amazing response we’ve received. More than 6,000 votes have been cast by members of the community, and the dedicated forum thread has over 40,000 views and almost 1,500 individual comments.

It means so much that we can make these important decisions together 🙂

If you don’t want to accept the change, please get in touch with us through in-app chat to close your account before 18th December 2017. However, we’d love you to stay so if you have any questions, please head over to our community forum or chat with us on Twitter and we'll be happy to answer.

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (“WDCS”) pursuant to license by Mastercard International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)