The Mastercard exchange rate
Spending abroad should be straightforward. We use Mastercard’s exchange rate with no added fees or charges.
UK residents only. Ts&Cs apply.
Spending abroad
When you spend money abroad with Monzo, we use the Mastercard exchange rate. This means you can use Monzo to spend in any currency, without any extra fees or charges from us. We’ve set out more detail on how this works below.
Below are the rates you get when you spend in a foreign currency. Mastercard updates their rate every day at 2:05pm Central US time, which is 8:00pm UK time. So, if you buy something before then, you’ll get the rate from the day before.
A quick look at how exchange rates work
The European Central Bank (ECB) publishes reference exchange rates between currencies based on a daily average of European central banks, but individuals can’t get those rates directly.
When you spend abroad Monzo’s card scheme (Mastercard) sets an exchange rate which could be above the ECB rate. This is called the Mastercard exchange rate. This exchange rate is then used to calculate what the transaction will cost.
The conversion will then be carried out by either Mastercard or Monzo, but the rate you get will always be the same (the Mastercard exchange rate). To facilitate this Mastercard or Monzo buy currency on global markets and any difference between the exchange rate they purchase at and the Mastercard exchange rate will be retained.
All banks are required to show you the ECB rate and how the exchange rate you get compares to this so you can fairly compare rates between all providers.
Your bank account for going abroad
Free yourself from fees
Pay anywhere and in any currency – on your debit or credit card – with no foreign transaction fees. That leaves more money for souvenir T-shirts. We pass Mastercard’s exchange rate directly onto you, without any additional costs.
Make free cash withdrawals abroad
If Monzo's your main bank account, make unlimited fee-free withdrawals in the European Economic Area (EEA), and up to £200 every 30 days anywhere else. After that, we'll charge 3%. See a breakdown of all cash withdrawal limits here.
See exchange rates in the app
Understand exactly what you're spending by seeing the real-time exchange rates when you spend abroad.
Stay in the know, wherever you go
Keep track of travel costs with instant notifications every time you spend. We'll also send you a detailed spending report at the end of your trip.
Split bills in just a few taps
Put the calculator down and split bills in the app – whether your friends are on Monzo or not. You just have to remember who had dessert.
Settle up in seconds
Track how much everyone owes and settle up whenever you like with a Running Split. You focus on the good times, we'll do the maths.