Monzo dropping abroad ATM limits due to new law.

Monzo just announced that they are removing ATM limit for their cards as some new law kicks in. Does Revolut considering that move too?


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Monzo still available for UK residents only?

Yes only U.K. residents - hopefully they’ll be in administration soon though

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As much I dislike Monzo, this is stupid to say.

Think about the people who work for Monzo first before you make this comment (unless every SINGLE one of the employees are scumbags).

Also knocking Monzo out will be less competition for others to start exploiting. And I still think if Monzo goes down, another “Monzo” will come up.


I’m no fan of Monzo but in the Which survey of 2019, Monzo were 3rd in the list of UK banks with the greatest customer satisfaction.

I think the employees on the forums can be up their own backsides a large percentage of the time and are instructed by high management to waffle on and watch the fans squeal

I also think they’ll find a new job

What do you mean? Monzo aren’t competitive. Starling offers a better overdraft, better ATM terms, better default interest, better product rollouts, better everything

Monzo dying won’t change the banking industry at all besides giving Starling more economy of scale

That’s because you rarely have w problem with Monzo to begin with

Once you do have problems the wheels fall off - they’ve got a trigger happy AML filter that blocks accounts often as well as customer service that just stops answering on people who call

On top of that they’ve had all the debacles too, like the 3% ATM charge, payments for cash deposits (they are a bank, right?) and Monzo Plus

Well? Any news on that?

I followed this new regulation for quite a while, because it was relevant for me. I put the deadlines in my calendar and forgot all about it until December 15th 2019.

I was, therefore, surprised to read this, because ATM fees are not banned in the Cross-Border Payments Regulation (to my understanding), only normalized. Monzo links to an attorney “Bird & Bird” on their community forums. And B&B paraphrases Article 3(1) of the new regulation. And that article just asserts that domestic and foreign charges must be the same for comparable amounts.

So … to my understanding, Monzo are really free to levy whatever fees, markups, and limits as they wish as long as those fees, markups, and limits are the same across the EU/EEA.

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So they couldn’t have something like “unlimited fee-free national ATM withdrawals. X times free withdrawals abroad”?
Since Revolut doesn’t distinguish between national and abroad ATM withdrawals they are automatically compliant with that?

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Monzo used a special scheme before where they would charge nothing for UK withdrawals (and no limit afaik), but imposed a limit and a 3% charge on international withdrawals. They had this choice:

(a) impose a domestic limit and fee; or
(b) remove the international limit and fee.

They chose the latter for some reason? Monzo’s 2018 blog post quotes the high cost of international withdrawals as the reason the charges were introduced in the first place, and I am really unsure why they would chose option [b] and go back to the state before.

To answer your question; yes, Revolut is automatically compliant imho. Most normal banks are compliant as well, because Article 3(1) only covers the charges concerning the ATM withdrawal itself, and not the currency conversion.

Banks are still allowed to mark up the FX rate - they simply have to inform about it with a message on screen, a text message about the rate and the cost, and a note on the monthly statement.

A little correction. Banks with schemes like Monzo would need to change it.

The thing is, this regulation only covers EUR. Denmark chose not to extend the regulation to DKK. Basically my bank just invented a charge for EUR-only ATMs (of which there are virtually none inside our borders). So now they can say that the charge is the same domestically and abroad :joy::joy::joy:.v
If you should be so lucky as to find a EUR ATM in Denmark, the charge would be the same as abroad + currency conversion. Actually they are becoming increasingly common as branches close, but whatever.

This is exactly what happens when you make regulation voluntary :face_with_hand_over_mouth:.

It’s not voluntary, it’s a piece of legislation to bring euro countries closer together from the point of ATM withdrawals

So they’ve just responded in charging for EUR ATMs both domestically and internationally. The U.K., Croatia, Czech Republic, Poland, Bulgaria, Romania, Hungary and Sweden could abuse this legislation through the same method Danish banks are

The regulation contains voluntary articles about what currencies are covered. Only EUR is a mandated currency and thus opens up for this type of perverted behavior from banks.

Why should the EU mandate currencies not under control of the European Central Bank? It’s not voluntary for the EU currency

Many reasons.
Long-term: Single Market.
Medium term: TARGET2 supports multi-currency clearing and it is about time to have a common infrastructure and common monetary policy within that framework to combat national payment monopolies for all EU currencies. The dream of the Euro in all member States is really far away, and it is more realistic to create common rules for all EU currencies.
Short term: perversion of rules.

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And, incidentally, no, not including Sweden and Poland. Sweden goes some time back though.

Well any news on that? Any rumours Revolut is dropping ATM wihtdrawal charges after £200? At least for UK tax residents going abroad? They can keep fees for the rest of EU residents no bother to me :slight_smile:

Nah, they’re already compliant with the legislation so no changes are required