It says the average Monzo customer withdraws £36 a month in cash, 90% of people have never had to order a replacement card and 99% of people have never had to request more than two in a year. ... Sending a SWIFT payment costs 0.4% of the transfer amount on top of the real exchange rate + £5.50 delivery fee + 30p if using a local partner for the transfer … You pay in at least £500 to your Monzo account every 35 days and have at least one active direct debit from that account, You get a payment such as Universal Credit or state pension paid into your account every 35 days, You get a student loan payment into your Monzo account every eight months, You share a joint account with someone who does one of the above. And that’s it! ... HSBC and Barclays all charge a monthly fee like the Monzo Business Pro account, though Monzo is the cheapest at £5 per month. The digital bank is introducing fees for UK cash withdrawals and card replacements from 31 October. N26 also charges a currency exchange fee for international transfers. Bank transfers in are unlimited and there is no charge. If you have Monzo Plus, or you rely on Monzo more for your everyday banking – more on Monzo's criteria for this below – you won't pay fees for any cash withdrawals within the UK or EEA, and will get two free card replacements per year. Card payments. MONZO: STARLING: Receive salary: Yes: Yes: Yes. Products. Monzo’s new fees. 1 UK bank transfers are free to process, debit card payments anywhere in the world incur no fees and cashpoint withdrawals are free in the UK. UK bank transfers are free to process, debit card payments anywhere in the world incur no fees and cashpoint withdrawals are free in the UK. ATM withdrawals are also free up to £200 a month (withdrawals above this are charged at 3%). Withdrawing cash outside of the UK that exceeds your monthly limit (£200 as standard and £400 for Monzo Plus) will incur a 3% charge 2. You get a fully-featured current account, a Mastercard debit card with no foreign transaction fees, international money transfers through TransferWise, well-reviewed mobile apps and … The minimum spend and requirement to have at least one direct debit is to show how reliant someone is on their Monzo account; if you don’t have any direct debits and you’re paying in less than £500 a month, it’s likely you’ve got another bank account you’re using more – and therefore you could make free ATM withdrawals with that account, rather than Monzo footing the bill for them. Transfer fee. Further replacements will cost Premium customers £10 per replacement card, while more Metal cards cost £40 each. After that, there is a 3% fee on each withdrawal. Turbo-boost is available for transfers, and can increase the transfer speed up to five times. We’ve had a look at the similarities of the two providers’ features, but there are a few things that Monzo can do that Revolut can’t. It’s competitive. From there, you’ll be able to choose who you’re sending money to and give their details. For Monzo current account holders - up to £200 per 30-day period, then a 3% charge applies. For the rest of the world, customers can withdraw their first £200 fee-free in a rolling 30-day period, and after that we’ll add a 3% charge to each withdrawal you make. Our exchange rates and fees are some of the best on the market – and we’re always transparent, so you know exactly how much you’re spending. When abroad, you are allowed to withdraw up to £200 cash for free every 30 days. TransferWise—foreign transfers, without the fuss. UK ATM withdrawals. £2 a month to hold an additional joint account with the same person (the first one is free). ‘Challenger banks’ similar to Monzo. Withdrawing money from any ATM is usually free in the currency of your N26 account. Getting a Department for Work and Pensions or Department for Communities payment, such as a state pension or Universal Credit payment, paid into a Monzo account every 35 days. Of those that got back to us, none reported any plans to do so. Monzo has been around since 2015. According to BACS switching data, Monzo and Starling were two of the biggest winners for attracting new customers last year, and both banks were in the top three customer-rated banks in the most recent Which? https://www.yourmoney.com/privacy-policy-2/. You have successfully signed up to our email alerts. customer satisfaction banking survey. Monzo has since released a statement on its app advising that 'approximately 25% of inbound bank transfers are currently failing and the remainder are being delayed.' Compare accounts, fees and service. It admitted that the new fees were aimed at people using their card for day-to-day spending rather than as their main bank account. Transferring £500 will cost £2 in fees, while a £1,000 transfer comes in at £3.75. For example, to transfer £10 into Euros it costs £0.32 in transaction fees which means TransferWise will convert £9.68 into Euros. Transferring money in the same currency as your Monzo account is free, while Monzo's international transfer fee is €0.5-3.0. Monzo earns its revenue through fees and commission. If you are a Standard customer and make an exchange on a weekday, these are the fees that will apply to your exchange. Apart from the monthly Pro fee, there aren’t actually that many fees to speak of, because Monzo doesn’t deal with international transfers, interest rates, overdrafts or loans for business users. UK house prices recorded the fastest monthly increase for 16 years in August. From 31 October, Monzo is introducing the following fees on its current accounts for some customers: £5 fee for card replacements in the UK – unless you’re a victim of fraud, your card is stolen or it expires 3% fee on cash withdrawals of more than £250 in the UK and EEA countries. From 31 October 2020, those who use Monzo to withdraw more than £250 over a 30-day period in the UK or European Economic Area (EEA) will be charged a fee of 3%. Making card payments outside of the UK is free. Regular transfer - Set an amount to be transferred each month or week; Ad hoc transfer - Move money to / from your savings account as often as you like without any limits or fees; Exclusive Monzo Features. Click here for Monzo’s fees. Cash withdrawals will also cost £2.90. For Monzo current account holders - up to £200 per 30-day period, then a 3% charge applies. Monzo card fees. 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