The changes will take effect from October 31, 2020. Following this date, customers will have a £250 fee-free 30 day allowance for ATM withdrawals in the UK and European Economic Area (EEA).
Unless a Monzo card expires or is stolen, or if a customer is a victim of fraud, then customers will need to pay £5 to replace their card in the UK.
In the aforementioned exceptional circumstances, Monzo will send a free replacement card in the UK.
At this moment in time, Monzo doesn’t charge any fees for replacement cards in the UK.
This is not the case for replacement cards abroad.
“We charge £30 for replacement cards abroad for all customers,” Monzo has reminded customers in an email today.
“This is already part of our terms, but we wanted to call it out again so you’re fully aware.”
The replacement charge in this situation applies in all cases, including fraud or expiry.
According to the challenger bank, 79 percent of people won’t be affected by these changes, with this being based on how people used Monzo last year.
Those who meet these criteria will then get unlimited fee-free cash withdrawals in the UK and EEA.
They will also get two free card replacements a year (in the UK).
Monzo Plus customers, who pay for their account, will also get bigger allowances.
Published at Tue, 01 Sep 2020 18:35:00 +0000