Understanding fees

Paying by card abroad is always free 
We don’t charge any fees for using your card wherever you are in the world. And if you choose to be billed in the local currency, you’ll get the best possible exchange rate – Mastercard’s standard rate with nothing added on top.

We might charge a small fee for withdrawing cash abroad

From the 31st of October 2020 we've introduced a fee for UK/EEA ATM withdrawal for some customers. Those that use Monzo as more of a bank will have higher allowances, and won't pay any fees for withdrawing cash. For those that use Monzo as more of a spending card however, we'll ask that you pay 3% on withdrawals over £250 every 30 days.

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. Your allowances are shared across any account you have, so if you have a joint account your allowance is across both of them. For example if you take out £150 on the 2nd of the month and £45 on the 5th, your allowance would reset on the 2nd and 5th day of the next month. If you made a third withdrawal before those dates, then we'd charge the withdrawal fee.

But bear in mind some cash machines will add a fee too (which we don’t receive) for taking out money, so we recommend using machines that don’t charge. Some machines will also tell you that ‘Your issuer might charge you for this’, but you can ignore that message. For now, we don’t charge for taking out cash in the UK.

To see what allowances you have and what fees you're likely to pay, please visit the Fees & Allowances section in your app.