Startup bank Monzo could end one of its most popular features — free overseas ATM withdrawals

September 16, 2017
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LONDON — Startup bank Monzo is doing away with one of its most popular features — unlimited free ATM withdrawals overseas.

The company, which offers a prepaid money card and is rolling out current accounts, is asking its customers to choose the best new charging option for ATM fees abroad, saying its existing policy has become simply too costly to continue.

Withdrawals from international holes-in-the-wall cost Monzo between 1-2% of each transaction. Costs have more than doubled in the last year from £6 to £16 per user, the company says.

“This seems to be a result of a combination of factors, including people …read more

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