UK start-up Monzo is to pull one of its most popular features – unlimited, no fee overseas ATM withdrawals.
From 18 December, Monzo cardholders will be limited to an allowance of £200 per month for international ATM withdrawals; a 3% charge will apply on any withdrawals in excess of that figure.
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Monzo said that this will apply to all current accounts, and by the time the limits are put in place, it expects to have offered all existing prepaid customers a current account.
Any customers who stick with the Mastercard branded prepaid card will only be able to make one free withdrawal per calendar month, up to £200.
As a result of the fees changes, Monzo’s card will compare less favourably with the popular offering from rival Revolut – it allows fee free withdrawals abroad of up to £200 with a 2% fee thereafter.
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