People can spend with their Monzo card anywhere in the world, for free
Due to the change in EU regulation on cross-border payments, Monzo bank decided to remove ATM fees and limits for the European Economic Area’s (EEA) countries. This way, all the cash withdrawals in the EU countries are now free.
Withdrawal fees in non-EEA countries are still the same – clients take up to £200 out for free in a 30-day window. There’s a 3% fee on top of that to cover costs.
While being abroad, Monzo users should always choose to pay in the local currency if that’s possible. If they choose to pay in pounds, it’ll usually end up costing them more. The shop or ATM will convert the payment using dynamic currency conversion (DCC).
This way, users can choose the exchange rate to make the conversion, while making payment.
However, shops and ATMs will usually offer the least beneficial for the client exchange rate, splitting the profits they make between them. This way, clients can end up losing out. When they use their Monzo card abroad, Monzo passes Mastercard’s exchange rate directly onto them. The bank doesn’t add any extra fees or charges while paying with their card.