Does Monzo Charge to Withdraw Cash Abroad?

Monzo has become a popular choice for UK travellers thanks to its user-friendly app, real-time spending insights, and competitive exchange rates.

However, when it comes to withdrawing cash abroad, many users wonder if Monzo imposes fees. This guide breaks down Monzo’s international withdrawal policies, including limits, fees, and how they compare to other banks.

How Does Monzo Handle Cash Withdrawals Abroad?

Monzo provides a convenient way for UK travellers to access cash while abroad. However, its withdrawal policies come with specific limits and fees that users must be aware of.

• Monzo allows fee-free withdrawals within the European Economic Area (EEA) for users who have their salary paid into Monzo or use it as their main bank account.
• Outside the EEA, a £200 fee-free withdrawal limit applies every 30 days, after which a 3% charge is incurred on any additional withdrawals.
• If Monzo is not your primary bank account, the £200 limit applies even within the EEA.

These policies are in place to prevent excessive ATM usage, encouraging users to rely more on contactless and card payments, which are always fee-free with Monzo.

Can You Withdraw Cash for Free with Monzo Abroad?

With Monzo, withdrawing cash for free while travelling is possible, but only within the specified limits.

• For Monzo’s main account users: Unlimited free withdrawals in the EEA and up to £200 every 30 days outside the EEA.
• For other users: £200 free withdrawals every 30 days in both the EEA and non-EEA countries, with a 3% charge beyond this limit.

This means that if you travel occasionally and only need a small amount of cash, Monzo can be a cost-effective option. However, frequent travellers or those who need to withdraw larger sums may find this limit restrictive.

What Are the Monzo ATM Withdrawal Limits Outside the UK?

Monzo imposes ATM withdrawal limits to maintain fair usage for all customers.

The higher withdrawal limits offered by Monzo Plus and Monzo Premium make them more attractive for travellers who frequently withdraw cash abroad.

How Do Monzo’s Foreign Transaction Fees Compare to Other Banks?

Compared to traditional banks, Monzo provides a competitive travel-friendly service, but there are better options for frequent cash withdrawals.

• Monzo vs Starling Bank – Starling offers unlimited free ATM withdrawals abroad, making it a better option for those who frequently need cash.
• Monzo vs Chase UK – Chase allows up to £1,500 per month in free withdrawals, significantly more than Monzo’s £200 limit.
• Monzo vs Revolut – Revolut provides the same £200 fee-free limit but charges a slightly lower 2% fee beyond this, making it marginally better than Monzo.

For users who mainly use card payments, Monzo is a solid choice. However, for those who need higher cash withdrawal limits, Starling Bank or Chase UK offer better options.

Does Monzo Plus or Monzo Premium Offer Higher Withdrawal Limits?

Monzo Plus and Monzo Premium provide increased withdrawal limits abroad, along with additional benefits.

• Monzo Plus (£5 per month) – Allows up to £400 in free withdrawals every 30 days abroad.
• Monzo Premium (£15 per month) – Increases the withdrawal limit to £600 per 30 days before the 3% fee applies.
• Additional benefits include travel insurance, airport lounge access, and better interest rates on savings.

For frequent travellers, these plans may be worth considering, as they provide higher withdrawal allowances and added travel perks.

How Can You Avoid Monzo’s ATM Withdrawal Fees Abroad?

If you travel often and want to avoid unnecessary fees, consider these strategies:

• Use Monzo for card payments whenever possible – There are no fees for paying by card abroad, and Monzo uses the Mastercard exchange rate.
• Stay within the £200 free withdrawal limit – If you rarely withdraw cash, keeping transactions under this limit helps you avoid charges.
• Upgrade to Monzo Plus or Premium – This provides a higher withdrawal threshold before fees apply.
• Pair Monzo with a fee-free travel account – Combining Monzo with Starling Bank or Chase UK lets you enjoy more free withdrawals.
• Take out larger sums less frequently – Instead of making multiple withdrawals, consider taking out a higher amount at once to reduce the number of transactions.

By planning withdrawals wisely and leveraging multiple accounts, you can minimise fees and maximise savings while travelling.

What Are Monzo’s Daily ATM Withdrawal Limits?

In addition to its international withdrawal policies, Monzo also has daily ATM withdrawal limits that apply both in the UK and abroad. These limits vary depending on the type of account you hold.

• Standard Monzo and Monzo Plus accounts have a £400 daily withdrawal cap. Even if you have not exceeded your monthly free withdrawal limit, you cannot withdraw more than £400 in a single day.
• Monzo Premium users benefit from a higher £1,000 daily withdrawal limit, making it a more flexible option for those who require frequent cash access.

These limits apply in both the UK and abroad, ensuring customers maintain a safe level of ATM usage while protecting against potential fraud or misuse.

If you require larger withdrawals, it is advisable to plan ahead or consider using alternative banks with higher withdrawal allowances.

How Does Monzo’s Exchange Rate Compare to Other Banks?

Monzo uses the Mastercard exchange rate for all foreign currency transactions, including card payments and cash withdrawals. This ensures competitive exchange rates without additional fees.

How Does the Mastercard Rate Compare?

The Mastercard exchange rate is often more competitive than the rates offered by high-street banks and airport currency exchanges.

Unlike some banks that add a markup on exchange rates, Monzo does not apply any additional fees for currency conversion.

• Monzo and Starling Bank offer the best value as they pass the Mastercard exchange rate directly to customers without adding extra fees.
• Revolut offers the interbank rate on weekdays, but charges a 1% markup on weekends.
• Traditional banks like Lloyds, Barclays, and HSBC typically add a markup of 2.75% to 3%, making them a more expensive option for spending abroad.

Since Monzo does not add a foreign transaction fee on card payments, it remains a great choice for travellers who prefer to pay by card rather than withdrawing cash.

What Are the Best Alternatives to Monzo for Free International Withdrawals?

If Monzo’s £200 withdrawal limit does not suit your needs, consider these alternatives:

• Starling Bank – Offers unlimited free ATM withdrawals abroad, making it the best option for frequent travellers.
• Chase UK – Provides a £1,500 free withdrawal limit per month, significantly higher than Monzo’s.
• Revolut (Standard Plan) – Allows up to £200 per month in fee-free withdrawals, with a lower 2% fee beyond the limit.
• Wise (formerly TransferWise) – Known for its competitive exchange rates and a £200 free withdrawal limit per month.

For those who withdraw large amounts of cash frequently, Starling Bank and Chase UK are better choices. However, if you primarily use card payments, Monzo remains a convenient and cost-effective option.

Is Monzo the Right Choice for Travellers?

Monzo is a popular option for UK travellers due to its fee-free card transactions, real-time spending notifications, and competitive exchange rates. However, whether it’s the best travel card for you depends on how you plan to use Monzo abroad.

When Monzo Is a Good Choice for Travellers?

Monzo is ideal for those who:

• Use card payments rather than cash – Monzo does not charge foreign transaction fees, and purchases are processed using the Mastercard exchange rate, which is often more competitive than traditional banks.
• Want real-time spending insights – The Monzo app provides instant notifications when you make a transaction, making it easier to track expenses while travelling.
• Travel occasionally – If you only need to withdraw cash occasionally and stay within the £200 fee-free limit every 30 days, Monzo remains a cost-effective option.
• Prefer digital banking – Monzo offers 24/7 in-app support, allowing you to manage your finances easily from your phone.

When Monzo Might Not Be the Best Option?

Monzo may not be the best choice if you:

• Withdraw cash frequently abroad – Monzo’s £200 free withdrawal limit (outside the EEA) is quite low compared to competitors. Any amount beyond this incurs a 3% charge.
• Need unlimited free withdrawals – Banks like Starling Bank and Chase UK offer unlimited or significantly higher free ATM withdrawal limits abroad.
• Travel long-term or visit multiple non-EEA countries – The monthly £200 withdrawal cap may not be sufficient for extended trips where cash usage is essential.

For travellers who primarily use contactless or card payments, Monzo is a strong option. However, those who frequently rely on cash withdrawals may find Starling Bank or Chase UK better alternatives.

Conclusion

Monzo is a great travel-friendly bank for UK users, offering fee-free card payments and limited free ATM withdrawals abroad.

However, the £200 withdrawal limit can be restrictive for frequent travellers. If you need higher limits, Monzo Plus or Premium can help, but Starling Bank or Chase UK may offer better options for regular cash withdrawals.

For those who primarily use card payments, Monzo remains a reliable, cost-effective option for spending abroad.

FAQs About Monzo Cash Withdraw Abroad

How much can I withdraw from an ATM with Monzo abroad?

You can withdraw up to £200 every 30 days for free outside the EEA. A 3% fee applies beyond this limit.

Is Monzo the best travel card for ATM withdrawals abroad?

Monzo is good for occasional withdrawals, but banks like Starling Bank and Chase UK offer better fee-free limits.

Does Monzo charge for card payments abroad?

No, Monzo does not charge fees for card payments abroad. It uses the Mastercard exchange rate with no markup.

Can I increase my Monzo withdrawal limit abroad?

Yes, by upgrading to Monzo Plus (£400 limit) or Monzo Premium (£600 limit).

Does Monzo have a daily ATM withdrawal limit?

Yes, the daily withdrawal limit is £400 for standard accounts and £1,000 for Monzo Premium users.

Can I use Monzo in non-EEA countries?

Yes, Monzo works worldwide, but withdrawals outside the EEA are limited to £200 per 30 days before fees apply.

Is Monzo good for long-term travellers?

If you travel long-term and need frequent ATM withdrawals, Starling Bank or Chase UK may be better options.