Monzo does not charge foreign transaction fees for spending abroad, passing on the Mastercard exchange rate directly to users without added markup. Purchases in any currency are free of fees, but cash withdrawals outside the UK/EEA have a 3% fee after a certain amount, while UK/EEA withdrawals are free up to a set limit.
Yes, Monzo is generally very good for using abroad due to fee-free spending in any currency (using Mastercard's rate) and free ATM withdrawals within a monthly allowance, making it great for travel, though users should know about cash limits and always choose the local currency for purchases to avoid merchant markups.
Pay anywhere and in any currency – on your debit or credit card – with no foreign transaction fees or hidden costs. That leaves more money for souvenir T-shirts. We pass Mastercard's exchange rate directly onto you, without any sneaky fees.
No, the main FCA investigation into Monzo's anti-money laundering (AML) controls concluded in July 2025 with a £21 million fine, drawing a line under past failings and prompting significant system improvements, though the FCA continues to monitor the industry, with Monzo now focusing on enhanced compliance as it grows. The fine addressed issues from 2018-2022, and Monzo has since invested heavily in its financial crime framework and technology.
For the best travel card abroad, look for debit or credit cards with 0% foreign transaction fees, like Halifax Clarity or Barclaycard Rewards (Credit), or fee-free debit cards like Starling or Chase for ATM withdrawals, and consider prepaid cards like Post Office Travel Money Card for security and currency loading, but always check for ATM fees, cash withdrawal limits, and local bank charges.
NEW | Monzo Overseas Fees Explained (2025) | Using Your Monzo Card Abroad Without Surprises
Does Monzo give you a good exchange rate?
Let's break it down: Monzo uses the Mastercard exchange rate. No extra markup is added — unlike many banks that sneak in 2-4%. No foreign transaction fees, which most cards charge on top of that markup.
Monzo offers free ATM withdrawals in the UK and European Economic Area (EEA) for most users, with limits of £400 every 30 days unless it's your main account or you have a paid plan (Plus, Premium, etc.), which provides unlimited fee-free access. Abroad, Monzo doesn't charge, but you get £200 fee-free every 30 days before a 3% charge kicks in (higher limits for paid plans); always choose to be charged in the local currency to get the best Mastercard exchange rate.
Security you can count on. Over 14 million people use Monzo. We keep their money safe with high-tech security features, 24/7 support, and advanced fraud protection. Monzo is a financial technology company; not a bank.
The 2/3/4 rule for credit cards is a guideline, notably used by Bank of America, that limits how many new cards you can get approved for: no more than two in 30 days, three in 12 months, and four in 24 months, helping manage hard inquiries and credit risk. It's a strategy to space out applications, preventing too many hard pulls on your credit report and helping maintain financial health by avoiding over-extending yourself.
Chase and Monzo are the same when it comes to using their respective cards to make purchases abroad – neither charges a fee. Plus they both use the competitive Mastercard exchange rate for foreign transactions.
Authentication needed Some online payments must be confirmed in your Monzo app. They may decline if cancelled, timed out, or if the amount changes. Card settings Your payment may decline if your card is frozen, or if online/contactless payments are turned off. You can update these in Manage card.
Monzo Bank Limited, trading as Monzo (/ˈmɒnzoʊ/), is a British online bank based in London. Monzo launched as part of a wave of app-based challenger banks entering the UK market.
The DWP cannot directly access your bank account without legal justification. However, they can request information from your bank if they have reasonable grounds to investigate.
