UPDATE: Monzo’s ATM spending limits are going up, but not for everyone…

We wrote last month about how we were worried we could come a cropper because of prepaid cash card Monzo’s ATM withdrawal limits; a £1,000 rolling cap over any 30 day period and no more than £3,000 over 12 months.

It had the potential to cause big problems when we hit South America and have to pay in cash more regularly.


Monzo promised that they were working on bringing in higher limits, but we weren’t holding our breath that it would be in time for our touch down in Rio in March.

So we were pleasantly surprised this morning when we got a message from them saying our ATM withdrawal limit had doubled to £2,000 over any 30 day period with a £5,000 annual maximum rather than £3,000.

“The limits are set in conjunction with our sponsoring bank (Wirecard), so we were able to do this through a combination of working with them and reviewing our own internal processes.” Monzo spokesperson

With 2 cards between us it’s taken a lot of the worry out of travelling through South America where we know cash is usually king.

monzo2

Great news for us, but it seems not everyone is going to get higher limits straight away. You’ve to ask for it if you’ve already had issues with the existing limits. Here’s what they told us…

“Not everyone is automatically put on the highest limits after ID verification. If you hit your limits, you should contact the Monzo support team via the in-app chat, and they’ll manually review the account and upgrade it if eligible”.

Monzo spokesperson

So because we had ATM withdrawals declined in Thailand and asked Monzo why, they’ve reviewed our account and let us take out more cash if we need it.

Most people probably won’t hit the existing £1,000/£3,000 limits anyway; but our advice to longer term travellers would be to check your limits carefully, ask the Monzo guys if you want/need more and hope you’re eligible.

It’s likely they’ll have even more freedom once their banking licence is confirmed, but right now, we’re happy we can weave our way through South America and withdraw cash worry-free.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s