The card does charge interest on cash withdrawn abroad at 19.9% (21.9%-25.9% for poorer credit scorers), but this amounts to just £1.50 per £100 spent. DaveTMG 22 November 2017 08:20 #9. The Supporter – for £4.95 per month you will receive Monzo merchandise, access to prize draws and exclusive discounts and offers for members There are no charges for opening or running a Monzo current account. The best option for travelling abroad is to go cashless – and just take your mobile phone. Mastercard’s exchange rates. save. When it comes to using an ATM, free cash withdrawals are limited to £200 per 30 days. Payments in the UK, cash withdrawals in the UK and payments abroad are all free – other than the Mastercard standard exchange rate - with no added fees. What's more, you get the Mastercard Wholesale exchange rate, which tends to be ever-so-slightly better than VISA's rates. Current Account – Monzo has a personal current account with no monthly fees, a free app and a hot coral Mastercard as standard; Monzo Plus – there are two premium packages available through Monzo Plus . You may use the Monzo card at any online or retail merchants around the world as long as they accept Mastercard. This is not the same as the interbank rate . ... (which is offered by Revolut) and the Exchange Rate offered by Monzo: Revolut vs. Monzo Exchange Rate. Unlike many high street banks, Monzo does not charge you when you use its card to pay abroad and there is no mark-up exchange rate. With my Monzo card I got a Euro rate of 1.17 and with Revolut 1.15. Monzo uses the Mastercard wholesale rate with no markup on the exchange rate, which gives you the best possible rate. All currency conversions will be based on Mastercard’s exchange rate with no added margin; Free ATM withdrawals. Cheers, Val. You can deposit cash with Monzo at any PayPoint location across the UK, but you will be charged a £1 fee. hide. My wife and I both have Monzo accounts as well as a joint account so potentially access to plenty of cash without paying a withdrawal fee. 1 Like. Monzo uses the Mastercard exchange rate for currency exchanges. Monzo … When you are using your card abroad (or if you are using it online if you are buying in a foreign currency), then the Mastercard exchange rate will be used – without any additional fees from Monzo. Compatible with Google Pay and Apple Pay Enjoy fee-free withdrawals from ATMs in the European Economic Area (EEA). Card, cash and cheques. report. You can add this to the Apple Pay or Google Pay wallet. Best exchange rates possible - Based on Mastercard rates settled 3 days after transactions are made; £200 worth of free withdrawals abroad - 3% charge above this; The ability to apply for an overdraft - we love this! Monzo Exchange Rate. share. 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