Based on the information provided, yes, Monzo is good for abroad, particularly regarding fees on spending and cash withdrawals.
Using your Monzo card for spending and withdrawing cash overseas can be a cost-effective option due to its transparent fee structure, as highlighted in the provided reference.
Fee-Free Spending Worldwide
One of the major advantages of using Monzo abroad is the ability to spend money anywhere in any currency without incurring any fees. The reference explicitly states:
You can pay anywhere in any currency using your Monzo card, fee-free.
This means you won't face the typical foreign transaction fees that many traditional banks charge when you use your debit or credit card overseas.
Favourable Exchange Rates
Beyond the lack of spending fees, Monzo also passes on the Mastercard exchange rate directly to you.
We pass Mastercard's exchange rate directly onto you, without sneaky fees or extra charges.
This is generally considered a very competitive exchange rate, often better than those offered by high-street banks or airport currency exchange services. There are no additional mark-ups or hidden charges added to the exchange rate itself.
Fee-Free Cash Withdrawals (Up to a Limit)
While spending is always fee-free, cash withdrawals abroad also offer a fee-free allowance. The reference mentions:
You can also make fee-free cash withdrawals up to a certain limit (see below).
This provides flexibility if you need physical cash while travelling, allowing you to withdraw smaller amounts without worrying about immediate fees, although you should be aware of the specific limit that applies to your account type.
Summary of Costs Abroad (Based on Reference)
Based solely on the information provided, here's a quick look at the costs:
| Transaction Type | Monzo Cost (Based on Reference) | Notes |
|---|---|---|
| Spending in any currency | Fee-free | Uses Mastercard exchange rate |
| Cash Withdrawal Abroad | Fee-free (up to a limit) | Check your specific account limit |
In conclusion, for users focused on avoiding fees when spending or withdrawing cash while travelling internationally, Monzo presents a strong case based on the details provided in the reference.
