UK start-up Monzo is to pull one of its most popular features – unlimited, no fee overseas ATM withdrawals.
From 18 December, Monzo cardholders will be limited to an allowance of £200 per month for international ATM withdrawals; a 3% charge will apply on any withdrawals in excess of that figure.
Monzo said that this will apply to all current accounts, and by the time the limits are put in place, it expects to have offered all existing prepaid customers a current account.
Any customers who stick with the Mastercard branded prepaid card will only be able to make one free withdrawal per calendar month, up to £200.
As a result of the fees changes, Monzo’s card will compare less favourably with the popular offering from rival Revolut – it allows fee free withdrawals abroad of up to £200 with a 2% fee thereafter.