There are no charges for opening or running a Monzo current account. The card does charge interest on cash withdrawn abroad at 19.9% (21.9%-25.9% for poorer credit scorers), but this amounts to just £1.50 per £100 spent. You can deposit cash with Monzo at any PayPoint location across the UK, but you will be charged a £1 fee. Enjoy fee-free withdrawals from ATMs in the European Economic Area (EEA). This is not the same as the interbank 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. Use your card abroad as you would at home; there are no fees and you pay the wholesale MasterCard exchange rate No fees or charges in the UK or abroad In the future, Monzo plans to add new features like budgeting targets, transaction searches, and the ability to receive payments through Monzo… The best option for travelling abroad is to go cashless – and just take your mobile phone. You may use the Monzo card at any online or retail merchants around the world as long as they accept Mastercard. With every Monzo Business account comes a Debit Mastercard with chip, contactless and swipe facility (Monzo does not offer credit cards). Monzo Exchange Rate. 6 comments. 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! Mastercard’s exchange rates. Card, cash and cheques. share. hide. 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. If you are being billed in the local currency, they use Mastercard’s exchange rate with a 0.0% fee. DaveTMG 22 November 2017 08:20 #9. You can add this to the Apple Pay or Google Pay wallet. When it comes to using an ATM, free cash withdrawals are limited to £200 per 30 days. With my Monzo card I got a Euro rate of 1.17 and with Revolut 1.15. Compatible with Google Pay and Apple Pay Monzo … Great features of Monzo for travel. Monzo uses the Mastercard exchange rate for currency exchanges. Curious to know whether I will get a better exchange rate if I buy Euros in advance to take or just withdraw cash from atms while out there? report. All currency conversions will be based on Mastercard’s exchange rate with no added margin; Free ATM withdrawals. 1 Like. 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. save. ... (which is offered by Revolut) and the Exchange Rate offered by Monzo: Revolut vs. Monzo Exchange Rate. Products. Cheers, Val. 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