Where will you be moving your ‘Monese’ functions
The elimination of foreign spending fees only at £5.95 pm seems a bit crazy
Probably to Chase, although I’ll have to set up a new D/D for my Tymit card somewhere else until they introduce D/D
Sad to see them go, but as you say… those fees are are a killer.
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I’m using Dozens for personal monthly DD’s at the moment
I used to use Revolut but had some issues, only used for 2 annual DDs now
Chase missed a trick in not offering this off the bat as far as my circumstances are concerned…that said they may wrestle domestic spending off the aforementioned
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This looks absolutely dreadful. Little or no point in having an account that makes Santander look positively generous. I assume (perhaps erroneously) that 2% “spend in foreign currency” means spend outside of Euros, Sterling and Lei ? A £1.50 fee for cash withdrawals (and no £200 allowance) ? International transfers " 2.5% fee, additional 1% fee on weekends" - that’s Curve and Revolut territory. Does that include IBAN transfers ?
Even £1.95 per month for such a paltry offering looks dubious.
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I can do without atm withdrawals, debit card topups and international transfers. The extra 1% on Monese to Monese transfers at the weekend will be one to watch out for.
At the moment though, it looks like it will still be my preferred route for exchanging GBP to EUR.
2% fee for foreign currency card spend is not that big a deal, if you’re only using currency you already have. Just remember to convert between accounts, if you need
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The “foreign spending” explainer said the fee applied to anything abroad, but I assume it wouldn’t actually apply if paying in Euros with their Euro account card?
It’s not very clear though.
I think you are still grandfathered into your existing plan so immediate change for existing customers.
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The EUR card works “natively”, so I don’t think it counts as foreign spending. You’re right though, it’s not really clear. They don’t point out explicitly that Monese GBP to Monese EUR doesn’t fall under foreign exchange either. It’s a bit confusing
It’s what they did last time the subscriptions changed, so hopefully existing customers can hang on to the current benefits
Fingers crossed, as I would really like to stay with Monese if at all possible.
They’re obviously struggling if they are parking another tier in the offer with, if anything, worse than the existing free offer.
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Yes, exactly last time it was beneficial to move to the new tier as it was more generous.
Now the new tiers are much less generous, but actually quite similar to how Monese used to be initially. So I doubt that they will put off too many people, although I do agree with @riceuten here that the first subscription tier is awful (and worse than the old free tier)!
Quite a few people may be able to still manage on the free tier, though, especially if they rarely/never use cash.
Well, I’ve messaged them regarding keeping the terms of the original free account.
Just have to wait and see what they say now.
Had a reply today.
It turns out that anyone currently on their free plan will be migrated onto their new free plan on 28th November.
With some of the new charges and restrictive limits, I may still have to re-evaluate whether it’s worth keeping or not.
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It’s only the 1% on Monese to Monese transfers at the weekend which will affect me.
I’m assuming you still get virtual cards for free, but I can’t actually find a statement to that effect
The new pricing structure seems to indicate that virtual cards will still be available on all plans.
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Ahh! As usual, it’s more comprehensive on their site than in the app. Which is annoying, given you can upgrade in the app
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Well they didn’t seem to make that clear before!
That’s very much a shame if so, as it makes the account really quite restrictive. Still, if they are struggling they probably can’t afford to keep their older customers grandfathered in on a more generous package.
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I don’t want to give up Monese, but if it’s going to start costing me money I can’t see an alternative.
Especially with all of the other offerings out there.
I have had a good run with them, and TBH, they are probably the one FinTech I have stuck with more than most.
Maybe the best thing to do is to empty my account and leave it dormant and see how they progress.
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Not a bad idea, I will probably do the same.
If nothing else, it’s a nice way to check on my Avios balance.