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Monzo is making change which Brits should check if using bank when travelling abroad

Home> News> UK News

Updated 08:47 26 Apr 2024 GMT+1Published 08:21 26 Apr 2024 GMT+1

Monzo is making change which Brits should check if using bank when travelling abroad

Monzo users should be aware of the change to paid-plan accounts

Joshua Nair

Joshua Nair

A number of banks are making notable changes to their account services in the next few weeks, and with summer right around the corner, it might be worth taking note.

Holiday season is well and truly upon us, and with that comes a number of factors to consider within your travel plans.

Booking flights, a hotel and transport from the airport on arrival is one thing, but what about actually spending money while you're at your destination?

In an age where going to your local currency exchange to get ripped off on a deal where you convert your pounds into the foreign currency is not the only option, people often go down the route of converting their money directly through their bank.

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But it turns out that a few of the big boys are making tweaks to their accounts, with the likes of Barclays introducing a change on the minimum repayment structure on its credit card and NatWest upping the fees charged on some services.

There's also news for Monzo users though, with some customers being able to benefit from additional perks that could be useful when travelling abroad.

Monzo users should be aware of these new changes. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)
Monzo users should be aware of these new changes. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)

In a blog post on its website, the online bank urges users to 'make Monzo more you', explaining the new changes.

Monzo is basically updating its subscription options, giving users three brand new paid plans to choose from.

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Customers can choose between Extra, Perks and Max - replacing the old choices of Monzo Plus and Premium Plans.

Monzo Extra - £3 a month

Extra is the most inexpensive plan and is £2 cheaper that its predecessor, the Monzo Plus plan. Though you get less freebies than before and are not given access to a 4.6 percent easy-access savings account.

Other bank accounts and credit cards can be added to the app as well though, and access to spare change round-ups.

Plus there is also fee-free cash withdrawal so you can take cash out in the UK and European Economic Area, although a £200 a month limit exists everywhere else in the world.

Monzo Perks - £7 a month

The mid-tier plan is the Perks plan. It comes with everything above plus a free annual railcard, as well as access to the aforementioned 4.6 percent easy-access savings account.

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It's worth noting the changes before you jet away on holiday. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)
It's worth noting the changes before you jet away on holiday. (Rafael Henrique/SOPA Images/LightRocket via Getty Images)

Monzo Max - from £17 a month

The top level plan is now known as the Max plan, taking over from Monzo Premium, and has a minimum three-month sign up period.

On top of everything listed previously, this plan gives customers free worldwide travel and phone insurance as well as UK and Europe breakdown cover.

Perk and Max plan customers can also benefit from a free hot drink or snack at beloved food chain Greggs, every week.

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Of course, these options are only for customers who need a subscription in the first place, with many online bankers choosing to opt for the free Current Account for everyday banking.

For example, you wouldn't really look to pay £17 a month unless you were travelling a lot, and can benefit from all the Max plan has to offer, but if you go on holiday a couple of times a year, that monthly travel insurance may not be the wisest investment.

Featured Image Credit: Rafael Henrique/SOPA Images/LightRocket via Getty Images / JUSTIN TALLIS/AFP via Getty Images

Topics: Travel, Money, UK News

Joshua Nair
Joshua Nair

Joshua Nair is a journalist at LADbible. Born in Malaysia and raised in Dubai, he has always been interested in writing about a range of subjects, from sports to trending pop culture news. After graduating from Oxford Brookes University with a BA in Media, Journalism and Publishing, he got a job freelance writing for SPORTbible while working in marketing before landing a full-time role at LADbible. Unfortunately, he's unhealthily obsessed with Manchester United, which takes its toll on his mental and physical health. Daily.

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@joshnair10

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