Monzo Is Changing, Do We Need A Visit From The Monzo Of Christmas Past?

Monzo Is Changing, Do We Need A Visit From The Monzo Of Christmas Past?

This Christmas I will be saying so long to Monzo’s free overseas offering, and will be wishing for a banking solution that stays true to its word.

Monzo launched in 2015 and very quickly became the trendy money management solution for millennials. Monzo is an app managed debit card and banking account. But what’s special enough to have caused a banking fad?

First of all, the app produces very detailed break downs on what exactly you are spending your money on with minimal effort from the user. You can see how much money you spent in the pub, on transport, for bills, on holiday and many more categories, all of which are updated for you and easy to track. You can also freeze your card straight away if it’s lost, make payments to phone contacts and there are no overdraft fees. For millennials who are still relatively new joiners to the ‘adult world’, this app is a dream come true for organisation and budgeting.

The other perk is (or was) the benefits of using your Monzo card when travelling. Originally the offer was no added card fees when travelling abroad. Again, it was the globe-trotting millennials who were rushing to download the app. Imagine jetting off to Myanmar; difficult currency conversions, shops expecting actual bank notes, and only a small spattering of ATMs. With your Monzo card these troubles were easy to navigate and millennials could focus on the task at hand: finding those baggy trousers and getting a sunrise picture from the top of a temple. But alas, on the 18th December this offer won’t be quite so good. You will have £200 free allowance per month, but thereafter there will be a 3% charge for withdrawals everywhere outside the UK. Neither as appealing nor as easy to understand, and say hello again to those budgeting bugbears.

Here is a tech brand that took a somewhat uncool industry and effectively and eloquently turned it into a trend, with undeniable perks. But will the trend and therefore the brand survive this U-turn in one of the crucial added value benefits?

Sam Barton Sam Barton TwitterLinkedIn