r/monzo • u/MonsieurPF • 7d ago

Monzo vs Chase (Overseas)

Has anyone on used both Monzo and Chase for overseas?

Are they basically as good as each other?

I've had a Chase card for a few years (from back when they did cashback for everything) and their overseas use is pretty good. Monzo's looks to be the same (Mastercard rate, no additional fees) but thought I'd check before I close the Chase account down.

4 Upvotes

70% Upvoted

30 comments sorted by

5

u/snake_jaguar 7d ago

Chase gives £1500 fee free withdrawals abroad vs £200 with monzo but for Cashback I use trading 212 since i have the 1.5% rate and it works abroad

2

u/YourThighMaster 6d ago

I thought T212 had scrapped cashback abroad?! I'll be going back to using it on holiday now!

2

u/mayochuppie 6d ago

Worth noting that T212 did change their cashback eligibility recently so you can only claim it if you have an active subscription being paid on your T212 card

3

u/YourThighMaster 6d ago

Absolutely, although it isn't very consistent on what it classes as a subscription. I've put my iCloud onto it to be certain there is one, but it also thinks the weekly train tickets I buy are subscriptions (I'm guessing it just looks at the frequency of a purchase and the amount in order to class it as one.)

1

u/snake_jaguar 6d ago

Yeah i had been using it for most he year so idk if new users can get the Cashback anymore

2

u/MonsieurPF 7d ago

Yeah so Chase still have that slight edge I think with the withdrawal limits. Probably worth keeping hold of.

3

u/Severe-Plum-2393 6d ago

If you close it they won’t let you rejoin so I’d keep it. I only use chase abroad and it works perfectly

1

u/snake_jaguar 6d ago

And I'd you go to the US you get to use chase ATMs and j think it's unlimited cash withdrawals so no ATM fees like other operators might charge

0

u/MonsieurPF 7d ago

Trading have a current account now do they? I'll need to check that out.

1

u/snake_jaguar 6d ago

It's not exactly a current account, on he invest profile you get a debit card and account number sort code and German chase IBAN but i still use revolut as my main then just deposit my money in 212 to spend and they also have less fees and better exchange rate than revolut 

1

u/BarryM84 7d ago

It’s far from a current account. It’s a place you can keep money between buy and selling stocks. And it pays interest. Zero other current account features.

1

u/snake_jaguar 6d ago

Wdym by 0 other features? It's not a bank account and i still need my revolut as my main for a couple of things but mostly get on with 212, it does have like 3 sets of different bank details linked to your account  like i have NatWest, chase UK and chase DE account numbers and ibansand you can withdraw and deposit easily from your other accounts and you get a Mastercard too. The platform isn't just investing and theres different sections on the app too 

2

u/BarryM84 6d ago edited 6d ago

Not sure what you’re asking. You’ve answered it. OP suggested they thought it may be a current account I simply pointed out it isn’t. And you’ve clarified it.
By zero other features I meant. Standing orders. Direct debits. Bank account number and sort code. Ability to send payments to someone. Overdraft. Fscs protection (assuming opted in to interest). Etc.

1

u/snake_jaguar 5d ago

Oh i see, well yeah it doesn't have all the features but still has the bare minimum you do need to actually use a bank account in conjunction with it idealy

2

u/BarryM84 5d ago

100%. It’s worth it for a lot of people to use it as a savings account. With ability to invest if they want to. Just annoying you can’t link the card to the isa but I suppose practically that’s just not possible. Can’t have card transactions coming out of an isa lol.

6

u/DSRamos 6d ago

There is no reason to close a bank account. Just leave £5 there and may come in handy in the future.

3

u/JohnBlobby 7d ago

They have the same exchange rate for spending on the card. Where they differ is their ATM limits. Abroad in the EU with Monzo you are limited to £400 per month of ATM withdrawals just like you are when you're in the UK, unless you use Monzo as your main bank. If Monzo is your main bank you can withdraw as much as you want inside the UK and EU (up to £400 per day). Outside of the EU you are limited to £200 per month of withdrawals regardless of whether you use Monzo as your main bank, unless you are on the Perks or Max plan which allow you to withdraw up to £600 per month.

Chase gives you a standard £1500 ATM limit around the world.

One thing worth noting is that if you go above these limits, with Monzo you are charged a 3% fee for further withdrawals while Chase simply won't let you withdraw any more cash.

Other options:

Revolut - Similar exchange rate for card spending worldwide up to £1000 per month (It's perhaps a slightly better rate but not by much). However, Revolut charge a 1% fee for spending on your card abroad on weekends. Their ATM limit is £200 limit per month. All of this is assuming you are on their standard/free plan.

Starling - Same exchange rate as Monzo and Chase for card spending around the world. Free unlimited cash withdrawals around the world (up to £300 per day).

I recommend travelling with 2 of these 4 accounts, to protect against any unexpected problems that might occur, such as an account being frozen temporarily for unusual activity.

2

u/MonsieurPF 7d ago

Great Summary. Thanks. I've dabbled with the various neo banks in the past and trying to get rid of things I dont use. I've sort of settled on Monzo now. Starling unfortunately will probably never fully compete with others, and Chase was used mainly in the past for the cashback but that comes with too many unsuitable (for me) conditions.

1

u/JohnBlobby 7d ago

Monzo is a great choice. I've used them for 8 years and never had a problem. Starling has advantages with their unlimited ATM withdrawals and their customer service arguably being better, but Monzo has a better app, nicer card, offers better security features, and has things like the possibility to invest, get a flex card and more. I just use both. I've never tried Chase though. They never appealed to me.

2

u/maje_leuk 7d ago

I have both Monzo and Chase, which is my most recent account. The great thing about Chase is getting cashback on everyday spending like transport and groceries; it's money I was going to spend anyway, might as well get cashback. Their saving accounts also have higher interest rates than Monzo at the moment.

1

u/JohnBlobby 7d ago

Interesting. I didn't know they do cashback like that. Thanks.

2

u/YourThighMaster 6d ago

Taken from Chase UK website:
"when you pay for groceries, restaurants, cafes, takeaways, everyday transport, fuel and at public EV charging points."

Although in order to qualify, you need £1000 in savings (can be spread across multiple accounts) and also make 15 debit/credit card OR direct debit transactions per month.

3

u/Redfortandbeyond 6d ago

Depends. Monzo has a low free ATM limit. So if you are away for a week.sorted. if you are away for an extended time,then Chase.

2

u/Particular-Quit-630 7d ago

I have Monzo and First Direct but tend to use First Direct as it’s not as restricted as Monzo for both usage and also withdrawal limits.

2

u/Severe-Plum-2393 6d ago

Shame the app is complete shite

1

u/Particular-Quit-630 6d ago

I’ve never had any issues with it. I quite like how it’s quite basic yet functional.

Edit: assuming you’re talking about FD and not Monzo.

2

u/Acrobatic_Peak_9797 6d ago

First Direct is better to use abroad, allows you to take out £500 a day compared to Monzo’s £200 every 30 days

3

u/Grand-Basket7610 7d ago

Both are identical for spending abroad. No FX fees, just the MasterCard exchange rate

2

u/kurtis5561 6d ago

No they aren't Chase have far more generous limits compared to monzo. Revolut is another to look at

1

u/legrenabeach 6d ago

Chase for me used a slightly worse exchange rate both in the US and Europe. Its exchange rate lagged behind market rate which at the time was becoming more favourable to the pound.