Are you sick of bank fees and limited control over your finances? You’re asking the right questions.
Monese and Revolut are both app-based money management platforms that give you smart control over your budget, foreign transactions, and currency transfers minus the bank’s typical exorbitant fees.
But neither is a substitute for the other.
- Revolut has a banking license in some regions and offers deposit protection up to €100,000 EUR in 10 EU countries (not the UK).
- Monese has a Credit Builder program if you want to build your credit score up (Excellent for new arrivals or those maybe wanting a mortgage in the future).
- Monese is only available in the UK and EU, whereas Revolut is more widely available and is generally more useful for managing many currencies.
So which money management app is for you?
In this guide, we will explore Monese and Revolut in terms of fees, benefits, and customer support. This should help you choose the right one for your needs.
Disclosure: This post contains affiliate links, which may save you and do not cost any more. For more information, see my disclaimers here.
1. Monese vs Revolut: Quick Comparison
Monese and Revolut are both trustworthy app alternatives to banks. Monese is “Great” at 4.2/5 (33k+ reviews) on Trustpilot while Revolut is slightly better at 4.3/5 (136k+ reviews). And Monese can help build credit while Revolut aims to be a financial one-stop shop.
|Trust||High – Good Trustpilot score and customer funds held separately for safety||Very high – Great Trustpilot score, regulated service|
|Fees||Varies by account type||Varies by account type and location|
|Banking license?||No||No in most locations including the UK. However, yes in Lithuania, including the EEA|
|Trustpilot Rating||Excellent – 4.2/5 with over 36,000 reviews (as of July 2023)||Excellent – 4.3/5 on Trustpilot with over 137,000 reviews (as of July 2023)|
|Full Review||Monese (review)||Revolut (review)|
If you want a bigger picture with more options check out Revolut Alternatives.
2. Monese vs Revolut: Top Features
|Availability||UK and EU||UK, EU, US, Australia, New Zealand, Singapore, Brazil|
|Business Account?||Yes – single tier||Yes – many tiers|
|Address Proof for Sign Up||No||Yes|
|International Transfer||Yes – in 30 currencies||Yes – in 36 currencies|
|Multi-Currency Account||Yes – for personal and business||Yes – for business|
|Debit Card||Yes – for personal and business.||Yes – for personal and business.|
|Instant Transfer||Yes – local Monese to Monese transfers||Yes – local Revolut to Revolut and card transfers|
|Special feature||Credit builder for new arrivals to the UK and individuals wanting to build their credit scores|
3. Monese vs Revolut: Pros and Cons
- Start with a free account
- Sign up without an address proof
- Available for both personal and business
- Available in free and paid accounts
- Multi-currency account
- MasterCard debit card – works worldwide
- Credit builder for expats and individuals with low credit score
- Multicurrency Account for business
- Cash deposits available at select locations
- Joint account option available
- Apple Pay and Google Pay integration
- No banking licence or deposit protection
- Only available in the UK and EU
- Widely available in the UK, US, EU, Australia, and New Zealand
- Manage all your external bank accounts in Revolut
- Available on standard and premium accounts
- Multi-currency account for business
- MasterCard debit card that works globally
- 36 currencies for international transfers
- Discounts and complimentary perks for premium account holders
- International ATM withdrawals with a certain limit
- Disposable virtual card option for online transactions
- Exchange rate mark up on weekends
4. What Others Say: Third-Party Reviews
Excellent – 4.2/5 with over 36,000 reviews (as of July 2023)
Positives (76% of reviews)
Many reviewers praise how easy it is to send and receive money locally with Monese as well as the ease of making payments while traveling abroad.
People also appreciate their Credit Builder program.
Interestingly, a large portion of the reviewers gave Monese one-star or two-star reviews.
Negatives (21% of reviews)
Poor Customer Support: Many reviewers are frustrated with the response time, lack of support, and resolution of their issues.
Account Closure: Some customers have reported that their accounts were closed without any reason, and they were unable to access their funds.
Monese is a regulated financial institution, so any account that doesn’t meet its terms of service or tries to use its platform for unlawful activities may be shut down.
Unauthorized transactions: Even though these are rare, they have raised concerns among Monese users recently about safety on the platform – especially since there’s no deposit protection.
We recommend holding small amounts of money only while building your credit and moving to a high-street bank or a deposit-protected account when you have the chance.
What They Said
“Monese was very easy to set up and start using. All my cards, transfers, and budget are a page away. Friends in Romania suggested a mobile bank over local banks because of convenience, low fees, and customer service. They were right.”– Ioana
“Transferring to other accounts is so easy and safe. I travelled and used euros without getting charged and my favourite feature is the Monese credit builder as I am building now building my credit whilst saving.”– Estee-Naomie Kedima on Trustpilot
Excellent – 4.3/5 on Trustpilot with over 137,000 reviews (as of July 2023)
Positives (85% of reviews)
Overall, customers seem to have a positive experience with Revolut, and the app’s ease of use and fraud prevention feature is particularly appreciated.
Many reviewers also said that Revolut is great when traveling abroad.
Compared to Monese, Revolut has a lesser percentage of negative reviews.
Negatives (12% of reviews)
Negative reviews mainly focus on the following:
Frozen accounts: These reviews highlight a recurring problem where customer accounts were frozen without any clear explanation.
Users were also frustrated about the lack of transparency and the level of support they received with frozen or blocked accounts.
Too many verifications: Many users expressed dissatisfaction with the paperwork and verifications while opening a Revolut account.
However, as an online bank with a banking license, Revolut needs to perform these checks to make sure that users comply with their terms and conditions on the platform – and to avoid unlawful activities like theft and fraud.
Customer service: Many users mentioned that they encountered difficulties in reaching out to the support team for assistance and often their issues were not satisfactorily resolved
What They Said
“Everything with Revolut is so seamless. One thing l really like is how they can stop a payment if it looks fraudulent. Most external banks will make the payment then you have to spend time disputing the transaction. With Revolut they stop the payment & ask you if the payment is something you recognise or is it fraudulent. Moving money around is instantaneous & l would happily recommend as they make everything so easy.”– Errol
“I’ve been using Revolut since almost 2 years now and for personal and business it’s an amazing tool. payment links, currency exchange and the most amazing are the perks offered to businesses.
Support through chat always available and the help is always there for you.”– Marco Pirongelli on Trustpilot
5. Monese vs Revolut: Fees
- Monese Starter – £0/month
- Monese Classic – £5.95/month
- Monese Premium – £14.95/month
Monese for Business
- Local Monese to Monese transfers: Free
- International transfers:
- Simple: 2.5% for outgoing transfers and additional 1% fee on weekends (lower for paid accounts)
Access to Credit Builder:
- First card delivery: Free
- ATM withdrawal: 1.5 GBP/EUR per transaction above the monthly limit
- Spending in foreign currencies: 2% fee
- Revolut Standard
- Plus – £2.99/month
- Premium – £6.99/month
- Metal – £12.99/month
- Professional – £7/month
- Ultimate – £25/month
- Grow – £25/month
- Scale – £100/month
- Enterprise – Custom
International Transfer Fees
- Transfers at the mid-market rate
- Service fees – 0.5% up to £1000 GBP (Standard and Plus), Unlimited on Premium and Metal
- Exchange rate mark up on weekends
- Some fees are charged by sending and receiving banks
- Delivery fee applicable based on plan
- Replacement fee – €6
- ATM withdrawal fee – up to 5 ATM Withdrawals or €200-€800/month (based on plan).
- 2% per withdrawal
- Currency conversion fee for using card abroad
If small bank-to-bank transfers (below $7000 USD/£4000 GBP/€4500 EU/$9500 CAD/AU) are a priority, we recommend a dedicated transfer service like Wise (review).
With Wise you can send money to 160+ countries in 40+ currencies at the mid-market rate and with average service fees of 0.61%.
Wise also offers a multicurrency account for personal and business use where you can hold, manage, and convert between 40+ currencies, get local receiving accounts, and a prepaid debit card that can be used globally.
6. Monese vs Revolut: Transfer Speed
Local Monese to Monese payments: Instant
- UK Faster payments: instant
- BACS payments: 3 business days
- CHAPS payments: the same day, if made before 2pm UK time
SEPA payments to your EUR account
- Before 2pm Central European Time (GMT +1): the same day by 17:00 CET time
- After 2pm Central European Time (GMT +1): the next business day
- Payments to your secondary account: 8am, 11am and 5pm Monday through Friday
- SEPA payments in EUR: the next business day
- Payments from other countries or in other currencies may take longer (2-4 days)
- Local Revolut to Revolut: Instant
- Revolut to Card: up to 30 minutes
- International bank to bank transfers: 2-5 business days
7. Monese vs Revolut: Cards
- MasterCard debit cards available for personal and business
- Integrates with Apple Pay and Google Pay for contactless payments
- Link with PayPal for an alternative payment option
- Customizable cards
- Virtual cards for online shopping
- Works globally – withdraw from ATMs abroad at the MasterCard rate
- Lock or unlock the card from the app
- Debit cards are available for both personal and business (Visa and MasterCard)
- Revolut premium cards come with exclusive benefits
- You may be able to change the card design (depending on the availability)
- Connect cards with Apple Pay and Google Pay for contactless payments
- Spend in 150+ currencies while traveling
- Single-use virtual cards for safe online shopping
- Block-unblock and set limits and pin easily from the app
- No-fee* ATM withdrawal within limits (£200 GBP – £2000 GBP depending on the plan)
- Cashback** on spends (depending on plans)
*Third-party ATM providers may charge a withdrawal fee and weekend fees may apply
8. Monese vs Revolut: Multi-Currency Accounts
- Multi-currency account
- Open an account instantly with ID (no address proof)
- MasterCard debit card that works globally
- Three account tiers
- Savings pots, budgeting and tracking
- Get joint accounts
- Set up direct debits
- Free SEPA payments (subject to currency exchange fee)
- International transfer in 19 currencies
- Credit builder program in the UK
- Top up account with cash
- Multi-currency account for UK-registered businesses
- Send or receive from over 30 countries
- 6 FREE withdrawals per month
- Free contactless debit card that works globally
- Single fee of £9.95 per month
- Create business invoices
- International transfer in 29+ currencies
- Five account plans to choose from
- Manage all your external bank accounts with Revolut
- Investment options
- Saving vaults and budget tracking
- Travel perks (depending on plan)
- Everyday insurance (depending on plan)
- Pet insurance option
- No charge for linked accounts for family members who are 6 to 17 years old (T&Cs apply)
- Available in all supported countries
- Send, receive, hold and exchange money in 25+ currencies
- Multi-currency account for businesses of all sizes
- Dedicated accounts for companies and freelancers
- Automate fixed expenses
- Virtual and physical debit cards for teams (limits can be set)
- Multiple ways to get paid – payment links, custom invoices, integration in payment gateways and Revolut card reader
- Integrates with business APIs like Xero, Quickbooks, etc.
With 2 wins for Revolut and 5 ties, it can be difficult to say which money management app is better. Both services have their pros and cons depending on what you are looking for in a financial platform.
However, some general guidelines are:
- If you want a fully-featured bank account that does not require proof of residency or address verification (especially if you are new to the UK or Europe), then Monese may be a better option for you.
- If you want a multi-currency account that allows you to exchange and spend money in over 36 currencies with low fees and access to other financial services such as investments and insurance, then Revolut may be a better option for you.
Ultimately, the best way to decide between Monese vs Revolut is to compare their features and fees in detail according to your specific needs and preferences. You can also check out their customer reviews and ratings to get a sense of their service quality and reliability.
Is Monese a Revolut?
No, Monese is not a Revolut. They are two separate platforms that offer almost similar financial services, but they are not affiliated with each other. Each platform has its own pros and cons depending on your needs.
Is Monese a Real Bank?
No, Monese is a digital financial platform that allows you to open an account in multiple currencies, regardless of your credit score and provides helpful benefits such as instant local money transfers.