Revolut vs Monzo

About Author: Hi, I’m Quinn Askeland. In 2014, I started Transumo after experiencing expensive, slow, and frustrating international money transfers and payments through banks. Once I discovered how to manage my own international currencies much better, I became driven to help others improve their transfers and payments. Fortunately, today, there are many excellent options. See My Full Bio.

Revolut and Monzo may seem similar at a glance but they actually have some key differences.

In a nutshell: Monzo is a real bank and offers better deposit protection and interest on savings, while Revolut is a money management app that focuses more on international transactions and currency management features.

So, get ready as we go through the important details that could change the way you manage your money. If you live in the UK, you might want to pay attention to this Revolut vs Monzo comparison.

Let’s get stuck into it!

Disclosure: This post contains affiliate links and savings on transfers if you use some of the links! For more information, see my disclosures here. This comparison is for general information purposes only and does not constitute financial advice.

Revolut and Monzo are both solid digital finance apps. Revolut scores an “Excellent” rating at 4.3/5 from 143k+ reviews, while Monzo earns a “Great” rating at 4.1/5 from 29k+ reviews.  Revolut is ideal for open-banking enthusiasts while Monzo is better for a digital banking experience.

Quick Comparison: The Lowdown

First things first: Comparing Monzo and Revolut is really only fair if you are British resident.

This is because Monzo only operates in the UK with a streamlined US offering.

At the time of writing Revolut (review) on the other hand is available in the UK, US, European Economic Area (EEA), Australia, Singapore, Switzerland and Japan. However, if you are from one of these countries (and like Revolut) we also recommend you compare Revolut Vs Wise (opens new tab) because both have strong offerings and are more similar to each other.

>> Double check you can get Revolut here. You may also qualify for a card for business.

In a moment we will share all the important information you need.

Let’s be clear.

If you are in the UK, Monzo and Revolut can be game changers. 👍

Dare we say it, they can even make it fun to save, get paid, pay for things, travel, and hold different currencies.

But as you will see they have different strengths and weaknesses.

Revolut

Revolut Likes:

  • Available in the UK and 35 other countries (including the EEA, Australia, the US, etc.)
  • Integrate all 3rd party UK bank accounts with Revolut and track your balances
  • Send and receive money in 30+ currencies
  • No fees and instant Revolut to Revolut transfers
  • Get paid with payment links and QR codes
  • Save money easily with Revolut vaults in 30+ currencies (Group savings also supported)
  • Cool budgeting and analytics features
  • Create money management accounts for your kids
  • Connects with Apple Pay and Google Pay
  • Pay with the Revolut card in 150+ currencies

Revolut Dislikes:

  • No deposit guarantee

Monzo

Monzo Likes:

  • Available in the UK and the US
  • Is a real bank – money protected up to £85,000 GBP in the UK and up to $2,50,000 USD in the US
  • Track your other bank accounts and cards from the Monzo app
  • Earn up to 1.13% (AER/Gross fixed) interest on your savings
  • Set up direct debits for utility payments
  • Track your spending with instant notifications (smart budgeting features)
  • Offers fee-free overdrafts up to £1,000 GBP and loans up to £15,000 GBP (for eligible users)
  • Split the bill or share the tab with friends
  • Integrates with Apple Pay and Google Pay
  • Fee-free UK bank transfers
  • Fee-free ATM withdrawals abroad (upto £400 GBP or £800 GBP free every 30 days – Paid accounts only)

Monzo Dislikes:

  • Only available in the UK and US
  • The US account is very basic
  • Difficult to receive international payments (no IBAN)

1. Cards and Accounts (Best for you?)

Please Note: Fees can change without notice and the ones shown may not be up to date. Please use links below for the latest.

Revolut

  • Offers both personal and business accounts
  • No-fee option to open an account but more features with paid options

All accounts come with

  • an IBAN number (for sending and receiving international payments)
  • No-fee spending abroad in 150+ currencies (limits apply)
  • Revout Junior accounts
  • Debit card with no-fees international spending
  • Virtual cards for online shopping
  • Daily interest on savings

Premium accounts come with all of the features above, plus

  • 24×7 priority customer support
  • Higher ATM withdrawal limits
  • Online purchase protection
  • Lounge access
  • Baggage insurance
  • Overseas medical insurance

Types of Business Accounts

  • For Freelancers
    • Standard (No Monthly Fee)
    • Profession (£7 GBP/month)
    • Ultimate (£25 GBP/month)
  • For small businesses
    • Standard (No Monthly Fee)
    • Grow (£25 GBP/per month)
    • Scale (£100 GBP/per month)
    • Enterprise (custom pricing)

Learn more about Revolut’s business accounts by checking out the business page on Revolut

Monzo

  • Also offers both personal and business accounts
  • Both free and paid accounts are available
  • Types of Personal Accounts
    • Free
    • Plus (£5/month)
    • Premium (£15/month)

All accounts come with

  • UK current account
  • Deposit protection up to £85,000 GBP
  • MasterCard debit card
  • Fee-free UK bank transfers
  • Integration with Apple Pay and Google Pay
  • Spending categories and savings pots
  • Ability to set up direct debits

Premium accounts give you access to these additional features:

  • Fee-free ATM withdrawal abroad up to a limit
  • Virtual cards for online shopping
  • Interests on your main account and savings pots
  • Free cash deposits at PayPoint across the UK
  • Travel insurance
  • Discounted lounge access
  • Overdrafts and loans

Types of Business Accounts

  • Lite (Free)
  • Pro (£5 GBP/month)

Learn more about Monzo’s fees.

Winner: Tie

Both Monzo and Revolut offer some overlapping features like a MasterCard debit card and interest on savings and transfers.

However, the similarities end there.

Revolut is more for frequent travellers, freelancers, and growing global businesses, which means the accounts come with more features for making international payments and travelling abroad inexpensive and seamless.

Monzo on the other hand offers full-service current accounts to their UK and US residents (currently the UK accounts are more robust) with overdraft and direct debit features. They also have a banking licence and offer deposit protection up to £85,000 GBP.

2. The Real Fees (inc. Hidden Charges)?

Please Note: Fees can change without notice and the ones shown may not be up to date. Click the links below for the latest.

Revolut

  • Pay 2% of the amount for ATM withdrawals above certain limits. (depends on the subscription tier)
  • Local transfers in your base currency are no-fee
  • Bank transfers funded by your Revolut card attract a fee
  • Fee applicable for additional cards (depends on the subscription tier)
  • Fees may be applicable for adding money to your Revolut account with a card not issued in the EEA
  • Currency exchange fees applicable for some international transfers – 0.5% of the amount

Currency Exchange Fees:
– Standard + Plus: Fair usage limits apply
– Premium + Metal: unlimited and fee-free in 30+ currencies (as exotic currency mark-ups apply, and only fee-free on weekends)
– All plans: Weekend mark-ups apply

Monzo

  • Free ATM withdrawals in the UK (no limit)
  • Pay 3% of the amount for ATM withdrawals abroad above the prescribed limit (depends on type of account)
  • First two card replacement free, £5 fee after that
  • Fees applicable for money transfers abroad – Monzo offers international transfers by partnering with Wise, an international money transfer service
  • Pre-agreed overdrafts are fee-free
  • Unarranged overdrafts attract a fee – 33.4% per annum (variable)

Winner: Tie

Both Revolut and Monzo have a fair and transparent fee structure beyond their subscription fees.

We especially love the no-fee local transfers offered by Revolut and unlimited free ATM withdrawals in the UK offered by Monzo.

Both charge their users for international transfers – but there’s a difference.

Revolut processes the international transfers themselves, while Monzo lets you send money abroad through a third party (Wise – one of the best international money transfer companies). The good news is both offer fair rates for these transfers.

3. Safe?

Revolut

  • Funds with Revolut remain safeguarded in accounts with a tier one UK bank (or other high street bank in your location)
  • Card transactions via the MasterCard or Visa network
  • Virtual cards for safe online shopping

Monzo

  • Has a UK banking licence and regulated by the FCA in the UK with deposit protection up to £85,000 GBP (guaranteed by FSCS)
  • Offers banking in the US by partnering with Sutton bank and offers deposit protection up to $250,000
  • Theft and fraud protection measures as robust as any high-street bank
  • Lets users set up virtual cards for safe online shopping

Winner: Monzo

Revolut has a banking licence in some EU countries with lots of safety built in, but they lack of deposit protection.

That’s why Monzo wins this round – they have banking licences in both the UK and the US and offer deposit protection for the money you hold with them – which is a bit more reassuring.

That said, because Revolut is not a fully fledged bank, they are able to make managing money easier.

4. Ease of Use

Revolut

  • Access your account via mobile apps (Android and iOS)
  • No-fee ATM withdrawal worldwide up to a limit (third party providers may change a withdrawal fee and weekend fees may apply)
  • Both physical and virtual debit cards available
  • Easy to send and receive money internationally – in-app international transfers
  • Multi-currency account for businesses

Monzo

  • Access your account via mobile apps (Android and iOS)
  • Access a stripped down version of your account online (Monzo for emergencies) to check your balance and deactivate your card if you lose your phone
  • Free ATM withdrawals in GBP in the UK
  • Free ATM withdrawals worldwide up to a limit
  • Offers physical and virtual debit cards
  • Fee-free pre-approved overdrafts
  • Doesn’t offer an IBAN when you sign up – difficult to receive international payments
  • Set up international payments via a third party (Wise) without leaving the app

Winner: Monzo

Both Revolut and Monzo help their users make the most of their respective accounts with relevant features.

Since Revolut is meant for frequent travellers, freelancers who work with clients worldwide, and growing global businesses, they help you manage your international money seamlessly.

Monzo, on the other hand, makes local banking in the UK and US easy with their account features.

And, they win this round because of the Monzo for Emergencies feature, which lets you access your account on a laptop if you lose your phone to check your balance, freeze your cards, etc. – this can be really reassuring when you’re dealing with digital-only financial services.

5. Reviews (inc. Negative Ones)

Revolut

Revolut is rated 4.4/5 on Trustpilot with over 100,000 reviews, which is considered “Excellent.”

Positive

  • Great for travelling
  • Easy to manage international money
  • Affordable international transfers

“Revolut is the best app / card / virtual (service) which I ever seen! It helped me saved the money because when I traveled I could have the best exchange rate and when I wanted send money / gifts to my family or friends the transfer was very fast and with small amount of fees.”

– Liliana Pruna on Trustpilot

“Revolut is the best Financial app in many ways... it is the easiest one to open an account because it hardly takes 5 mins. If you call it a wallet, it is the safest wallet to put your money because they put in an actual bank. If you use it for Remittance, they are the only ones giving the highest conversion rates. If you were to make online transactions, their virtual disposable cards mean everything to you. By far the best thing would be the feature to send a link for payment and receive money from any one in the world with a card and money will reach your account instantly. I do all of these with Revolut and of course for free.”

– Suneel on Trustpilot

Negative

  • Customer Service

Some users were disappointed with Revolut’s customer service because there was a wait time on chat and some issues (like theft or fraud) can take longer to resolve.

The good part is, we found that Revolut does keep their customers informed while investigating the problem.

Monzo

Monzo is rated 4.5/5 on Trustpilot, with over 20,000 reviews, which is considered “Excellent.”

Positive

  • User friendly app
  • Useful banking features
  • Helpful customer service

“Game changer! User friendly app and makes online banking SO much easier. Thank you.”

– Chris Macdonald on Trustpilot

“Never had any issues with monzo and the app is better than most legacy banks. I have monzo plus now and the money I’m saving on separate subscriptions and insurances is really helpful. the interest rate is much better too.”

– Nathan Lewis on Trustpilot

Negative

  • Accounts Frozen

Some users had their accounts frozen when Monzo’s fraud team red flagged something (usually unexpected transaction or log in).

As a registered bank, Monzo needs to investigate issues thoroughly – however, losing access to your account can be disheartening, especially when there are no physical branches you can visit.

That’s why we recommend using Monzo for day-to-day transactions, while retaining most of your savings in your high street bank account.

Winner: Tie

Both Revolut and Monzo have made managing multiple currencies and money management easy for their customers.

They’re completely safe and secure, and Monzo even provides deposit protection for their services.

However, we recommend using Revolut and Monzo as your checking account only so you don’t lose access to your money over any disputes they need to investigate.

6. Accounts For Business

Revolut

  • Dedicated accounts for freelancers and growing global businesses
  • Multi-currency account – hold, manage, and convert between 28 currencies
  • Local accounts in GBP and EUR
  • Global IBAN to receive money from anywhere
  • Payment gateway integration for website
  • Physical and virtual debit cards which let you spend in 150+ currencies
  • No-fee payments to Revolut accounts
  • Payroll Management

Check out the business page on Revolut for more or Sign up here

Monzo

  • Full UK current account with debit card
  • Instant transfers to UK bank accounts (unlimited and free)
  • Set up tax pots
  • Integrate accounting software
  • Manage invoicing
  • Budgeting, categorised spend, digital receipts
  • Batch payments (on the website only)

Winner: Revolut

Monzo’s business account, though robust, is for UK businesses only, while Revolut’s business account can be used by businesses in all supported areas.

We like that they provide separate accounts for freelancers and growing global businesses, and offer the option to integrate their payment gateway on user websites/online shops. They also make it easy to pay overseas contractors and get paid from anywhere with their multi-currency account and global IBAN.

7. Customer Service and Support – Both Can Improve

Revolut

  • In-app chat
  • Feature-specific FAQs
  • Online community

Monzo

  • In-app chat
  • Phone support (UK number and universal number if calling from abroad)
  • Feature-specific FAQs

Winner: Tie

As digital-only financial services, both Revolut and Monzo have room for improvement in the customer services department.

Revolut doesn’t offer phone support and Monzo doesn’t offer any customer support to their free account users.

While, as a licensed bank, they do offer phone support to their paid account users, many customers expressed dissatisfaction with the way Monzo’s customer service handled their complaints (only sharing generic information, lack of knowledge to help out, etc.)

Verdict

With 2 wins for Monzo, 1 for Revolut and 4 ties shows it turns out they are both great services with quite different strengths aimed at different needs. Trustpilot backs up our view as both are considered “Excellent.”

Revolut is ideal for you if you’re a frequent traveller, freelancer or growing global business who needs an easy way to manage your international money (pay for goods and services while travelling, send and receive payments in multiple currencies.

>> Given the additional flexibility you get with Premium or Metal we think it is worthwhile comparing your account options on Revolut

Monzo is great for you if you’re in the UK and want a great digital bank for better budgeting and savings habits for small amounts (we recommend holding on to your high street bank account because Monzo only offers current accounts).

Finally, if your not 100% sure or want a bigger picture of options check out Revolut Alternatives.

Happy money!

The opinions expressed within the content are solely the author’s and do not reflect the opinions and beliefs of Revolut. However, please be aware that a commission may be earned through affiliate links.

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