Last Updated on October, 2024
Banking now goes beyond making international money transfers at physical banks. Apps like Revolut and Monzo are changing how we manage our money. They offer lots of different services, like sending cash and budgeting tools, making banking easier for everyone.
But which one is better?
In this comparison, I’ll help you look closely at Revolut and Monzo, checking out what they offer, how much they cost, and what people say about them.
Quick Summary
Revolut and Monzo both provide comprehensive banking services through mobile apps, but they differ in features such as fees, withdrawal limits, overdraft facilities, and exchange rates. Revolut focuses on international money management with additional financial tools, while Monzo emphasizes simplicity, security, and a user-friendly experience.
Revolut supports multi-currency accounts and offers extensive features for international transactions, making it more globally accessible. Monzo, however, excels in customer support, providing direct access to human representatives and offering features tailored to UK users.
Both banks are highly rated on Trustpilot and offer robust security measures. However, Monzo faces criticism for slow responses to fraud cases, while Revolut has more stable financials and fewer customer complaints regarding financial stability.
Contents
- Revolut Vs Monzo
- Revolut Vs Monzo: Money Transfer Services
- Revolut Vs Monzo: Compare Account Services
- Revolut Vs Monzo: Business Benefits
- Revolut Vs Monzo: Trust & Transparency
- Revolut Vs Monzo: Rewards
- Revolut Vs Monzo: Ease of Use
- Revolut Vs Monzo: Support & Available Countries
- Revolut Vs Monzo: Safety
- Revolut Vs Monzo: Customer Support
- Revolut Vs Monzo: Customer Reviews
- Conclusion
- FAQs
Revolut Vs Monzo
About Revolut
Revolut is a company that makes managing money easier. Whether you’re spending, sending, or saving, Revolut helps you do it smarter.
With over 40 million personal Revolut customers and 500,000 business customers (personal and business accounts) across 150+ countries and regions, Revolut is changing the way people handle their finances through individual and business accounts.
Their mission is to enable everyone to handle all aspects of money—from spending and saving to investing and borrowing—with just a few taps on their phone. Revolut’s range of services includes banking, trading, donations, and more, all designed to make managing money stress-free.
Want to learn more about Revolut? Read our Revolut review here.
About Monzo
Monzo isn’t like other bank accounts. They’re working to make banking simpler, fairer, and more transparent for everyone.
Over 9 million people already trust Monzo to manage their money with its bright coral-colored cards, which are used worldwide. Monzo isn’t just about making profits; it’s about solving problems and changing lives.
Monzo also offers joint accounts and teen account(s) for 16 and 17 year olds.
Based in London, with offices in Cardiff and beyond, Monzo is a growing team dedicated to building a bank (making your bank transfers easy) that everyone can love.
The table below outlines the key differences between Revolut and Monzo in terms of monthly account fees, withdrawal limits, overdraft facilities, savings interest, financial protection, deposit methods, and accessibility.
Want to learn more about Monzo? Read our Monzo review here.
| Aspect | Revolut | Monzo |
| Account Fees & Charges | £0 per month, £3.99/month, £7.99/month, £14.99/month, and £45/month | £0 per month |
| ATM Withdrawal Limit and Fees | £200 free per month, 2% charge thereafter | £400 free per day, £5,500 free per month |
| Arranged Overdraft Limit | Overdraft not available | 19%, 29%, or 39% EAR variable |
| Maximum Overdraft Limit | Overdraft not available | Up to £3,000 |
| Loan Facility | Yes | Yes |
| Savings Interest | Not available | Not available |
| Financial Services Compensation Scheme (FSCS) Protected | No | Yes |
| Cash Deposits | Unable to accept cash | Any store with PayPoint |
| Deposit Checks | Unable to accept checks | Post checks to Monzo using Freepost |
| Foreign Transfer Fees | No monthly fees | No monthly fees |
| Access to Account Online | No | Yes |
Revolut Vs Monzo: Money Transfer Services
YES, Similar to other fintech companies, Revolut and Monzo too offer a broad range of currencies for money transfers across the world. However, their services slightly differ:
Exchange Rate:
Transaction Speed:
Transaction Fees:
Fees and Exchange Rates When Using Card
| Feature | Monzo | Revolut |
| Card Transaction Fees | No fees for transactions abroad | Fee-Free up to £1,000/month on weekdays; 0.5% fee after that |
| Exchange Rates | Mastercard exchange rate (no markup) | Interbank rate on weekdays; 1% markup on weekends and public holidays |
| ATM Withdrawal Fees | Fee-Free up to £200/month, 3% fee beyond that | Fee-Free up to £200/month, 2% fee after that |
Revolut Vs Monzo: Compare Account Services
The following table lays out the key features and differences between Revolut and Monzo, making it easier to compare their account services.
| Feature | Revolut | Monzo |
| Account Options | Free Revolut Account, Plus (£3.99/month), Premium (£7.99/month), Metal (£14.99/month), and Ultra Account (£45/month) | Monzo Current Account (Free) Extra (£3/month), Perks (£7/month), Max (£17/month) |
| Overdraft Facility | Not available | Up to £2,000 with variable interest rates based on credit history |
| Foreign Transaction Fees | None | None |
| ATM Withdrawal Limits | Up to 5 fee-free ATM withdrawals or £200/month, then 2% fee | Varies by account type and location |
| Additional Benefits | Airport lounge access, shopping discounts, insurance benefits, and more | Budgeting tools, spending breakdowns, and other banking features in the app |
| Usage Requirements | No specific requirements | Certain usage criteria for unlimited ATM cash withdrawals in the UK and EEA |
| Money Transfer Services | Money transfers in 29 currencies | Focused more on day-to-day banking features |
Revolut Vs Monzo: Business Benefits
TRUST ME. Revolut and Monzo both help businesses, but they have differences.
Revolut Offers:
Revolut Doesn’t Offer:
Monzo Offers:
Monzo Doesn’t Offer:
In short, Revolut wins because it offers benefits like what individuals get. It has accounts where you can receive money in different supported currencies, which is helpful for businesses dealing with other countries.
Revolut Vs Monzo: Trust & Transparency
Let me come to the point directly. Revolut is licensed to operate in various countries including the US, UK, EU, Australia, and Singapore. They use fingerprint identification for security and have an ‘Excellent’ rating on Trustpilot.
However, some account holders complain about locked accounts and exchange rates, which damages trust.
On the other hand, Monzo, regulated by the UK Financial Conduct Authority, protects up to £85,000 of funds per account. They also have an ‘Excellent’ Trustpilot rating. But they face criticism for slow responses to customer problems like account suspensions and fraud.
Plus, their £113.8 million loss in 2020 raises concerns about their financial stability.
Comparing the two, Revolut seems more stable due to fewer financial worries and fewer customer complaints.
Revolut Vs Monzo: Rewards
Here’s some good news. Revolut and Monzo both offer rewards to attract customers. Let’s compare them:
Revolut:
Monzo:
Revolut Vs Monzo: Ease of Use
Monzo and Revolut offer services through mobile apps. When it comes to ease of use, both have their strengths.
Monzo’s app is simple and easy to navigate. It’s designed to make managing your money easy. You can easily see your balance, track your spending, and set budgets. Plus, Monzo’s customer support is praised for being helpful and responsive.
On the other hand, Revolut app offers a wide range of features, including currency exchange services and cryptocurrency trading. While this can make it more complex, it also means you have more options for managing your finances in one place.
In terms of ease of use, Monzo might be better for someone who wants an easy banking experience. But if you’re comfortable with technology and want more financial tools at your fingertips, Revolut could be a good choice.
It ultimately depends on your preferences and what you need from a banking app.
Revolut Vs Monzo: Support & Available Countries
Revolut is the winner when it comes to support and countries. They do well in offering support for 28 currencies for international transfers and have good customer support with local phone support in different countries and 24/7 chat support.
However, they could improve by expanding the number of countries where people can register outside of Europe.
Monzo does well in supporting international transfers to many countries worldwide, thanks to Wise’s extensive list. But they could improve by allowing registration for people outside of the UK.
In short, Revolut wins in this category because it supports multi-currency accounts and unique receiving accounts, making it more globally accessible compared to Monzo, which is currently only available in the UK.
Revolut Vs Monzo: Safety
Revolut uses advanced security features like two-factor authentication and encryption to keep your account safe. It’s like having a sturdy lock on your front door and a security camera outside, making sure only you can get in and nobody else can sneak in.
On the other hand, Monzo has a similar approach but also emphasizes fraud detection. Imagine Monzo as a vigilant guard at the entrance of a party, checking IDs to make sure only invited guests get in and keeping an eye out for any suspicious behavior.
Both banks are regulated by financial authorities, which is like having a trusted referee overseeing the game to ensure everyone plays fair.
In terms of safety, both Monzo and Revolut offer peace of mind, but the choice might come down to which security features align better with your needs and preferences. It’s like choosing between two equally strong safes – they both keep your valuables safe, but one might have a lock that feels more secure to you.
Revolut Vs Monzo: Customer Support
Monzo offers two ways to get help: by calling a phone number or using their in-app chat. If you’re in the UK or abroad, they’ve got you covered with different phone numbers.
What’s great about Monzo is that when you call, you’ll ALWAYS speak to a real person. You can also chat with them through the app, which is super easy.
On the other hand, Revolut has a different setup. They also have an in-app chat where you can talk to real people. But if you’re in an emergency and need to block your card, you’ll have to go through an automated phone line.
However, if you’re a Premium or Metal Plan customer, you’ll get faster help through the live chat.
Overall, Monzo shines in customer support because they make it easy to reach a human representative, whether you prefer calling or chatting in the app.
Revolut Vs Monzo: Customer Reviews
I checked Revolut and Monzo customer reviews on Trustpilot. Revolut has a TrustScore of 4 out of 5 with 152,209 reviews, averaging 4.2 stars. Account holders praise its travel benefits, fast transactions, and helpful customer service.
However, some mention issues with app navigation and exchange rates.
Monzo maintains a TrustScore of 4 out of 5 based on 32,278 reviews, averaging 4.0 stars. Users appreciate its simplicity, innovative features like round-up savings, and all-in-one banking experience.
Nevertheless, complaints arise about customer service in handling fraud cases and occasional technical glitches.
I’ll share some random reviews I came across.
Monzo Customer Reviews
- Customer Review 01:
Monzo is just simple and honest and it works. It’s easy to use and the interface is clean.
See you accounts at a glance and save a bit as you go with the round up feature. They’re always innovating new products and benefits.
This user says, Monzo is simple, honest, and user-friendly with a clean interface. Features like Round-up and Flexi Pay make managing money easy. And they’re innovative with new products and benefits.
- Customer Review 02:
monzo is an amazing bank! never had any issues with them. after being with another huge bank for years and having so many issues with them i decided to switch to monzo. i seen very mixed reviews but took the risk and will never use another bank now.
This customer praises Monzo as an amazing bank, having switched from another bank account due to numerous issues. Despite mixed reviews, he took the risk and is now loyal to Monzo, stating that he will never use another bank account again.
- Customer Review 03:
I have had money taken from my account multiple times that was not me! I had raised this multiple times with monzo and without even speaking to me they cancelled my fraud report. I have continuously tried to contact them and they asked for proof that it was me they were talking to. I sent them proof of this and now they are not responding.
This customer is upset because her money was stolen from Monzo account multiple times. She says, despite reporting it, Monzo canceled their fraud report without explanation. Now, after providing proof of identity, Monzo has stopped responding.
She says her friends have gone through fraud, but Monzo won’t refund the money.
Revolut Customer Reviews
- Customer Review 01:
For starters their customer care service is super helpful and efficient. I love the features the app has to offer. The premium plan offers so much, for me as someone who loves traveling it offers a large amount of benefits, like travel insurance policies and booking stays and experiences through the app is great.
This customer loves Revolut for its great customer service, useful features, and premium benefits, especially for travelers. They’ll be using it more and are thankful.
- Customer Review 02:
The app is doing pretty well and is quite fast.
For the payments section, it would be useful if could be defined aliases for the contacts. Some functions like QR code scanning (receive and send) buttons are a bit hard to find in the app.
This customer likes the app’s speed and suggests adding aliases for contacts in the payments section. He/She finds the QR code scanning functions hard to locate. They mention the exchange rates have worsened compared to a year or two ago.
- Customer Review 03:
Introduce a new customer via the referral scheme and get the almighty sum of £10 reward. It costs at least £19.99 to set up. Needless to say I will not be referring anyone else in the future. I’ve requested to be removed from any referral promotions.
This customer is frustrated because she realized that referring new customers for a £10 reward isn’t worth it when the setup cost is at least £19.99. She says she has decided not to refer anyone else and has asked to be removed from any referral promotions.
Conclusion
As you weigh the merits of Revolut and Monzo, remember that your banking preferences are as unique as your fingerprint. Revolut excels in low fees, while Monzo stands out for its strong security features.
Whether you prioritize seamless international money transfers or transparent fees, the choice is yours.
So, take the insights gleaned from this comparison and embark on your financial journey with confidence. Whether you go for Revolut’s global reach or Monzo’s user-friendly interface, don’t think too much.
Pick the right one before it’s too late!
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