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Revolut vs Monzo

Revolut and Monzo are two of the biggest challenger banks, but there are some differences in the services they provide.

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In recent years, traditional banks around the world have been losing customers to smaller, newer and slicker start ups. Years of miserable savings rates, poor customer service, and clunky online interfaces have seen many people turning to the new world of challenger banks.

Popular with younger people especially, this new wave of banking apps offer features like fee-free spending abroad, smart tools to keep tabs on spending, and instant interaction with your account – allowing you to view transactions in real time or cancel your debit card in an instant.

Revolut and Monzo are currently not available in Canada

Both Revolut and Monzo haven’t launched in Canada yet, but Revolut has announced plans to do so in the near future and you can signup on the waitlist online. As of June 2020, Monzo is in the process of moving its services to the US but hasn’t announced plans beyond that.

Compare Revolut and Monzo side by side

What is it?Revolut is a multi-currency account that allows you to hold and exchange 29 currencies and spend fee-free abroad.Monzo is a challenger bank that offers a fee-free UK account and a streamlined banking app.
Core features
  • UK and EU accounts. Can hold 29 currencies.
  • App-based banking. Freeze the card on the go, get instant notifications, categorise and visualise your spending.
  • Fee-free international money transfers.
  • Fee-free spending abroad.
  • Put money aside in a Vault to save towards a goal.
  • Travel and device insurance can be added (and paid by the day, with great flexibility).
  • Full UK account.
  • App-based banking. Freeze the card on the go, get instant notifications, great spending visualisation features.
  • Fee-free spending abroad.
  • A range of interest-paying savings accounts is available through Monzo’s partners.
  • Overdraft protection available.
Pros of each
  • Free multicurrency account that does pretty much all you can expect.
  • You can hold, transfer and spend in different currencies, without being charged any fees.
  • A slick and user-friendly app that is packed with features.
  • Insurance options available.
  • You can buy, hold and exchange cryptocurrencies.
  • Full UK current account that does all you can expect.
  • You can use the card and withdraw cash in the UK and abroad with no fees.
  • A slick and user-friendly app that is packed with features.
  • Deposit cash into the account at all PayPoints.
  • Other financial products available through the marketplace.
Cons of each
  • Weekend markup on currency exchanges.
  • Low monthly limit for fee-free ATM withdrawals.
  • Currently only supports direct debits in euros.
  • No overdraft protection or interest-paying savings accounts available.
  • Some fees if you’re withdrawing large amounts of money abroad.
What is unique about it?Revolut has a few features no other banking app offers: namely, a multi-currency account, fee-free international money transfers, cryptocurrencies and an insurance option that can be added on the go.Monzo offers a full UK account that is almost entirely fee-free. It’s app-based, very easy to set up and use and is also expanding to offer more products, such as savings accounts.
How do I get the card?Download the app for iOS or AndroidDownload the app for iOS or Android
Want to find out more?More detailsMore details

The verdict: Revolut vs Monzo

Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. Both are great if you travel often, almost entirely fee-free.

Revolut is much more focused on the international side of banking and on offering you innovative, techie features at a convenient price. For international money transfers, for example, it’s by far the cheapest option available.

Monzo is more about replacing your traditional current account with an app-based one that basically does the same things, but much better and without charging any fees. Unlike Revolut, it has a full banking licence and also does overdrafts and savings accounts.

Compare digital banking products available in Canada

While both Revolut and Monzo are not yet available in Canada, you can explore the digital banking products offered by Canadian providers below.

Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
EQ Bank Savings Plus Account
1.50%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance with a Savings Plus Account from EQ Bank.
CI Direct Investing High Rate Savings Account
0.50%
N/A
$0 / $0
$0
With no fees and no restrictions, you'll earn 0.5% interest with the CI Direct Investing High Rate Savings Account.
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Compare up to 4 providers

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