Revolut vs Monzo

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.

Promoted

Neo Money Account

Alternative: Neo Money

Earn 2.25% interest on your savings, plus earn a high rate of cashback on your spending. No account or transaction fees. Earn 2.25% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card. CDIC insured up to $100,000 balance.

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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 Android	Download the app for iOS or Android
Want to find out more?	More details	More 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.

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Name	Product	Promo Rate	Regular Interest Rate	Monthly Account Fee	Transaction Fee	e-Transfer Fee	Offer
EQ Bank Savings Plus Account		N/A	2.50%	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...
Simplii High Interest Savings Account		5.25% for 5 months	0.40%	$0	$0	$0		Go to site View details	Compare	loading Fetching your data...
Neo Money Account		N/A	2.25%	$0	$0	$0	Earn 2.25% interest on your balance + get up to 15% cashback on first-time purchases with your Neo Money card.	Go to site View details	Compare	loading Fetching your data...
KOHO Save		N/A	2.00%	$0	$0	$0	Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days.	Go to site View details	Compare	loading Fetching your data...

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