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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.
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.
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.|
|Pros of each|
|Cons of each|
|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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