Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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.
More on digital banking
Earn cash back when you link your bank account and make eligible purchases with this innovative mobile app.Read more…
Sign up for a bank account or GIC with this online bank to earn high interest rates and pay no monthly fees.Read more…
Saving for a holiday? A house? Retirement? Budgeting apps could help you get a hold of your finances.Read more…
Planning a trip abroad? Make sure you have a banking app set up and ready to use abroad. Check out our guide to find the best one for you!Read more…
Open Banking can pave the way to new products and services for Canadians. Find out all you need to know from APIs to regulations with our guide.Read more…
Wallet helps you organize your money and personalize budgets and goals. We take a look at its features, pros, cons and premium options.Read more…
More guides on Finder
Nexo review: Is it safe for high interest returns?
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
Best credit cards
We’ve taken a look at some of the best credit cards in Canada and explained who they’re best suited to.
AscendEX (BitMax) Cryptocurrency Exchange Review
A complete review of the AscendEX exchange, covering trading and DeFi features, associated fees, regulation and security. Is AscendEX right for you?
Quick Trade by Coinsquare review
Enjoy commission-free trades for multiple digital currencies with this streamlined mobile app.
Where to buy reusable makeup remover pads online in Canada 2021
Grab a discount code and cut costs on washable makeup remover pads for everyday use online at any of these prime retailers.
Where to buy bamboo clothing online in Canada 2021
Grab a discount code and cut costs on bamboo clothing online at any of these leading stores.
Gemini vs Coinbase
We compare these two large cryptocurrency exchanges to see how their fees, features and customer support stack up.
How to send money to Canada
How to save money while sending money to Canada from other countries. Compare international money transfer services, and save on exchange rates and fees.
How to send money to the United States
How to send money to the USA, safely and affordably. Compare international money transfer services and save on exchange rates and fees.
Where to buy bamboo blankets online in Canada 2021
Grab a discount code and cut costs on comfortable and breathable bamboo blankets online at any of these prime retailers.
Ask an Expert
You must be logged in to post a comment.