Revolut vs Monese

Finance apps provide a convenient alternative to their brick and mortar counterparts, especially thanks to a host of clever online tools and services to make saving and spending easier than ever. Revolut and Monese are money apps which provide customers with a simple signup process, quick and easy management of funds, and up to the minute spending & saving insights to make managing your money a whole lot easier. Both leverage advances in fintech to reduce costs, especially when spending or sending money overseas. We compare the features, costs and limitations of each to help you save time and choose the account that’s right for you.

Quick review: Revolut and Monese

Revolut vs Monese in Germany

Feature	Revolut	Monese
Monthly fees	Standard: €0 Premium: €7.99 Metal: €13.99	Simple: €0 Classic: €5.95 Premium: €14.95
Joint account available?	No. Although two cards can be issued for a single account.	Yes
ATM withdrawals	Standard: Free up to €200 per month Premium: Free up to €400 per month Metal: Free up to €800 per month	Monese Simple: €200 per month after which a 2% fee applies Monese Classic: €900 per month Monese Premium: Unlimited
Card options	Debit card issued free. Can have more than one card per account.	Debit card with a one-off delivery fee of €4.95
Card delivery	Up to 9 working days for the Standard account and Up to 3 working days for Premium and Metal.	Up to 3 working days
Global spending	Hold up to 16 currencies in a single account. Transfer 30 currencies using the interbank exchange rate. Fair use policy varies by account type, with a Standard account offering up to €1,000 per month, after which a 0.5% fee is charged Use your account to pay in 150 currencies using the interbank exchange rate.	Dual-currency accounts available as standard for Euros and GBP Fee-free spending of foreign currencies up to a limit. Send money to 30 countries in 18 different currencies
Languages	App available in 23 languages: English, French, Greek, German, Italian, Japanese, Lithuanian, Polish, Portuguese, Romanian, Spanish, Bulgarian, Croatian, Czech, Danish, Dutch, Estonian, Finnish, Hungarian, Latvian, Norwegian, Slovakian, Slovenian and Swedish. Customer support available in English or Polish, with plans to include German, Spanish, Japanese, French, Portuguese and Lithuanian.	App available in 14 languages: English, French, German, Brazilian Portuguese, European Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian and Lithuanian. Multilingual customer support.
Insurance options	Premium includes overseas medical insurance, Metal adds baggage and flight insurance to the package.	None
Insights & money management	Use Vaults to silo money in specific accounts for things such as various bills, daily spending, saving, holidays etc. Roundup card transactions into a specified Vault Spending analytics and categorisation for a breakdown of expenditure by type (ie, food, travel, bills etc). Set monthly budgets.	Monese provides several ways to analyse your spending, outgoings and savings each month through its Spending Overview. Roundup card transactions to the nearest Euro or GBP for easy saving. Set monthly budgets.
Account top-up	Several options are available including bank transfers via SEPA or SWIFT, using a bank card, digitally via Apple Pay or Google Pay, Cash or Cheque, and via in-app request money features.	Various options allow top-ups via a linked debit card, SEPA or SWIFT payments. Physical top-ups are also available at participating post offices.
Security	Lock and unlock card via the app Customisable security settings for the card	Freeze your card instantly via the app Passcode and local app access required to access funds at all times
Alerts	Set price alerts for select cryptocurrencies	Any time you spend or recieve money
Interest earning accounts	No	No
Card delivery	Up to 9 working days for the Standard account and Up to 3 working days for Premium and Metal.	Within 14 days
Banking license	No – instead deposits are held with partner banks in segregated accounts.	No – instead deposits are held with partner banks in segregated accounts.
Extra features	Built-in cryptocurrency exchange & wallet Cashback with Metal Business account available	Can open both a UK and European account and switch instantly. No proof of residence or credit check required for sign-up. Business account available
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Verdict

Whether you choose Revolut or Monese should really come down to your needs.

Revolut is a pioneer in travel money, enabling easy management of multiple currencies, relatively low-cost ways of spending them, and efficient international payments. It also comes with enough features that it can serve as a standard account too, for receiving money, budgeting and spending. And if you’re interested in the world of cryptocurrency, Revolut has you covered.

Monese, on the other hand, is looking to bring the advantages of online money management to everyone. The relatively low requirement for sign-up documentation makes it an excellent option to those new to the Eurozone and UK looking to get setup. It makes the basics of banking – receiving money, spending and saving it – incredibly easy while also including innovative features for those who want to take it a step further. If you are looking for a money account native to the digital age, but without all the complexity of legacy finance, then Monese could be the right fit for you.

Regardless of which you choose, you will get to benefit the latest advances in fintech that finance apps are becoming renowned for. In addition to the accounting tools mentioned so far, you are also likely to enjoy easy to use visual interfaces combined with familiar app functionality and design which makes for a smooth experience.

Keep in mind that despite their clever features and insights, both platforms offer relatively simple money management features. If you are in the market for a high interest-earning savings account, borrowing or perhaps are working towards a mortgage, then you may want to consider other options, such as a standard current account.

Compare a range of digital banks in Germany

• Free cards
• Premium cards
• Travel cards
• Non-bank alternatives

• *Disclaimer

  *The products compared here are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order for the products we list on our site, so we enable you to re-order and compare products. The initial display order is influenced by a range of factors including commercial partnerships, product costs and conversion rates, so please don’t interpret the listing order as an endorsement or recommendation from us. We’re happy to provide you with the tools you need to make better decisions, and we encourage you to make your own decisions and compare and assess products based on your individual needs, preferences and circumstances.

*You must transfer at least 3 salary payments (wages, salary, pension, salary, BAföG) of at least 1,000 € per month by 31 March 2021.

Frequently asked questions about Monese and Revolut

• What documents are required to sign-up?

  Both platforms only require customers to download the app to submit a valid ID and selfie to sign-up.

• Can I borrow money with Revolut or Monese?

  Revolut: Users can apply through the app and receive funds in as little as two minutes.
  Monese: No credit or lending is currently supported

• What currencies do they support?

  Revolut supports the following currencies: GBP
  SEK
  PLN
  CHF
  DKK
  NOK
  USD
  CZK
  CAD
  AUD
  RON
  EUR
  

  Monese supports the following currencies: GBP
  EUR