Revolut vs Monese

Revolut and Monese are two of the new generation of digital banks, but which one is better for you?

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The financial landscape is changing as “challenger banks” like Revolut and Monese take on traditional high street banks. These new mobile-only banks are offering customers a far quicker, easier banking experience. Gone are the days of going into your bank to open an account, or calling up your bank to report your card stolen.

Here we look at two of the main alternative banks, Revolut and Monese.

Revolut and Monese at a glance

Revolut (Standard)Monese (Starter)
NameRevolut (Standard)Monese (Starter)
Fees and chargesFree with, otherwise card delivery is £4.99None
Delivery speedUp to 9 working daysBetween 3-5 business days
PaymentsEasy UK payments and can transfer money between 23 countriesPay via bank transfer, easier to send to another Monese account.
UK ATM withdrawals £200 free monthly£200 free monthly
Spending insightsShows spending by category, merchant, country, and monthInstabalance' feature gives you a real-time view of your account balance, so with a quick glance you know how much is safe to spend
Categories10+ categoriesNot a feature
Direct debitsSupported with both the UK account and the Euro IBAN accountYes - can cancel with touch of a button too
Top upVia bank transfer. Longer term users can pay in with the auto top up feature.Via bank transfer, or have salary paid in. Can use any post office or Paypoint to top up with cash too.
Freeze your cardYes: touch of a button in appReport lost/stolen in app to be sent replacement
AlertsSends realtime transaction notificationsNot a feature
InterestNo interestNo interest
Savings goalsSet budgets in the appNot a feature
VisualisationSpending graphs show which days you've spent most/least moneyBalance graph in the app provides a visual representation of your spending habits so you can easily keep track of your spending goals and analyse the points in the month where you may be spending too much.
Foreign ATM withdrawals£200 free monthly£200 free monthly
Foreign transactions feeNo fees2% on card spend and ATM usage
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Monese vs Revolut: The verdict

If you need a fairly standard digital current account, Monese and Revolut are pretty similar. Both can be opened and set up quickly and are managed entirely from a slick mobile app. They both offer fee-free card spending both in the UK and abroad and have a £200 monthly limit for free ATM withdrawals. They also both offer a matching EU account for free, complete with IBAN.

Monese is slightly more suitable for people with standard banking needs because it allows you to deposit cash on your account at PayPoints and Post Offices for free. You can’t load cash on a Revolut account.

On the other hand, Revolut focuses much more on the international sides of things. You can hold up to 29 different currencies and send money abroad for free. It also allows you to hold and buy cryptocurrencies and add pay-per-day travel insurance to your account. These are pretty unique features, so if you’re interested in any of them, Revolut is probably your best bet.

Revolut (Standard)

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