Revolut and Monese are two of the new generation of digital banks, but which one is better for you?
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 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.
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Download the Monese app and get your free card
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Revolut and Monese at a glance
|Name||Revolut (Standard)||Monese (Starter)|
|Fees and charges||Free with finder.com, otherwise card delivery is £4.99||None|
|Delivery speed||Up to 9 working days||Between 3-5 business days|
|Payments||Easy UK payments and can transfer money between 23 countries||Pay via bank transfer, easier to send to another Monese account.|
|UK ATMs||Free up to £200 a month||£1 per withdrawal|
|Spending insights||Shows spending by category, merchant, country, and month||Instabalance' feature gives you a real-time view of your account balance, so with a quick glance you know how much is safe to spend|
|Categories||10+ categories||Not a feature|
|Direct debits||Revolut currently only supports direct debits with the Euro IBAN account||Yes - can cancel with touch of a button too|
|Top up||Via 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 card||Yes: touch of a button in app||Report lost/stolen in app to be sent replacement|
|Alerts||Sends realtime transaction notifications||Not a feature|
|Interest||No interest||No interest|
|Savings goals||Set budgets in the app||Not a feature|
|Visualisation||Spending graphs show which days you've spent most/least money||Balance 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||No ATM fees||€1 per withdrawal|
|Foreign transactions fee||No fees||2% on card spend and ATM usage|
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Revolut vs Monese: The verdict
If you’re looking just at the free options available on offer from these two digital banks, then Revolut is probably your best bet.
When using your card abroad Monese charges 2% for a card transaction, while making a card payment is free with Revolt.
Likewise, if you’re looking to save and budget better, Revolut’s app has more more features designed to help you. Revolut Vault rounds up your transactions to the nearest pound and squirrels away the change in a savings pot.
On top of this, Revolut’s app has a number of features Monese lack, such as categorising your spending and helping you set weekly budget goals.
Monese may appeal to people who live between countries, or recent migrants, as it doesn’t require a UK address to sign up. You do have to be a resident in the European Economic Area, though.