Revolut vs Monzo

Revolut and Monzo are two of the biggest challenger banks, but there are some differences in the services they provide.

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In recent years, high street banks 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 apps like Monzo.

Popular with young 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. Revolut doesn’t have a UK banking licence, so deposits aren’t protected by the Financial Services Compensation Scheme (FSCS) ; deposits in Monzo are (up to £85,000) as they are with any other UK bank.

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.
Core features
  • UK and EU accounts. Can hold 29 currencies.
  • App-based banking. Freeze the card on the go, get instant notifications, categorise and visualise your spending.
  • Fee-free international money transfers.
  • Fee-free spending abroad.
  • Put money aside in a Vault to save towards a goal.
  • Travel and device insurance can be added (and paid by the day, with great flexibility).
  • Multi-currency business accounts with stainless steel cards.
  • Full UK account.
  • App-based banking. Freeze the card on the go, get instant notifications, great spending visualisation features.
  • Fee-free spending abroad.
  • A range of interest-paying savings accounts is available through Monzo’s partners.
  • Overdrafts available.
  • Business accounts for small businesses with features including in-app invoicing and digital receipts.
Pros of each
  • Free multi-currency account that does pretty much all you can expect.
  • You can hold, transfer and spend in different currencies, without being charged any fees.
  • A slick and user-friendly app that is packed with features.
  • Insurance options available.
  • You can buy, hold and exchange cryptocurrencies.
  • Full UK current account that does all you can expect.
  • You can use the card and withdraw cash in the UK and abroad with no fees.
  • A slick and user-friendly app that is packed with features.
  • Deposit cash into the account at all PayPoints.
  • Other financial products available through the marketplace.
Cons of each
  • Weekend markup on currency exchanges.
  • Low monthly limit for fee-free ATM withdrawals.
  • Currently only supports direct debits in euros.
  • No overdrafts or interest-paying savings accounts available.
  • Some fees if you’re withdrawing large amounts of money abroad.
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.
What are the main costs?
  • The physical card normally costs £4.99.
  • 0.5% markup on all currency exchanges done during the weekend.
  • 2% fee on ATM withdrawals after the first £200 each month.
  • Monthly fees for Revolut Premium (£6.99) and Revolut Metal (£12.99), that offer extra benefits.
  • 3% fee on foreign ATM withdrawals after the first £200 each month.
  • Going overdrawn costs 50p a day after the first £20.
  • Monthly fees for Monzo Plus, that comes with extra features.
How do I get the card? Download the app for iOS (rated 4.9/5) or Android (rated 4.8/5) Download the app for iOS (rated 4.7/5) or Android (rated 4.8/5)
How safe is it? It is regulated in the UK, but Revolut isn’t officially a bank so doesn’t offer protection for deposits through the FSCS. Your Monzo account is protected by the FSCS, up to the sum of £85,000.
Want to find out more? More details More details

Popularity of Revolut and Monzo over the past year

The verdict: Revolut vs Monzo

As with most things, it depends. 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 (so your money’s protected by the FSCS) and also does overdrafts and savings accounts.

Compare Revolut and Monzo against their competitors

Data indicated here is updated daily
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
You say
15% EAR variable
Award-winning current account, apply in minutes
Go to site
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
You say
39.94% EAR variable
Interest and fee free overdraft
for first four months when you switch
Go to site
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
We say
Guaranteed acceptance plus a credit building feature
Go to site
Account fee of £5.95 per month.
We say
Guaranteed acceptance
Go to site
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.

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