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, traditional banks have been losing customers to smaller, newer and slicker start ups. Years of miserable savings, poor customer service, and clunky online interfaces have seen many people turning to apps like Revolut and 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.

Here we cover the two biggest rivals in this new banking landscape.

Revolut and Monzo at a glance

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).
  • 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.
Pros of each
  • Free multicurrency 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? While covered by the FCA, Revolut is not protected by 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

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You can check out the full list of Monzo and Revolut’s competitors, and read all of our reviews to decide which is right for you. Our favourite finder is the Revolut card. Click the link or the button above and enter your phone number to get £5 off your order.

Popularity of Revolut and Monzo over the past year

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Revolut card: Free delivery worth £5

  • Spend abroad with no fees
  • Great for international students
  • Simple to set up
  • Visualise your spending in real time
  • Trusted by 2 million users
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Revolut vs Monzo: The verdict

As with most things, it depends. Both are competing to keep up with one another so their app experiences are hugely similar. Both Revolut and Monzo give you spending insights, real-time spending notifications and saving goals, and let you freeze your card in the app. 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 does overdrafts and savings accounts and allows free ATM withdrawals in the UK up to £400 a day.

Compare Revolut and Monzo against their competitors

Updated September 20th, 2019
Name Product UK ATM withdrawals Foreign ATM withdrawals Ratings
Free
Free
We say
★★★★★
You say
★★★★★
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
£200 free monthly
£200 free monthly
We say
★★★★★
You say
★★★★★
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
N26
Free
1.7% of amount drawn
We say
★★★★★
You say
★★★★★
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
£200 free monthly
£200 free monthly
We say
★★★★★
You say
★★★★★
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
Free
£200 free monthly
We say
★★★★★
You say
★★★★★
Monzo is free to spend anywhere in the world and in any currency, with no fees. All money is exchanged using the MasterCard rate.

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5 Responses

  1. Default Gravatar
    AmorphousMarch 4, 2019

    Revoulut does not have web app. It means if you loose your mobile you are in deep trouble. What about Monzo?

    • Avatarfinder Customer Care
      johnbasanesMarch 5, 2019Staff

      Hi Amorphous,

      Thank you for reaching out to Finder.

      Yes, Monzo has a web app that you may be able to use in emergencies. The Monzo web would allow you to:

      Freeze and defrost your card
      See your last 50 transactions or up to three months of transactions

      Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    WayneSeptember 22, 2018

    I have both cards and generally find Monzo has the better exchange rate, but Revolut is great for holding currency and saving for holidays as you know what the rate will be as soon as you exchange.

  3. Default Gravatar
    GeorgeAugust 17, 2018

    Does Revolut automatically offer travel/medical insurance when purchasing air tickets?

    • Avatarfinder Customer Care
      JhezAugust 17, 2018Staff

      Hello George,

      Thank you for your comment.

      You are not automatically insured by using Revolut in purchasing air tickets.

      Revolut actually offers medical and dental cover at the lowest prices. There are three kinds of insurances they can offer.
      – Pay-per-Day insurance – this uses geolocation to only cover you for the days you are abroad, starting at less than £1 per day.
      – Annual policy (bought separately) – if you travel a lot, they have a cap to limit your total annual spend.
      – Annual policy (received with Revolut Premium) – for those who would rather be insured for multiple trips over the course of one year at one flat rate, you can buy an annual policy with exactly the same coverage, or upgrade to Revolut Premium now and receive this annual policy for free.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

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