Monzo, a UK-based mobile-only digital bank, provides current accounts for residents of the UK. While this neobank provides reliable and cost-effective services by leveraging different forms of technology, so do several of its competitors. As a result, you might benefit by looking at what the top Monzo alternatives have to offer.
Take a look at the services of different Monzo competitors based on whether you wish to use:
- Digital banking services
- International money transfer services
Digital Banking Alternatives to Revolut
Available: EU Account Fees:
Simple - £0,
Classic - £4.95,
Premium - £14.95
Account Types: Personal & Business Trust Pilot Score: 8.8/10 GooglePay and ApplePay capable In-app Spending Visualisation Cash deposit options available Real time spending alerts Available: UK / EU / Australia Account Fees:
Standard - £0,
Premium - £6.99,
Metal - £12.99
Account Types: Personal & Business Trust Pilot Score: 8.9/10 1% cashback using the Metal Card Virtual dedit cards available Travel optimised phuscial debit card First 3 month business account fee free with coupon. Click below. Available: UK / EU / US Account Fees:
N26 - £0,
N26 You - £4.90,
N26 Metal - £14.90
Account Types: Personal & Business Trust Pilot Score: 7.6/10 International Money Transfers with TransferWise Zero Foreign and domestic ATM Fees Available in USA Direct debit capable
In-Depth Revolut Alternatives Comparison
|Types of customers||Personal & Business||Personal (Business only available in Eurozone)||Personal & Business||Personal & Business|
|Monthly Account Fee||Simple: £0|
N26 You: £4.90 / €9.90
N26 Metal: £14.90 / €16.90
|Standard: £0 / A$0|
Premium: £6.99 /A$10.99
Metal: £12.99 / A$19.99
|Supported Countries||All countries in European Economic Area (EEA)||UK / EU / US||UK; EU; AUS||UK|
|Types of accounts||Current||Current||Current||Current|
|Multi-Currency Accounts||GBP, EUR||No||GBP, EUR – (Not supported in Australia)||No|
|Top Up / Adding Funds||Bank transfer, debit card, cash (through PayPoint and Post Offices in the UK)||CASH26 (in Germany, Austria, and Italy) Via SEPA transfer (all regions) Requesting money from a friend||Bank transfer, debit card, credit card, Apple Pay, Google Pay, other Revolut users (depending on where you live)||Bank transfer, cash|
|Certificates of deposit||No||No||No||No|
|Physical Debit Cards||Yes (Contactless)||Yes (N26, N26 You, and N26 Metal)||Yes (Standard, Premium, and Metal)||Yes (Next Day Replacement)|
|Credit / Debit Card Delivery Speed||Up to 5 business days in the UK Up to 14 days internationally||7 – 10 business days||Standard: Up to 9 business days Express: Up to 3 business days (UK, US, Australia, or Canada) Up to 4 business days (all other countries)|
|Virtual Debit Card||No||No||Yes||No|
|Cashback||Avios points through participating retailers||0.1% cashback with N26 Business||Metal: 1% cashback on card payments||Loyalty points through Flux|
|ATM fees (including Foreign)||Simple: Fee-free withdrawals up to £200 per month
Classic: Fee-free withdrawals up to £800
Premium: Fee-free withdrawals |
2% above threshold. Real exchange rates used
|Free withdrawals at home and overseas||Standard: Fee-free withdrawals up to £200 / A$350 per month
Premium: Fee-free withdrawals up to £400 / A$700 per month
Metal: Fee-free withdrawals up to £600 / A$1,050 per month |
2% above threshold. Real exchange rates used.
|Fee-free cash withdrawals in the UK Fee-free £200/month withdrawals when overseas; 3% charge once you cross the limit|
|Foreign Transaction Fees||Simple: Fee-free up to £2,000 per month
Classic: Fee-free up to £8,000 per month
Premium: Fee-free |
2% above threshold. Real exchange rates used
|Nil||Standard: Fee-free up to £5,000 / A$9,000. Above 0.5% fee applies. Premium: Free unlimited FX at interbank rate Metal: Free unlimited FX at interbank rate||Nil|
|Apple Pay & Google Pay||Both||Both||Both||Both|
|Minimum balance requirement||Nil||Nil||Nil||Nil|
|International money transfers||Yes||Yes – through TransferWise||Yes||Yes|
|Banking license||No||Banking license from the ECB, BaFin, and FDIC (via Axos Bank)||Yes||Yes|
|Registered with / Authorised by||FCA||ECB, BaFin, FDIC (via Axos Bank)||FCA, ASIC||PRA, FCA, FSCS|
|Trustpilot score||8.9 out of 10||7.7 out of 10||8.9 out of 10||8.9 out of 10|
|Spending Visualisation||Budgeting, Spending Overview||Monthly overview, spending categories||Budgeting with Analytics||Budgeting with Summary|
|Options to deposit cash||Yes – (through PayPoint and Post Offices in the UK)||No||No||Yes – (through PayPoint)|
Headquartered in the UK, Monese provides current accounts for residents of countries in the European Economic Area (EEA). You may register with this Monzo competitor as an individual or a business. As a personal customer, you get three types of accounts from which to choose. Once you sign up, you get access to current accounts in GBP and EUR. Adding funds in your account using cash is possible. Monese also lets its customers make international money transfers.
- The Simple account comes with no monthly fees
- Get bank accounts in GBP and EUR
- Account-specific free ATM withdrawal limits
- Account-specific free foreign exchange thresholds
- Premium customers get unlimited free ATM withdrawals and foreign exchange
- Add funds using debit cards, bank account transfers, or cash
- Setting up direct debits is easy
- Set up with Apple Pay or Google Pay
- Monthly fee of £4.95 for the Classic account
- Monthly fee of £14.95 for the Premium account
- No agent network for international cash transfers
You may sign up with this UK-based neobank from the UK, the European Union, or Australia. As a customer from the UK or the European Union, you get to choose from three types of accounts. This Monzo alternative provides UK current accounts and Euro IBAN accounts to residents of the UK and the European Union. It provides access to its app in various languages. You benefit by getting interbank rates when you use spend in over 150 currencies.
- Get access to UK current and Euro IBAN accounts when you sign up for the Standard account
- Standard account holders pay no foreign transaction fees for up to £5,000/A$9,000 per month
- Premium and Metal account holders pay no foreign transaction fees
- All accounts have fee-free ATM withdrawal thresholds
- Access different cryptocurrencies through your Premium or Metal account
- Region-specific methods to add funds in your account include bank account transfers, debit cards, credit cards, Google Pay, Apple Pay, and through other Revolut account holders
- Payments made using Metal cards come with 1% cashback
- Use with Google Pay and Apple Pay
- Pay a monthly fee of £6.99 for the Premium account
- The Metal account attracts £12.99 as monthly fees
- Standard account holders may withdraw only up to £200 per month from ATMs without paying any fees
- If you initiate an international money transfer outside of business hours, a markup applies
- Does not have an agent network for cash transfers
International Money Transfer Alternatives to Monzo
Go through the corresponding table to get an indication of which Monzo competitor might work in your favour.
- Make a shortlist according to the transfer methods on offer.
- Check the cost of your transfer.
- Compare turnaround times.
- Make a note of minimum transfer amount requirements.
Monzo Competitor Comparison Table
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Travel Debit Card
- Global Bank Accounts
- Online Only
- First £3,000 Fee Free
- 1 - 2 Days
- £1 / $1
- TransferWise Debit Card now comes with the Borderless Account!
- Free $50 Coupon!
- Receiving FREE / 1%
- 0 - 3 Days
- Varies Per Customer
- Yes. Payoneer allows you to order a Mastercard after you register
Australia-based OFX provides services for individuals, businesses, and online sellers. This Monzo competitor has international offices in the UK, the U.S., Canada, Hong Kong, and New Zealand. Access to the OFX website comes only in English. Online sellers get access to receiving accounts in different currencies.
- Sign up as an individual, a business, or an online seller
- Fee-free thresholds for personal customers
- Headquartered in Australia, offices also in the UK, the U.S., Canada, Hong Kong, and New Zealand
- Provides scheduled transfers, forward contracts, and market orders
- Online sellers get free bank account details in GBP, EUR, USD, CAD, AUD, HKD, and JPY
- Send money online or over the phone
- Provides local phone support in some countries
- Website access only in English
- Allows trading in some currencies only over the phone
- No cash transfers
This U.S.-based Monzo alternative also has offices in the UK, the Philippines, and Japan. It provides services for small and mid-sized businesses as well as for freelancers. You may access money in your Payoneer account by using a prepaid Mastercard. The company gives you access to virtual bank accounts in four currencies.
- Offices in the U.S., the UK, the Philippines, and Japan
- Provides virtual bank accounts in U.S. dollars, pound sterling, euros, and Japanese yen
- Acceptable modes of payment include local bank transfers, wire transfers, and Automated Clearing House (ACH) transfers
- Lets you trade is more than 150 currencies
- Access money in your Payoneer account by using a prepaid Mastercard or an e-wallet
- You may withdraw funds from your Payoneer account into your local bank account
You cannot send money through Payoneer as an individual
You need to pay an annual fee to use the prepaid Mastercard
This Ireland-based Monzo alternative also has offices in the UK and Australia. You may sign up with CurrencyFair as an individual or a business. The company’s Exchange platform lets its customers bid for preferred exchange rates. Access to the CurrencyFair website comes in different languages.
- Serves individuals and businesses
- Offices in the UK, Ireland, and Australia
- Low minimum transfer limit of €8
- The Exchange platform lets you bid for preferred rates
- Provides scheduled transfers
- Website access in different languages
- Does not provide market orders or forward contracts
- You pay around 0.35% of the transfer amount plus €3 as fees
- Services not made available in all American states
- Is CurrencyFair similar to TransferWise?
- Does TransferWise live up to their hype?
- Who is OFX.com and would you transfer money with them?