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.
- COUPON: 3 Months Free!
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Available: UK Account Fees: £0 Account Types: Personal & Business Trust Pilot Score: 8.7/10 Cash top Ups available via PayPoint Loyalty points available through Flux TransferWise used for internatioanl money transfers Budgeting summary visualisation available
Revolut and Monzo are UK-based digital banks/neobanks that provide current accounts. While Monzo limits its services to the UK as of now, Revolut also serves customers from Europe and Australia.
Both digital banks offer current accounts to their customers. Incidentally, both give their customers the ability to carry out cost-effective international money transfers as well. As a result, factors that require your attention vary depending on whether you want to use their banking services or you wish to carry out an overseas money transfer comparison.
If you take the Monzo vs. Revolut comparison to Trustpilot, you get an indication of what customers of both service providers have to say. While the average score of Monzo on this platform is 6.3 out of 10, Revolut averages at a noticeably better 8.1 out of 10.
Digital Banking Comparison
If you are looking at using banking services provided by either Revolut or Monzo, the aspects that require your attention include:
- Multi-Currency Bank Accounts
- Debit/Travel Cards
No matter whether you select Revolut or Monzo, you get access to a globally accepted prepaid debit card.
- Choose from a Standard, Premium, or Metal Card
- The Metal card offers 1% cashback on payments
- Fee-free ATM withdrawal limits depending on which card you have – see full comparison table below for more details
- No foreign transaction fees with Premium and Metal cards
- No choice of cards
- Gives you the ability to earn loyalty points through Flux
- Fee-free cash withdrawals from ATMs in the UK
- Fee-free withdrawals of up to £200 per month when overseas – see full comparison table below for more details
The functionalities that both digital banks provide are not exactly the same, which is why you need to pay particular attention to this section. Both let their users split bills, and both come with online budgeting tools. You may also integrate both with Apple Pay and Google Pay.
- Setting up direct debits in GBP and EUR is easy
- Does not provide overdrafts
- Provides a virtual debit card
- Lets you add funds using debit and credit cards as well as bank account transfers
- Lets you buy cryptocurrencies
- Offers perks across different categories
- Allows direct debits
- Comes with an overdraft facility
- Lets you add funds to your account via bank account transfers and by depositing cash at PayPoint locations
|Types of customers||Personal & Business||Personal & Business|
|Supported Countries||UK; EU; AUS||UK|
|Multi-Currency Accounts||GBP, EUR – (Not supported in Australia)||No|
|Top Up / Adding Funds||Bank transfer, debit card, credit card, Apple Pay, Google Pay, other Revolut users (depending on where you live)||Bank transfer, cash|
|Credit / Debit Card Delivery Speed||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)||Up to 5 business days|
|Virtual Debit Card||Yes||Yes|
|Cashback||Metal: 1% cashback on card payments||Loyalty points through Flux|
|ATM Fees||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. Uses real exchange rates.
|Fee-free cash withdrawals in the UK|
Fee-free £200 per month withdrawals when overseas; 3% charge once you cross the limit
|Foreign Transaction Fees||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|
|Minimum balance requirement||Nil||Nil|
|Direct debits||Yes (GBP and EUR)||Yes|
|International money transfers||Yes||Yes|
|Spending Visualisation||Budgeting with Analytics||Budgeting with Summary|
|Options to deposit cash||No||Yes – (through PayPoint)|
Overseas Money Transfer Comparison
Side By Side
|Low fees and competitive rates||No foreign transaction fees, transparent transfer fees|
|Standard account is free. Premium and Metal accounts attract monthly fees||No monthly fees|
|Offices in the UK, France, Germany, Poland, Russia, the U.S., Canada, Singapore, and other countries||Office only in the UK|
|Supports transfers to 32 countries (only available to residents of the UK, the Eurozone, and Australia)||Supports transfers to most countries through TransferWise (services provided only in the UK)|
|Use the Revolut account to hold funds in up to 29 currencies||No multi-currency account|
|Serves individuals and businesses||Serves individuals and businesses|
|Set up spot transfers or recurring payments||Only spot transfers|
Selecting Monzo or Revolut for your next overseas fund transfer requires that you pay attention to other aspects too.
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
One scores over the other in this section of the Monzo vs. Revolut comparison, especially if you do not plan to transfer large sums.
- Revolt provides a fee-free transfer limit of up to €5,000/£5,000 each month.
- If you exceed the limit, the company charges a fair usage fee of 0.5%.
- You need to pay a monthly fee of €13.99 as a Metal member.
- Turbo transfers initiated by standard customers come with additional fees.
- Check the company’s pricing model for further details.
- The company provides details about fees in different base currencies online.
- Monzo gets a small percentage of the fee charged by TransferWise.
- Sending money through Monzo or TransferWise costs the same.
- You get to know of all applicable fees ahead of time.
Ease of Use
As long as you have access to the documents required to verify your identity, registering with Revolut or Monzo is fairly simple. However, both require that you use their apps to transfer money.
- The revolt app is multilingual.
- You may pay using a bank account transfer, a debit card, a credit card, Google Pay, or Apple Pay.
- Opt for a turbo transfer if you wish to send money in a hurry.
- The company provides free receiving accounts in pound sterling and euros.
- Revolut lets you hold funds in up to 25 currencies.
- You may look forward to long-term savings by using the Revolut vault.
- The Revolut card gives you easy access to your money from anywhere in the world.
- You may use the Metal card to get access to your money in more than 150 currencies.
- You may use Revolt to exchange, buy, and hold various cryptocurrencies such as XRP, Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
- You do not have to sign up with TransferWise to send money using Monzo.
- You may use the Monzo card to access your money overseas.
- You may use your Monzo card to withdraw money overseas, and you pay no fees for the first £200 every 30 days.
- You may use your Monzo card with Apple Pay.
- Monzo provides checking accounts for residents of the UK.
Regular Overseas Payments
This section of the Revolut vs. Monzo comparison favors the former. While setting up regular transfers with Revolut is easy, Monzo does not provide this service yet.
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