If you are looking for a safe and cost effective way to transfer money overseas, you may use the services of either Revolut or Monzo. However, while the former lets you register from anywhere in Europe, the latter accepts customers only from the UK.
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.
Selecting Monzo or Revolut for your next overseas fund transfer requires that you pay attention to other aspects too, because while there are similarities in the offerings of both, there are differences as well.
- 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%.
- Premium and Metal members get unlimited fee-free transfers.
- Premium membership comes at a cost of €7.99 per month.
- 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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