Personal Features

Revolut

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Revolut provides digital banking and international money transfer services for personal customers from different countries.

What Revolut does

  • International money transfers.
  • Debit cards.
  • Unique multi-currency accounts.
  • Direct debits.
  • Receive money.
  • Budgeting tools.
  • Create Vaults to save money faster.
  • Access to cryptocurrencies.
  • Bill splitting.
  • Revolut Junior Account for children aged 12 to 17.

What Revolut doesn’t do

  • Personal account managers.
  • Hedging tools.
  • Cash pickup.

Monzo

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Monzo provides digital banking solutions for residents of the UK.

What Monzo does

  • International money transfers (through TransferWise).
  • Domestic money transfers.
  • Digital bank accounts for adults and 16 - 17 year olds.
  • Joint accounts.
  • Mastercard debit cards.
  • Online with virtual cards (with Plus Account).
  • Pots for separating money.
  • Interest up to 1.02% (Annual Equivalent Rate) on Pots (with Plus Account).
  • Direct debits.
  • Standing orders.
  • Bill splitting.
  • Spending categories.
  • Overdraft limit up to £500.
  • Loans of up to £3,000.

What Monzo doesn’t do

  • Regular transfers.
  • Unique local multi-currency accounts.
  • Personal account managers.
  • Cash pickup.
  • Hedging tools.

Revolut wins!

Revolut offers more features for the individuals. This includes access to multi-currency receiving accounts and reporting. Monzo’s international money transfer capabilities are offered through TransferWise while Revolut uses its own system.

Revolut
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Winner

Business Benefits

Revolut

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Businesses signing up with Revolut can receive multiple benefits.

What Revolut for business offers

  • International money transfers.
  • Unique multi-currency accounts.
  • Business debit cards.
  • Automated accounting with Xero, Freeagent and QuickBooks.
  • Integration with Zapier and Slack.

What Revolut for business doesn’t do

  • Account managers.
  • Solutions for online sellers.
  • Hedging tools.
  • Mass payments.

Monzo

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Businesses registered in the UK may sign up for Monzo business accounts.

What Monzo for business offers

  • International money transfers (through TransferWise).
  • Instant domestic bank transfers.
  • Current bank accounts.
  • Business debit cards.
  • Pots to separate money.
  • Budgeting and categorised spending.
  • Scheduled payments.
  • Tax Pots (with Plus Account).
  • Accounting integration with QuickBooks.
  • Integrated accounting with FreeAgent and Xero (with Plus Account).
  • Multi-user access for Ltds. (with Plus Account).
  • Invoicing (with Plus Account).
  • Exclusive offers (with Plus Account).
  • 6 months Xero free - optional (with Plus Account).

What Monzo business account doesn’t offer

  • Hedging tools.
  • Account managers.
  • Unique local multi-currency bank accounts.
  • Solutions for online sellers.

Revolut wins!

Similar to services for individuals. Revolut offers multi-currency receiving accounts which would be very useful for cross border businesses. Revolut also offers more choices for SaaS accounting integration. Again, Monzo’s international money transfers are provided by TransferWise and accessible within the Monzo app.

Revolut
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Winner

Fees & Exchange Rates

Revolut

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When you use your Revolut card to make international transactions, you benefit by getting existing interbank rates. Revolut fees depend on the type of account you open and where you live.

Subscription fees

RegionAccount typeMonthly subscription fee
The USStandard$0
Premium$9.99
Metal$16.99
The UKStandard£0
Premium£6.99 
Metal£12.99

Other fees for US customers

Fees for ATM withdrawals

Account typeFees
StandardNo fee up to $300 per month, then a 2% fee applies.
PremiumNo fee up to $600 per month, then a 2% fee applies.
MetalNo fee up to $1,200 per month, then a 2% fee applies.

Fees for international money transfers

Account typeFees
StandardNo fee up to $6,500 per month, then an exchange rate margin applies.
PremiumUnlimited free transfers.
MetalUnlimited free transfers.

Revolut exchange rates

Revolut provides interbank exchange rates when processing international money transfers involving major currencies, provided they fall within a customer's monthly allowance limit. Transfers that involve THB (Thailand) and UAH Ukraine) come with markups, as do cryptocurrency exchanges. The markup depends on the type of account you hold.

Fees for foreign exchange outside market hours

 High-frequency Standard customersPremium customersMetal customers
Major currencies0.5%0.5%0.5%
THB and UAH1.5%2%2%
Cryptocurrencies3%1.5%1.5%

Fees for receiving money

You don't have to pay any fees to receive money into your Revolut multi-currency accounts. However, the sender might need to pay intermediary bank fees. For example, a sender transferring EUR from Ireland into your EUR-denominated account in the UK might still need to pay intermediary bank fees. This is because the multi-currency accounts offered by Revolut are physically located in the UK.


Monzo

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You might have to pay a monthly account keeping fee depending on the type of account you open.

Account typeMonthly fee
Monzo current account£0
Monzo Plus account£5
Monzo Lite (for business)£0
Monzo Pro (for business)£5

Monzo card fees

  • Using Monzo cards in the UK is currently free.
  • Making card payments outside of the UK is free.
  • Withdrawing cash from ATMs in the European Economic Area (EEA) is free.

Fee-free ATM withdrawals and fees outside the EEA

  • For Monzo current account holders - up to £200 per 30-day period, then a 3% charge applies.
  • For Monzo Plus account holders - up to £400 per 30-day period, then a 3% charge applies.

Monzo exchange rates

When you use Monzo to send money overseas through TransferWise, existing TransferWise exchange rates apply. When you use your Monzo Mastercard outside of the UK, Monzo does not apply any markup. In this case, existing Mastercard exchange rates apply.
 

Fees for receiving money

You pay no fees when receiving money into your Monzo account. However, in the case of international money transfers, the sender might need to pay a fee.


Monzo wins!

Monzo’s monthly account fees are less across their range of products. While Revolut offers 0% exchange rate margins (excluding weekends), their 0% rate comes with a low volume threshold. This means monthly or rate margin fees can increase for individuals and businesses quite a bit. If you need to transfer and transact larger sums of money internationally, Monzo’s partnership with TransferWise can result in far lower currency exchange costs and monthly account fees.

Monzo
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Winner

Ease of Use

Revolut

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What Revolut does well

Sign up process - Create a new account with ease by using the Revolut app.

Payment options - Bank account transfers, debit cards and credit cards..

Apple Pay and Google Pay - Link your Revolut account to Apple Pay or Google Pay to make fast and easy payments.

Mobile app - Available for iOS and Android.
 

Where Revolut could improve

Website access - Customers can not use the Revolut website to access their accounts or send money. They need to use the Revolut app.


Monzo

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What Monzo does well

Sign up - Simple registration process. Use the Monzo app or website.

Payment options - Bank transfers, cash and cheques.

Apple Pay and Google Pay - Link your Monzo account to Apple Pay or Google Pay and make payments using your phone.

Mobile app - Available for iOS and Android.
 

Where Monzo could improve

Limits - There are limits surrounding daily card transactions, ATM withdrawals (domestic and international), daily bank transfers and cash deposits.

Phone transfers - You can not carry out transfers over the phone.


It's a draw!

Both Monzo and Revolut built their digital banking product from the ground up. This allowed them to build in customer experience within the design and development of their product. This shows with both Revolut and Monzo scoring well within the Ease of Use category.

It's a draw!
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Draw

Support & Countries

Revolut

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What Revolut does well

Supported currencies for transfers - Use Revolut to send money in 28 currencies.

Customer support - Local phone support in different countries and 24/7 chat support.
 

Where Revolut could improve

Supported registration countries - Revolut can improve by increasing the number of registration countries outside of Europe.


Monzo

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What Monzo does well

Supported destination countries for transfers - Monzo customers can transfer money to most countries in the world, owing to TransferWise's extensive list of supported countries.
 

Where Monzo could improve

Supported registration countries - As of now, Monzo provides services only for residents of the UK.


Revolut wins!

Revolut wins Support and Countries marginally. Revolut supports multi-currency digital wallets and unique receiving accounts allowing Revolut to position itself more globally. Monzo is only available within the UK. Revolut is available inside and outside of the UK.

Revolut
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Winner

Trust & Transparency

Revolut

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What Revolut does well

  • Revolut is licensed to provide services in the US, the UK, the European Union, Australia and Singapore.
  • Fingerprint identification.
  • Rating of Excellent on Trustpilot.

Where Revolut could improve

Addressing customer complaints - Some Revolut reviews on Trustpilot mention customers' accounts being locked and their money going missing. Quick resolution of such complaints would work well in increasing trust levels.


Monzo

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What Monzo does well

Regulated - Monzo is authorised and regulated by the UK Financial Conduct Authority (FCA).

Protection of funds - A sum of up to £85,000 in your Monzo accounts is protected by the Financial Services Compensation Scheme (FSCS).

Trustpilot - Monzo gets a rating of Excellent on Trustpilot.
 

Where Monzo could improve

Addressing customer problems - Some Monzo reviews on Trustpilot suggest that the company rates poorly when it comes to addressing customer problems such as suspended accounts and fraudulent transactions. It also appears that Monzo takes a while to reply to negative reviews on this platform.

Losses - Monzo's reported annual post-tax loss of £113.8 million in 2020 has led to concerns surrounding the digital bank's ability to keep going, which makes it a high risk entity as of now.


Revolut wins!

Both Revolut and Monzo need to address some concerns being raised through customer reviews. However, with Monzo’s recent financial concerns. Revolut may have more longevity in the digital banking market.

Revolut
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Winner

The Result

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 Revolut

Revolut has won overall when compared to Monzo. It is clear that Monzo has a lower monthly account fee structure. And for customers needing to transfer large sums of money regularly, Monzo would be a good choice. However, Revolut has slightly more features that individuals and businesses may find useful. Add this to a clear risk for Monzo’s future, Revolut scores higher overall.

FAQs

Is Revolut better than Monzo?

Yes, Revout is better than Monzo by offering more services for individuals and businesses. Revolut is probably a better choice until Monzo can fix their financial problems. Monzo is a risky choice for the risk averse customer.