8.6
vs
9.0
Winner
-
-
-
- Customer Satisfaction
Curious how Monito creates these scores?
What’s the Difference Between Monzo and Revolut? Which Is Better for Your Needs and Preferences?
Monzo and Revolut are two powerful digital finance platforms offering a wide range of similar financial services such as current accounts, debit cards, mobile apps, and various features designed for people with busy lifestyles.
In this side-by-side review, we compare Revolut and Monzo to help you make an informed decision about which might suit you best. Read on to see how they stack up with each other across multiple areas, including fees, product quality, and customer satisfaction.
Although Monzo and Revolut are great options, we firmly recommend Starling Bank if you want a full bank account in the UK. In our opinion, Starling combines the ease of online finances with the trust of institutional banking in a way unmatched by Monzo or Revolut. Plus, its current and savings accounts are almost entirely fee-free!
Before diving in, it's important to remember that Monzo and Revolut approach their services quite differently. Monzo is a fully-featured bank account, whereas Revolut functions as a prepaid debit card that lets you make payments in many different currencies. Furthermore, in this review, we only compare the services' standard plans — namely the 'Monzo' and 'Revolut Standard' accounts respectively.
If you'd like to see how Monzo and Revolut stack up against similar products in the UK, check out our live fintech comparison engine at the bottom of this article!
That out the way, let's get straight to our in-depth comparison of Monzo and Revolut: ―
Key Facts About Monzo & Revolut
🔎 Monzo is better | as a bank account (e.g. with overdraft facilities, savings, joint accounts, youth accounts, interest rates, etc.). |
---|---|
🔎 Revolut is better for | as a low-cost spending tool to save money on foreign transactions |
🏆 Best UK challenger bank | |
💸 Average monthly fee | £0 |
📶 Size (customers) |
|
📶 Size (revenue) |
|
💱 Monzo currency exchange fee | 0.35% - 2.85% |
💱 Revolut currency exchange fee | 0.3% - 2% |
Monzo vs Revolut
- 01. Which is the more trustworthy? scroll down
- 02. Which has the better account and card? scroll down
- 03. Which has the better fees and exchange rates? scroll down
- 04. Which do customers like more? scroll down
- 05. Revolut or Monzo — which is better for you? scroll down
Trust & Credibility
Background check
Background check
Background check
Fully licensed and authorized in every country in which it does business.
Licensed as a bank by the PRA and FCA in the UK, and deposits are FDIC protected.
Security & reliability
Security & reliability
Security & reliability
Segregated user accounts, HTTPS, 3-D Secure cards (issued by Mastercard or VISA).
Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure.
Company size
Company size
Company size
28 million customers, 6,000 employees worldwide
Over 5.5 million customers and nearly $150 million in annual revenue.
Transparent pricing
Transparent pricing
Transparent pricing
Pricing is accessible, but it doesn't provide every fee found on the regulator-standard fee schedule.
A full overview of pricing is relatively accessible and provides every fee as per the regulator-standard fee schedule.
Monzo vs Revolut: Are They Trustworthy?
Both Monzo and Revolut are large, duly licensed firms that you can most certainly trust with your money, and neither is an inherently worse choice than the other in this regard.
Revolut scored higher on our trust metrics mostly because they're a larger company. With over 26 million customers globally, Revolut is far larger than Monzo, which has around 5.5 million customers only in the UK. We also found Revolut's fees to be easier to access than Monzo's, which counted in their favour (although we didn't have the impression that either company was trying to obscure or hide any fees).
The only major difference is that, in the UK, Revolut is not licensed as a bank, while Monzo is. While this doesn't necessarily make Revolut inherently riskier, it does mean that Revolut doesn't offer deposit insurance in case of bankruptcy. Monzo, on the other hand, is a licensed bank, meaning it adheres to theFinancial Services Compensation Scheme(FSCS) and that up to £85,000 in client deposits will be guaranteed by the government if the company was to go under.
Interestingly, as of 2022, both Monzo and Revolut have consistently failed to draw a profit and still report operating losses each year. Again, this isn't necessarily a major drawback for you as a customer. If you're using Monzo (even as your main bank account), you're completely secure if you hold less than £85,000 in deposits. With Revolut (whose deposits aren't FSCS-insured), as long as you use them as a secondary account, you should be fine here too.
Correct as of 3/3/2022
Service & Quality
Using the mobile app
Using the mobile app
Using the mobile app
Well-designed, well-rated, and packed with helpful features.
Well-rated and slick user interface with many interesting features, including instant spending notifications and easy budgeting.
Managing the account
Managing the account
Managing the account
Many top-up methods and currencies (though lacks overdraft and interest).
Overdraft, interest, and multiple top-up methods are supported, but only one currency is available (GBP).
Contacting support
Contacting support
Contacting support
FAQ and live chat are available, but phone support is lacking.
FAQ and live chat are available on the standard plan, but phone support isn't available to all users.
Making card payments
Making card payments
Making card payments
Contactless, online payments, Apple Pay, Google Pay, and social payments.
Contactless, online payments, Apple Pay, Google Pay, and social payments are all supported.
Monzo vs Revolut: Which Has the Better Account & Card?
Simply put, both Monzo and Revolut are excellent platforms, and are at the top of their game when it comes to low-cost financial services in the UK. Monzo offers you a fully-fledged current account, a debit Mastercard with no foreign transaction fees, an international money transfer service through Wise, and a range of other benefits. Similarly, Revolut provides you with an online account, a debit VISA or Mastercard, access to international money transfers, and several other innovative offerings.
Both have easy-to-use mobile apps that are popular with users and feature notifications, direct debits, budgeting, financial planning, and multi-currency balances. (However, as we'll see later, Revolut may charge a fee for faster transfers or to accounts not held with Revolut, whereas Monzo does not.)
Monzo claims to be a replacement for a traditional account and offers a range of services to help you replace your existing bank. Revolut is slightly more limited as it’s effectively a prepaid card that gives you multiple currency options and lets you send money overseas quickly and easily. That said, Revolut is still an excellent service and provides several additional features not available to Monzo (not to mention the fact that it's available in more countries).
Revolut Card vs Monzo Card
The cards offered by Monzo and Revolut come with almost identical features. Both are debit Mastercards, and both offer contactless payments, Apple Pay and Google Pay. Note that the Revolut debit card may be on the VISA network in some countries. Mobile apps from each provider allow you to block and unblock your debit card if it goes missing. Revolut also offers virtual cards, whereas Monzo doesn’t.
Account Experience
Both platforms offer a range of features to make your financial life easier. Monzo offers direct debits in British pounds and has a direct debit switching service to make migrating from your old account easier. Revolut offers direct debits in Pounds and Euros. Monzo also allows for joint accounts, whereas Revolut does not. Both providers have financial services, including notifications, financial analysis, and budgeting. Revolut offers savings 'pots,' though we find Monzo's advanced savings features to be much more capable due to their flexibility and budgeting features.
Revolut is available only through a mobile app, whereas Monzo provides a mobile app with a website available for emergencies.In this way, Monzo might not be your best bet if you prefer banking on your PC over your smartphone.
Local Accounts Available in Specific Currencies
Monzo is currently available in the UK and only offers accounts in British pounds (although they are currently starting out in the US). Revolut offers more local currency options. It can provide accounts in GBP, EUR, NOK and PLN, so if you’re in the EU or from Poland or Norway, Revolut is probably the better choice.
Other Account Features
Monzo offers savings accounts at rates of up to 1.16%. They also provide an overdraft by percent APR/EAR that doesn't exceed 50 pence per day in the UK. Monzo is a member of the 'Current Account Switching Service', making it easy to move your existing account to them from another bank.
On the other hand, Revolut doesn't offer interest on savings or offer overdrafts. At more premium plans, Revolut does provide extra services like Pay Per Day travel insurance, automatic donations, and rounding-up on transactions.
Topping up Your Account
Monzo also offers cash and bank transfers for topping up an account and allows you to use a cheque. Revolut will enable you to top up your account with a bank transfer, debit card, or credit card, which is more convenient, although you may be charged a fee for card top-up.
Last updated: 25/5/2023
Fees & Exchange Rates
Everyday use
Everyday use
Everyday use
No monthly fees and few running costs for day-to-day use.
Zero everyday costs such as monthly fees, transfer fees, and local ATM withdrawal fees.
ATM withdrawals
ATM withdrawals
ATM withdrawals
Withdrawals over £200 or equivalent /month cost 2%. Third-party ATM charges, fair use limits, and weekend surcharges may also apply.
Withdrawals are free but are only available up to a daily limit of £400 and a monthly limit of £5,500.
Online spending
Online spending
Online spending
Ordinary online spending comes at no cost (except for FX markups on weekends)
Ordinary online spending comes at no cost, neither in the default currency nor in a foreign currency.
International spending
International spending
International spending
Low fees for overseas spending, although minor conversion fees and weekend surcharges can apply.
No fees for spending abroad, although Mastercard's exchange rate can apply to foreign currency transactions.
Monzo vs Revolut: How Do the Fees Compare?
Users of both Monzo and Revolut are able to access an impressive number of services through the basic plans of the two providers respectively. For example, neither charges you to open or hold an account, both allow you to send money internationally for very low fees, and both come with good mobile apps with no hidden costs.
However, when it comes to pricing in general, Monzo takes the lead over Revolut as they have lower overall fees and don’t charge for providing you with a debit card, whereas Revolut does. (Monzo is significantly cheaper than UK high-street banks for handling day-to-day finances.)
International ATM Withdrawals
When it comes to withdrawing cash overseas, Monzo gives you a free limit of £200 every 30 days but charges you 3% of the amount withdrawn after that (this is outside the EEA only — inside the EEA it's always free up to a fixed withdraw of £400 per day). With Revolut, the first £200 per month does not attract a fee (though fair use limits and weekend surcharges might apply), but you’ll be charged 2% of any amount withdrawn above that.
Receiving Your Debit Card
Monzo doesn't charge a fee for providing you with a debit card, though the card takes one to two weeks to arrive. Revolut provides a card within nine working days and normally charges a fee of €5.50/£4.99 to send you a debit card. Revolut can also deliver your card within two to nine business days via 'Express Delivery', but you’ll need to pay a fee of between £6 and £10 for the speedy service, depending on exactly how fast it ends up arriving.
International Money Transfers
Monzo provides currency exchange services through integration withWise— a much-loved way to send money abroad that offers superb exchange rates and low, transparent fees. This means you’ll pay a fee of 0.35% to 2.85% of the amount you’re transferring, depending on the currency.
Revolut’s pricing is more complex and depends on the currency, your plan, your fair use limits, the volume you trade, and whether you exchange currency during or outside market hours. Over the weekends, Revolut’s currency exchange service can be expensive. Revolut lets you hold over 30 currencies, and you can exchange money between them quickly.
Using Your Debit Card Overseas
There’s good news from Monzo when it comes to using your card overseas: the bank doesn't charge any commission for FX services when you pay with your card abroad. Revolut, by comparison, charges zero to 2% on the first £1,000 or equivalent you spend overseas in a month (though, as always, fair use limits and weekend surcharges may apply), then charges a 2% fee afterwards.
Last updated: 25/5/2023
Customer Satisfaction
Customer review score
Customer review score
Customer review score
Trustpilot rating of 4.3 out of 5 stars.
Average Trustpilot rating of 4.5 out of 5 stars.
Number of positive reviews
Number of positive reviews
Number of positive reviews
Over 113 thousand four- and five-star reviews.
Over 15,000 four- and five-star reviews.
Monzo vs Revolut: What Are Customers Saying?
With millions of customers each — many of whom report overwhelmingly positive feedback — Monzo and Revolut are both large, popular, and well-liked digital finance apps. As such, we see this section as a draw, with no clear winner between the two.
In the end, we therefore think its safe to say that both services impress their customers by and large.
Last updated: 25/5/2023
Monzo vs Revolut: The Verdict
In general, whether Monzo or Revolut is the better service will depend entirely on your needs and preferences:
If you're looking for a bank account, low fees (especially on transactions overseas), excellent savings capabilities, and basic credit services such as loans and interest, then use Monzo instead of Revolut, which doesn't offer these services. On the other hand, if you're already happy with your primary bank account and you're only looking for a spending tool to enable you to hold and spend balances in multiple currencies and use it flexibly in your day-to-day at a low cost, then we recommend Revolut, as Monzo doesn't offer any multi-currency functionality.
If you'd like to dive deeper into either of these two platforms, we recommend looking at our in-depth Monzo review or Revolut review respectively. Watch Monito's review of Revolut in video. Also, to compare Revolut and Monzo to other alternatives, don't forget to take a look at our rankings of the three best fintechs in the UK (hint — neither Monzo nor Revolut is number one!).
At the end of the day, whichever service you choose, you probably won't make a mistake, and there's a high chance you'll end up more than satisfied with your decision.
Compare Monzo and Revolut to Other Top Fintechs
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Starling Bank Monito Score 9.1
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English
- Country availability
United Kingdom
- Services
Full bank account
- Monthly fee
Very low
- Card delivery time
Mid
- Best for
Everyday banking
- Bank details
UK account no. & sort code
- Supported currencies
Pound sterling
- Overdraft Yes
- Annual interest rate
Low
- Supports cash deposits Yes
- International transfers Yes
- Trust & Credibility
Monzo Monito Score 9.0
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English
- Country availability
United Kingdom
- Services
Full bank account
- Monthly fee
Very low
- Card delivery time
Fast
- Best for
Everyday banking +1
- Bank details
UK account no. & sort code
- Supported currencies
Pound sterling +2
- Overdraft Yes
- Annual interest rate
High
- Supports cash deposits Yes
- International transfers Yes
- Trust & Credibility
Wise Multi-Currency Account Monito Score 8.9
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English +21
- Country availability
Austria +37
- Services
Multi-currency account
- Monthly fee
Very low
- Card delivery time
Mid
- Best for
Spending while abroad
- Bank details
Euro IBAN +11
- Supported currencies
US dollar +50
- Overdraft No
- Annual interest rate
Very low
- Supports cash deposits No
- International transfers Yes
- Trust & Credibility
Revolut Monito Score 8.6
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English +20
- Country availability
Austria +35
- Services
All-in-one finance app
- Monthly fee
Very low
- Card delivery time
Mid
- Best for
Spending online +1
- Bank details
UK account no. & sort code +1
- Supported currencies
United Arab Emirates dirham +26
- Overdraft Yes
- Annual interest rate
Very low
- Supports cash deposits No
- International transfers Yes
- Trust & Credibility
Conotoxia Multi-Currency Card Monito Score 8.6
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
Polish +1
- Country availability
Austria +28
- Services
Multi-currency account +1
- Monthly fee
Very low
- Card delivery time
Fast
- Best for
Spending while abroad
- Bank details
Euro IBAN
- Supported currencies
Euro +19
- Overdraft No
- Annual interest rate
Very low
- Supports cash deposits No
- International transfers Yes
- Trust & Credibility
Monese Monito Score 8.0
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English +11
- Country availability
Austria +30
- Services
All-in-one finance app
- Monthly fee
Very low
- Card delivery time
Fast
- Best for
Easy registration
- Bank details
UK account no. & sort code +2
- Supported currencies
Euro +2
- Overdraft No
- Annual interest rate
Very low
- Supports cash deposits Yes
- International transfers Yes
- Trust & Credibility
Zen Monito Score 7.1
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English +7
- Country availability
Austria +29
- Services
Multi-currency account +1
- Monthly fee
Low
- Card delivery time
Fast
- Best for
Spending while abroad
- Bank details
Euro IBAN
- Supported currencies
Euro +29
- Overdraft No
- Annual interest rate
Very low
- Supports cash deposits Yes
- International transfers Yes
- Trust & Credibility
Pockit Monito Score 6.7
Monito Score
- Trust & Credibility
- Service & Quality
- Fees & Exchange Rates
- Customer Satisfaction
- Languages
English
- Country availability
United Kingdom
- Services
Travel card
- Monthly fee
Moderate
- Card delivery time
Fast
- Best for
Easy registration
- Bank details
No account details (balance only)
- Supported currencies
Pound sterling
- Overdraft No
- Annual interest rate
Very low
- Supports cash deposits Yes
- International transfers Yes
- Trust & Credibility
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Why Trust Monito?
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
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