About Revolut Business
Revolut have become one of the highest valued fintechs in the world. The heart of their product is the current account, and they launched the business version of their account in 2017. They are an internationally focused business, operating in many countries across the world.
About Monzo Business
A giant of the UK fintech banking space, Monzo have gained millions of personal current account customers since their launch in 2015 by offering a slick app based banking solution with a host of attractive extras. Their business current account was launched in 2020, and they have gained many business customers since then.
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Monzo Business vs Revolut Business – Plans, Costs & Fees
Revolut have 4 business account tiers:
- Revolut Business Free – no cost
- Revolut Business Grow – £25 monthly
- Revolut Business Scale – £100 monthly
- Revolut Business Enterprise – costs depend on which features added.
With the Revolut paid tiers, they give set amounts of certain functions, such as transfers and ATM withdrawals, included within the fee, rather than having a cost for each individual action.
They charge for each transfer into or out of the account. The cost per transfer is £0.20. The Free tier includes 5 free transfers per month. The Grow tier includes 100, and the Scale tier includes 1000.
You will be charged £3 for any international payment into or out of the account.
ATM withdrawals are charged the same across all tiers, and there is no free amount of transfers included. The cost is 2% of the amount withdrawn.
Monzo business has 2 account levels:
- Monzo Business Lite – Free
- Monzo Business Pro – £5 every month
Monzo also has other costs for certain account functions:
Cash Deposits: Monzo business customers can deposit cash into their account via PayPoint locations. There is a £1 charge for every cash deposit. There is also a maximum of £1000 that a business can pay in each 6 months.
Cash/ATM Withdrawals: ATM withdrawals are free within the European Economic Area (EEA). You can also withdraw up to £200 per month outside of the EEA, with a charge of 3% for any amount above that.
The main difference between the 2 providers is that Revolut charges a fee for transfers into or out of the account, whilst Monzo has no fee for this. If your business has a lot of transfers, then you could definitely save with Monzo here.
Monzo Business vs Revolut Business – Features
- Multi-currency account: Revolut give every business customer a GBP and EUR account as standard. Customers can also operate in over 28 currencies, and transfer between them at real exchange rate.
- Access: The Revolut business account is accessible via both your computer and your smartphone.
- Accounting Software Integration: Use the Revolut business API to connect to accounting software i.e. Xero, Quickbooks and Clearbooks, plus business apps such as Slack.
- Debit Cards for staff: Physical and virtual debit cards, fully controlled by the account owner.
- Cash Payments: Customers cannot pay cash into their Revolut account.
- Tax Pots: For every payment a business receives into their account, a set percentage can be diverted into a tax pot, so that the funds are there once the tax payments are due.
- Integrated Accounting: The Monzo business account can be automatically integrated with accounting software such as Xero, Quickbooks or Freeagent. If different software is used, then all transactions can be downloaded so they can then be compatible with your accounting software.
- Multi-User Access: Limited companies can have multiple users set up and controlled by the account owner.
- Invoicing: The Monzo account can generate invoices direct from that app that can be sent to customers
- Use Monzo on a computer: Business customers can use their Monzo account on their computer as well as via the smartphone app.
Monzo Business vs Revolut Business – Safety
Monzo are a fully licensed UK bank and as such, customer deposits are protected under the Financial Services Compensation Scheme (FSCS) up to a maximum of £85,000 per customer.
In March 2023 Monzo announced that it hit profitability for two consecutive months. As a relatively recent start up company, Monzo have been funded mainly by investment. However, it appears that they are now heading towards long term profitability.
Monzo Business vs Revolut Business – International
Revolut business customers automatically get a GBP and EUR account with IBANs.
Receive, pay and hold over 28 currencies in your Revolut business account. All currency transfers are made at real exchange rate.
It is not that simple to receive international payments into your Monzo account, as Monzo explain here on their website.
Monzo use Wise, a fintech who specialise in currency transfers, for all of their currency transfers. This will ensure that the costs are low and rates are good.
Revolut are an international business, whilst Monzo are very focused on the UK. This is reflected in their offering, as Revolut works very well for different currencies, while Monzo is maybe not the best choice if you do a lot of cross-border business.
Revolut Business vs Monzo Business– FAQ
What is the best bank for small business UK?
There are several great options for business current accounts in the UK, with Monzo and Revolut joining Starling Bank and Tide in the range of modern app-based options. We analyse these providers in our Best Business Bank Account article.
How do I choose a bank for my business?
It really depends what you are looking for in a bank. Monzo has a more traditional bank feel, and no fees for transfers, whereas Revolut is far better for international and other currencies.
Revolut Business vs Monzo Business – Verdict
For business owners who want a more modern, app focused current solution, both Monzo and Revolut can be a good choice, with a few caveats. Revolut do not accept cash into their accounts. Monzo are not very flexible with international payments and business.
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