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Revolut vs Monese – Smartphone Focused Current Accounts

At first glance, both Monese and Revolut appear quite similar. Both are smartphone focused apps that offer a current account and debit card. In addition, they both offer GBP and EUR accounts as standard, giving them a more international focus than domestic UK targeted app banks such as Monzo and Starling Bank. There are differences however, so read on to see which may suit you best.

Revolut vs Monese
How do the smartphone focused banks Monese and Revolut compare? | Photo by Paul Hanaoka on Unsplash

Contents

Revolut vs Monese – Plans, Costs & Fees:

Revolut

Revolut has 4 tiers to choose from:

Revolut Standard – No charge

Additional Costs: ATM withdrawals – £200 per month fee free, then cost of 2% above that.

Revolut Plus – £2.99/month

Additional Costs: ATM withdrawals – £200 per month fee free, then cost of 2% above that.

Revolut Premium – £6.99/month

Additional Costs: ATM withdrawals – £400 per month fee free, then cost of 2% above that.

Revolut Metal – £12.99/month

Additional Costs: ATM withdrawals – £800 per month fee free, then cost of 2% above that.

You cannot deposit cash into any Revolut account.

Monese

Monese has 4 account levels. The higher the cost of the subscription, the more things you will get without having to pay extra for.

Monese Starter: No monthly fee

Additional Costs:

Physical debit card – £4.95

International transfers – 2.5%

Card spending in other currencies – 2%

ATM withdrawals – £1.50 per withdrawal

Pay cash into your account – 3.5% of the amount paid in

Monese Essential: £1.95/month

Additional Costs:

Physical debit card – free

International transfers – 2%

Card spending in other currencies – 0.5%

ATM withdrawals – up to £200/month free

Pay cash into your account – 3.5% of the amount paid in

Monese Classic: £5.95/month

Additional Costs:

Physical debit card – free

International transfers – 0.5%

Card spending in other currencies – free

ATM withdrawals – up to £500 per month free

Pay cash into your account – free up to £400 per month

Monese Premium: £14.95/month

Additional Costs:

Physical debit card – free

International transfers – free

Card spending in other currencies – free

ATM withdrawals – up to £1500/month free

Pay cash into your account – free up to £1000 per month

/ Verdict /

The account tier pricing is similar on both. With Monese you do get higher allowances for free ATM withdrawals on the higher tiers, plus if you wish to pay cash into your account you will need to go with Monese as Revolut do not offer that.

Revolut vs Monese – Features

Revolut

Key Features
  • GBP and EUR account with IBAN for all customers
  • Mastercard debit card
  • Pockets – divide the everyday money in your account into different areas
  • Vaults – similar to Pockets – but more aimed at saving
  • Analytics – budgeting tools like goal setting and notifications
  • Invest in things such as cryptocurrency via the app

On the more expensive Revolut tiers, more features are unlocked:

Revolut Premium
  • Travel insurance, payment protection, airport lounge access.
  • Lower fees for trading.
  • Unlimited fee-free currency exchange.
Revolut Metal

Monese

Key Features
  • GBP and EUR current accounts for all customers as standard
  • Mastercard debit card
  • Set up direct debits
  • Pots – divide up your money to create separate areas so you can save up for things or keep your bills money separate
  • Spending is categorised
  • Set monthly budgets
  • Earn interest and invest via Raisin
  • Real-time spending notifications
  • Free transfers in your local currency and between Monese accounts
  • Apple Pay and Google Pay available on all tiers
  • Pay cash into your account via the Post Office and PayPoint locations

On the paid tiers of Monese, other features are available:

  • Insurances and purchase protection
  • Priority customer support

/ Verdict /

Again, the 2 apps are relatively similar in terms of features. Monese do seem to focus on more core banking style functions, whilst Revolut have a wider range of extras such as metal debit cards and trading in cryptocurrency.

Revolut vs Monese – Debit Card

Revolut

  • Mastercard debit card for all account holders. Subscribers to the Metal tier get a metal card.
  • Payments with debit cards are free across all account tiers.
  • Cash Withdrawals – on the Free & Plus plans, you can withdraw £200 per month fee-free. On the Premium plan it is £400 per month, and on the Metal plan, its £800 per month. Above these limits you will be charged a 2% fee.
  • Use your phone to pay by connecting your card to Apple Pay and Google Pay

Monese

  • Mastercard debit card for all account holders.
  • Payments with the debit card are free within your account currency
  • ATM withdrawals – £1.50 charge on the free tier, and when above the monthly limit on the paid tiers. Users get £200 per month free on Essential, £500 per month on Classic, and £1500 on Premium.
  • Use your phone to pay by connecting your card to Apple Pay and Google Pay

/ Verdict /

Both providers have a very similar debit card offering.

Revolut vs Monese – Safety/Security

Revolut

Revolut applied to get a full UK banking license in 2021 and expect to get this in 2022. However, as of now, they are not a licensed bank and thus, customer deposits are not protected under the Financial Services Compensation Scheme (FSCS). Revolut state that all customer deposits are kept fully separate from company money, and in the unlikely event that they were to do out of business, customer funds are safe.

Monese

Monese is not currently a licensed UK bank – but rather an e-money provider. Therefore customer deposits are not covered under the Financial Services Compensation Scheme (FSCS). They state that they protect customer funds by ‘safeguarding’:

Safeguarding means your money is kept separate from any money owned by Monese or PPS and it’s placed into a secure account with an authorised bank, or covered through an insurance policy or similar guarantee. We never lend your money to anyone and it’s always available to you, on demandThere’s also no upper limit per customer or account for safeguarding. This means that all the money within your Monese account is protected.

/ Verdict /

Currently the status of both providers is the same, but this may change if and when Revolut get their UK banking license.

Revolut vs Monese – Verdict

As we have highlighted throughout this article, Monese and Revolut are pretty similar apps with a similar pricing structure and featureset. Revolut do appear to be attracting more customers and investment, and are now seen as the biggest UK fintech company. They do have a slick product so this is no surprise. However, Monese do continue to grow, and they are definitely worth a look when deciding on which provider to choose.