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Revolut vs Monzo – How Do They Compare?

At first glance, Revolut and Monzo seem to have a lot in common. Both aim to provide an effective way to simplify your financial life using technology, plus have a variety of different plans at various price points. They also have a lot of extras on offer. However, they do have differences, so, what are they? And which one would be best for you?

Contents

Revolut vs Monzo – Plans, Costs & Fees:

Monzo

Monzo offer 3 account tiers:

Monzo Freeno monthly cost
Monzo Plus£5 per month
Monzo Premium£15 per month

On the Free tier, customers get all of the basic banking functions, whilst the paid plans include various extras that may be useful to some people, but without these you can still have a fully featured bank account using the Free tier.

ATM withdrawals are fee-free up to a monthly limit of £250. If you exceed that amount, then customers on the Free account will be charged a 3% fee.

Cash can be paid into your account via PayPoint (as Monzo do not have branches). You will be charged £1 per deposit.

Revolut

With Revolut you can choose from 4 different tiers:

Revolut Standardno monthly cost
Revolut Plus£2.99 per month
Revolut Premium£6.99 per month
Revolut Metal£12.99 per month

As with Monzo, the basic functions are available on the Standard tier, with extra features in the paid tiers.

The amount of fee-free ATM withdrawals you can make depend on the tier you are subscribed to. On the Standard tier, you can withdraw up to £200 monthly, with a charge of 2% if you exceed that (minimum charge £1).

It is not possible to deposit cash into your Revolut account.

/ Verdict /

Pricing-wise, Monzo and Revolut are very similar. Revolut has one more tier, with Revolut Plus. Aside from that, the two companies have three similar tiers: one free, one in the middle and one premium. The pricing for these is pretty similar, so we cannot separate the two providers here.

Monzo vs Revolut – Features:

As both Monzo and Revolut have free plans, plus various monthly paid plans, we have split up the feature section to first compare the free plan features, and then secondly to compare the paid plans.

Free Plan Features:

Monzo

Monzo App

Monzo App: Monzo customers love the intuitive and easy to use app. Monzo won the British Bank Award’s ‘Best Banking App’ in 2020.

Instant Notifications

Keep informed instantly about any activity on your account.

Pots

With Pots you create spaces within your main account into which you can put money to save for things, or to create funds for things such as utility bills or entertainment.

Spending Categories

All of your spending will be automatically categorised within the app so you can see how your spending relates to different areas.

Revolut

Analytics

Achieve your financial goals with budgeting tools like goal setting and notifications. You can also set custom categories to see your spending in different areas.

Pockets

Create separate spaces called Pockets within your account. Use these to separate out the money in your account for different things such as bills, entertainment etc.

Vaults

These are similar to Pockets, but are for saving rather than your day to day expenses.

+

Euro account with IBAN for every customer as well as the main GBP account.

Access to trade stocks and crypto via the app.

Premium Features – Monzo

Monzo Plus

Monzo Plus customers get a holographic debit card.

1 free cash deposit per month.

Enhanced versions of account functions such as round-ups and categories.

Up to £400 of fee-free ATM withdrawals whilst abroad every 30 days.

1% interest on your account balance, up to £2000.

Monzo Premium

Monzo Premium customers get a metal debit card.

5 free cash deposits per month.

Phone insurance, travel insurance and discounted airport lounge access.

Enhanced versions of account functions such as round-ups and categories.

Up to £600 of fee-free ATM withdrawals whilst abroad every 30 days.

1.5% interest on your balance, up to £2000.

Premium Features – Revolut

Revolut Plus

The Plus tier only costs £2.99 per month, and as such, customers only get a few features that are not included within the Standard tier.

Revolut Premium

Travel insurance, payment protection, airport lounge access.

Lower fees for trading.

Unlimited fee-free currency exchange.

Fee-free ATM withdrawals up to £400 per month.

Revolut Metal

Customers on the Metal tier get a metal debit card.

Travel insurance, payment protection, airport lounge access.

Lower fees for trading.

Unlimited fee-free currency exchange.

Cashback on card payments.

Fee-free ATM withdrawals up to £800 per month.

/ Verdict /

On both the free and paid tiers, Monzo and Revolut are almost identical when it comes to what they offer. On free the functions match very closely, and the extras offered on the paid versions such as metal cards, insurances and higher ATM withdrawal allowances are very similar. Thus, this section we will also declare a tie.

Both of these banks provide some interesting features, but why do we even need a bank account?

Revolut vs Monzo – Debit Card:

Monzo

  • Every Monzo account holder gets a Mastercard debit card. Within the UK paying with the card is free. At the ATM you can withdraw up to £250 per month fee-free. If you exceed that amount you will be charged a 3% fee.
  • Subscribers to the Monzo Premium plan get a Metal debit card. The card has the same functionality as the standard card.
  • Connect Apple Pay or Google Pay to your Monzo card (Samsung Pay is not currently supported) to pay with your phone.

Revolut

  • Every Revolut account holder gets a Mastercard debit card. Subscribers to the Metal tier get an exclusive 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 (Samsung Pay is not currently supported).

/ Verdict /

The card offerings of Monzo and Revolut are again too similar for us to declare a winner here.

Revolut vs Monzo – Safety/Security:

Monzo

As Monzo is a fully licensed bank in the UK, all customer deposits up to £85,000 are protected under the Financial Services Compensation Scheme (FSCS).

Use the Monzo app to free or unfreeze your debit card instantly.

Monzo are still a relatively new company, and as such, are not yet profitable. They made losses of £113 million in the financial year to 2020. Monzo have a significant customer base and investors, and they are not in any obvious trouble. However, it is good for potential new customers to be aware of this when they are making their decision on which bank to choose.

Revolut

Revolut applied to get a full UK banking license in 2021. 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 go out of business, customer funds are safe. They do appear to have a stable business and are expanding internationally.

/ Verdict /

Finally, we can declare a winner! Monzo’s possession of a UK banking licence means that customer deposits are protected up to £85,000 under the FSCS. Revolut cannot offer this currently, but if they are successful in their application for a UK banking licence, then that may change. For now, however, we give this round to Monzo.

Monzo vs Revolut – Travelling/Other Currencies:

Monzo

When abroad all payments with your Monzo debit card are free.

At ATMs, Monzo allow you to withdraw up to £250 every 30 days within the European Economic Area, and up to £200 every 30 days in the rest of the world. If you withdraw cash above these limits, then you will be charged a fee of 3%.

Currencies transfers with Monzo are made via their partnership with Wise, a well-known currency transfer provider. All transfers are made at interbank rate, with a fee added per transfer. The fee depends on which currencies you are transferring from and to.

Revolut

Paying with your debit card whilst abroad is free.

On every tier, the account holder gets a Euro account (with IBAN) as well as the main GBP account.

Currency Exchange: customers can transfer between 28+ currencies within the app at interbank rate. If on the Free or Plus account, you can transfer up to £1000 per month fee-free. Above that amount, a charge of 0.4% of the amount converted is charged. Premium or Metal tier customers have unlimited fee-free transfers.

ATM withdrawals – customers can withdraw £200/month on the Free & Plus plans, £400/month on the Premium plan and £800/month on the Metal plan. Above these limits a charge of 2% is charged.

/ Verdict /

Revolut are a truly international company, who operate across the world, whilst Monzo are only operational within the UK. This shows in their international offering, with Revolut giving a wide variety of features to assist the international traveller and operator. Revolut by a mile in this category.

Monzo vs Revolut – Final Verdict:

Monzo and Revolut definitely have a very similar product offer. Our decision on a winner really comes down to whether your personal requirement is for a UK focused bank that can potentially replace your existing bank or not. If that is what you need, then we would choose Monzo, given their status as a licensed UK bank. If, however, you have a requirement for dealing with other currencies, whether for travelling or receiving payments from abroad, then we would say go for Revolut.