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Monzo vs Revolut

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What’s the Difference Between Monzo and Revolut? Which Is Better for Your Banking Needs?

Sep 9, 2022
Affiliate disclosure

Monzo and Revolut are two powerful digital banking platforms offering a wide range of similar financial services such as current accounts, debit cards, mobile apps, and a host of 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.

Before we dive in, it's important to bear in mind 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 (its banking services are more of an add-on). 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 other online banks and fintechs in the UK, then check out our live neobank 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: ―

Revolut
8.9
Monzo
8.3

Trust & Credibility

Background check

Background check
Background check

Regulated by the FCA in the UK and licensed as a bank by the Bank of Lithuania in the EU.

Licensed as a bank by the PRA and FCA in the UK, and deposits are FDIC protected.

Security & reliability

Security & reliability
Security & reliability

Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure.

Accounts are fully secured using segregated user accounts and HTTPS and cards are 3-D Secure.

Company size

Company size
Company size

Over 16 million personal customers and 2,000 employees, making Revolut is one of the largest fintech companies on the globe.

Over 5.5 million customers and nearly $150 million in annual revenue.

Transparent pricing

Transparent pricing
Transparent pricing

A full overview of pricing is very accessible, although it doesn't provide every fee as per 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 16 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 yet licensed as a bank, while Monzo is. (However, Revolut Bank does operate under a banking license in most EU countries.) 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 the Financial 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 as long as you hold less than £85,000 in deposit. With Revolut (whose deposits aren't FSCS-insured), as long as you use them as a secondary account, you should be fine here too.

Revolut

Monzo

🖊 Licensing

E-Money Institution (FCA)

Bank (FCA, PRA)

📃 FSCS-Insured

💰 Profitable

📈 Publicly Listed

Try RevolutTry Monzo

Correct as of 3/3/2022

Revolut
7.9
Monzo
8.4

Service & Quality

Using the mobile app

Using the mobile app
Using the mobile app

One of the best-designed and best-rated on the market with many interesting features, including recurring payments.

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 are available, but overdraft and interest on the standard account are not.

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 readily available to users of all plans 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 are all supported.

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 Mastercard, access to international money transfers, and several other innovative offerings, including stock and cryptocurrency trading.

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).

Monito Monzo vs Revolut Which has the better account and card?

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 banking 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 quite a bit 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. Revolut 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 Bank 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. Revolut does provide extra services like Pay Per Day travel insurance, trading of cryptocurrencies, automatic donations and rounding up your 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.

Monzo

Revolut

💳 Contactless

🔒 3D Secure

🍎 Apple Pay

💻Google Pay

🌐 Virtual Card

✔¹

🧾Account Details

GBP

GBP²

⬆ Top-Up Methods

Bank transfer, cash, cheque

Bank transfer, debit/credit card

💱 Currencies

GBP

GBP and 31 others

📤Direct Debits

🪙 Interest

Up to 1.16%

💸 Overdraft

👥 Joint Account

📱 Platform(s)

Mobile app

Mobile app, website

Try MonzoTry Revolut

Last updated: 3/3/2022
¹ One free virtual card, £4.99 per replacement.
² If opened in the UK, otherwise in another currency.

Revolut
8.3
Monzo
9.8

Fees & Exchange Rates

Everyday use

Everyday use
Everyday use

No everyday costs such as monthly fees and transfer fees, although exceeding the free ATM withdrawal limit will cost.

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) per month come at the cost of 2%.

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, neither in the default currency nor in a foreign currency.

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, free 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. (However, it's worth noting that both services are 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, 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. (However, if you sign up through our exclusive link, Revolut will send you the card for free.) 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.

Monito Monzo bank account mobile app virtual card

International Money Transfers

Monzo provides currency exchange services through integration with Wise — 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, the volume you trade, and whether you’re exchanging currency during or outside market hours. Over the weekends, Revolut’s currency exchange service can be expensive. Revolut lets you hold up to 24 currencies, and you can exchange money between them instantly.

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 €6,000 or equivalent you spend overseas in a month, then charges a 2% fee after that.

Monzo

Revolut

💷 Maintenance

£0

£0

🏧 Foreign Withdrawals

3%¹

2%¹

💳 Foreign Payments

0%

0%-2%

💸 Int'l Transfers

0.35%-2.85%³

  • 0.30% (min. £0.30, max. £5)
  • £3 (to USD, GBP, EUR, CHF)
  • £5 (to any other currency)

🚚 Card Delivery

£0

£4.99

📆 Delivery Speed

Up to 5 business days

Up to 9 business days

Try MonzoTry Revolut

Last updated: 3/3/2022
¹ Free up to £200 withdrawn per month.
² On the first £1,000, 2% thereafter.
³ Via Wise's money transfer platform.

Revolut
9.4
Monzo
9.3

Customer Satisfaction

Customer review score

Customer review score
Customer review score

Average Trustpilot rating of 4.4 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

Nearly 80,000 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.

On the one hand, Monzo scores slightly higher than Revolut on the independent customer review platform Trustpilot: as of March 2022, it scored 4.5 out of 5 stars while Revolut scored 4.4 out of 5 stars. On the other hand, Revolut's score comes from a much larger pool of reviews, with over 100 thousand independent reviewers to date compared to Monzo's 20 thousand.

In the end, we therefore think its safe to say that both services impress their customers by and large.

Monzo

Revolut

🌍 Availability

UK, US

UK, EU, US and others¹

💬 Languages

English

English, French, and others²

👥 Customers

5.5 million

16 million

🔒 Trustpilot

4.5/5 (20K reviews)

4.4/5 (104K reviews)

📞 Support

Email, call centre, in-app live chat

24h in-app live chat

🗨 Support Languages

English

English, French, and others³

Try MonzoTry Revolut

Last updated: 3/3/2022
¹ Australia, Singapore, Switzerland, and Japan.
² Greek, Italian, Japanese, Lithuanian, Polish, Portuguese, Romanian, Spanish, Bulgarian, Croatian, Czech, Danish, Dutch, Estonian, Finnish, Hungarian, Latvian, Norwegian, Slovakian, Slovenian, and Swedish.
³ Polish, Spanish, Japanese, Portuguese, and Lithuanian.

Monzo vs Revolut: The Verdict

Monito Monzo vs Revolut comparison review

In general, whether Monzo or Revolut is the better service will depend entirely on your needs and preferences:

If you're looking for a fully-fledged bank account, low fees (especially on transactions overseas), excellent savings capabilities, and basic banking services such as loans and interest, then Monzo will provide you with better value than Revolut. 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 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 taking a look 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 challenger banks in the UK (hint — neither Monzo nor Revolut are 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.

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Filter your results

Compare Monzo and Revolut to Other Top Neobanks

  1. Starling Bank
    Starling Bank Monito Score 9.1
    open
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  2. Monzo
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    open
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      Fast
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  3. Wise Multi-Currency Account
    Wise Multi-Currency Account Monito Score 8.9
    open
    • Languages
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    • Country availability
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    • Card delivery time
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    • Best for
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    • Bank details
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