Revolut vs Monzo – Which One Should You Use?

Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko as a digital-only bank. It offers a range of services, including prepaid cards, foreign currency exchange, stock, cryptocurrency, and commission-free trading. With over 28 million customers worldwide, Revolut is one of the most popular digital banks in the UK.

Monzo was launched in 2015 as a digital-only current account provider and has since grown to become one of the most popular challenger banks with more than seven million customers. It offers current accounts, savings accounts, debit cards, interest payments, and overdrafts.

Both banks offer a range of features to help customers manage their money, such as budgeting tools and the ability to set spending limits. They both also offer mobile banking apps that enable users to access their accounts and carry out transactions on the go.

With that said, let's look at some of the features that make Revolut and Monzo different.

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In terms of budgeting, both banks offer similar features, letting users set up spending budgets and view their spending insights. Both also offer the added benefit of being able to set up direct debits, giving users more control over their finances.

Both providers allow customers to top up their accounts via bank transfer. Monzo also offers cash and cheque deposits. However, Revolut has an edge in this regard, offering top-ups via credit/debit cards, Apple/Google Pay, linked accounts, direct deposit, and other Revolut users.

Monzo is ahead of Revolut in terms of overdrafts. While Revolut doesn’t over any, Monzo’s come at an EAR of 19%, 29%, or 39%, depending on your credit score.

Both banks offer customer service via phone or in-app and have a feature to freeze/unfreeze cards in the app. They also both offer saving features with interest, with Revolut offering slightly better rates than Monzo.

Finally, Revolut lets clients invest and trade stocks and cryptocurrencies, while Monzo doesn’t support these features.

Winner: Monzo. Overall, the bank comes out ahead as the better option for digital-only banking due to its range of features. It offers flexible deposit options, the ability to set up direct debits, and an overdraft feature. It also comes with saving features with interest and bill payments.

Both Revolut and Monzo offer contactless transactions up to £100, making it convenient for users to make payments on-the-go. With Revolut, you can spend up to £300 in total before having to re-enter your pin - just to verify that it is still you.

Compared to Monzo (£10,000), Revolut has a substantially higher daily transaction limit. Revolut transfers to beneficiaries in the UK are limited to £250,000 per transaction, £500,000 per day, and £1,000,000 per week.

No matter the transaction limit placed on your account by default with either of these providers, you may be able to get it increased or reduced by contacting support.

Both Revolut and Monzo support Apple Pay and Google Pay but not Samsung Pay. This is a significant shortcoming considering Samsung Pay accounts for 9% of digital transactions in the UK.

Winner: Revolut. Both providers offer similar spending features, but Revolut takes it a step further with higher daily transfer limits and lower fees on ATM withdrawals. Neither supports Samsung Pay, which is something that can be improved.

Both Revolut and Monzo offer multiple types of bank accounts such as joint bank accounts and savings accounts.

To open a joint account on Revolut, you must meet the following criteria;

• Be 18 years or older

• Provide basic KYC details

• Already have a personal account with Revolut

• Live in the same country as the other party

• Not have a joint account with someone else

Opening a joint account on Monzo is equally simple and can be done directly from the mobile app. It gives you access to a joint account card, but there is no overdraft facility available.

Before opening a joint account, note that all money deposited by either party would be split 50/50, and you may be jointly credit-scored.

With a Revolut standard plan, you get access to a free <18 account that lets one child manage their money from the dedicated app. Monzo offers a teen account that can be used just like the Revolut Kids account.

Both banks have paid plans that come with added perks and incentives, much like packaged bank accounts. Revolut offers plus (£2.99/month), premium (£6.99/month), and metal (£12.99/month), while Monzo has a plus (£5/month) and premium (£15/month) plan.

Revolut has a multi-currency account but does not provide cash ISAs. Monzo, on the other hand, provides cash ISAs but only lets clients hold GBP (£).

• We also list the top US dollar and euro accounts available in the UK — make sure to visit for more flexible currency options.

Winner: Tie. Both providers are on par when it comes to account types. Both have multiple plans, different account types, and fairly similar pricing. Revolut doesn’t have cash ISAs but makes up for this by providing kids accounts for children starting from the age of 14. Multi-currency accounts on Revolut are also useful for those who travel frequently and carry out international transactions. This is in contrast to Monzo, which does have cash ISAs but only provides kids accounts for 16-17-year-olds with no multi-currency account.

Revolut doesn’t provide overdrafts or traditional credit facilities and, as such, doesn’t run credit checks before approving an account. Mozo runs soft credit checks before accepting clients since it does offer credit cards and overdrafts.

Both banks require KYC details, including your personal information and address, before letting you open an account. You can sign up online in both cases since they’re digital-only banks.

Winner: It’s a tie, considering both Revolut and Monzo have similar requirements when it comes to opening an account. While Revolut doesn’t perform credit checks before accepting clients, there doesn’t seem to be a significant benefit here since clients don’t get overdrafts or credit card facilities anyway.

Revolut is not a UK-registered bank and does not have FCSC protection. This puts it behind Monzo and other digital banks like Starling in terms of security and trustworthiness. Still, Revolut offers other security features such as two-factor authentication and 3D secure challenges.

Monzo offers similar security features as Revolut in addition to having clients’ deposits FSCS insured.

Both banks have virtual credit card offerings, which have become a norm for digital banks nowadays. A virtual credit card is a digital version of your regular credit card. It provides the same benefits as a physical card but without the need for a physical plastic card. Virtual cards are often used to make online purchases or payments where you want additional security.

Both Revolut and Monzo offer customers 3D Secure protocols for added security when making online purchases. This can help protect customers from fraudulent activities and make sure their transactions are secure.

Winner: Monzo. Even though both banks offer similar security features, Monzo has an edge here since it provides FSCS insurance to clients up to £85,000.

Both Revolut and Monzo permit international spending and money transfers with varying features and benefits.

• For more options, visit our list of the best bank accounts for travelling.

Revolut charges exchange rate markups, while Monzo doesn’t. This means that when you use Monzo, you get the mid-market rate based on real-time currency exchange data. While this may seem like good news, the benefit is counterbalanced by the fact that Monzo only offers GBP accounts.

Currently, Revolut doesn’t charge for international transfers to the US up to £1,000. This is a significant benefit for those who send money there frequently.

Winner: Monzo. Though Monzo charges fees for sending money to the US, it has a higher fee-free ATM withdrawal allowance than Revolut and doesn’t charge fees for using the card abroad. This puts it ahead of Revolut, which is lacking on this front and has exchange rate markups.

Both Monzo and Revolut offer additional features that can help customers earn more money.

For example, Revolut offers the ability to invest in stocks and cryptocurrencies, whereas Monzo only supports the latter. This matters because it can help customers diversify their investments, which is a key component of financial planning.

Additionally, both providers offer cashback rewards.

Finally, Revolut has a marketplace that allows customers to access a range of services and offers from partners, letting users access and integrate software like Slack, WooCommerce, Zoho, and Zapier. With Zapier, you can connect your Revolut account to thousands of apps and access different functionalities with the click of a button.

Winner: Revolut. It wins with a landslide as it offers diverse benefits, including access to trading and investments such as crypto and stocks. The comprehensive marketplace opens up opportunities with useful and time-saving integrations to accounting, automation, and project management software. On the other hand, Monzo only integrates with Xero, Quickbooks, and FreeAgent.

Both Revolut and Monzo have a trust pilot rating of 4.3 out of 5, which is in a similar range as other digital banks.

Revolut users love the app’s versatility and range of features related to transfers, savings, investments, crypto trading, and more. This doesn’t come as a surprise because having access to many banking services in one place can be quite convenient. The positive reviews are also often related to Revolut’s user-friendly interface, while negative reviews are mostly about the tedious processes involved in getting the insurance packages fulfilled.

Monzo’s reviews have a fair share of negative and positive remarks. Users love the cashback rewards, multiple account offerings, as well as the platform’s user interface. However, there are negative reviews concerning the account signup and verification processes, and some clients complain about poor customer service and long waiting times for card delivery.

Winner: It’s a tie. Both Monzo and Revolut have the same Trustpilot rating (4.3 out of 5 stars) and similar App Store ratings (5 out of 5 stars). Additionally, Monzo app has a Play Store rating of 4.7 out of 5 while Revolut has a Play Store rating of 4.6 out of 5. These close ratings show that customers had similar experiences while using them.

Winner: Monzo.

Both Monzo and Revolut provide access to fundamental banking services, including debit cards, savings accounts, and international transactions.

Revolut stands out by providing multi-currency accounts with access to global markets and investments. Unlike Revolut, Monzo is a licensed UK bank covered by the FSCS, and includes overdraft and credit facilities into its offerings. This layer of security provides a cushion for clients in case of eventualities and outweighs the investments provided by Revolut.

The overdraft facilities provided by Monzo are also useful for those who encounter emergencies or pressing needs. Overall, Monzo provides a more holistic banking experience in a safe and secure environment.