Monzo vs Revolut

Struggling to choose between Monzo and Revolut? Both products offer unique advantages, making it a tough decision.

Monzo is a Online Services solution with tags like budgeting, spending-insights, mobile-banking.

It boasts features such as Fully licensed UK bank, App with budgeting tools, Spending insights, Joint accounts, Business accounts, Accounts for 16-17 year olds, Current accounts, Savings pots, Overdrafts, Apple/Google Pay, ATM withdrawals, International payments and pros including User-friendly app interface, Good budgeting and spending tracking tools, Fast account setup, No monthly fees, Free spending abroad, 24/7 customer support, FDIC equivalent protection for deposits.

On the other hand, Revolut is a Online Services product tagged with banking, currency-exchange, cryptocurrency, payments, mobile-app.

Its standout features include Free international money transfers, Fee-free spending, Interbank exchange rates, Cryptocurrency exchange, Peer-to-peer payments, Virtual debit cards, Travel insurance, Stock trading, and it shines with pros like Easy to use mobile app interface, No fees for standard account, Good exchange rates, Supports many currencies, Virtual and physical debit cards, Allows cryptocurrency trading, Offers travel insurance, Provides stock trading.

Feature	Monzo	Revolut
Overall Score	N/A	N/A
Primary Category	Online Services	Online Services

Product Overview

Monzo

Description: Monzo is an online bank based in the UK that offers current accounts, business accounts, joint accounts, and accounts for 16-17 year olds. It has a popular app with budgeting and spending insights tools.

Revolut

Description: Revolut is a financial services company that offers banking, currency exchange, cryptocurrency exchange, peer-to-peer payments, and other financial services through a mobile app. It aims to provide an alternative to traditional banks by offering free international money transfers, fee-free spending, and interbank exchange rates.

Key Features Comparison

Monzo Features

• Fully licensed UK bank
• App with budgeting tools
• Spending insights
• Joint accounts
• Business accounts
• Accounts for 16-17 year olds
• Current accounts
• Savings pots
• Overdrafts
• Apple/Google Pay
• ATM withdrawals
• International payments

Revolut Features

• Free international money transfers
• Fee-free spending
• Interbank exchange rates
• Cryptocurrency exchange
• Peer-to-peer payments
• Virtual debit cards
• Travel insurance
• Stock trading

Pros & Cons Analysis

Monzo

Pros

• User-friendly app interface
• Good budgeting and spending tracking tools
• Fast account setup
• No monthly fees
• Free spending abroad
• 24/7 customer support
• FDIC equivalent protection for deposits

Cons

• No physical branches
• Limited ATM access (UK only)
• No check deposits
• No interest on current accounts

Revolut

Pros

• Easy to use mobile app interface
• No fees for standard account
• Good exchange rates
• Supports many currencies
• Virtual and physical debit cards
• Allows cryptocurrency trading
• Offers travel insurance
• Provides stock trading

Cons

• Limited customer service
• Can freeze accounts without warning
• Not a full-service bank
• Higher fees for premium accounts
• Cryptocurrency fees can be high
• Stock trading has limited features

Pricing Comparison

Monzo

• Freemium

Revolut

• Freemium
• Subscription-Based