Revolut vs Monzo

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

Revolut is a Online Services solution with tags like banking, currency-exchange, cryptocurrency, payments, mobile-app.

It boasts features such as Free international money transfers, Fee-free spending, Interbank exchange rates, Cryptocurrency exchange, Peer-to-peer payments, Virtual debit cards, Travel insurance, Stock trading and pros including 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.

On the other hand, Monzo is a Online Services product tagged with budgeting, spending-insights, mobile-banking.

Its standout features include 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 it shines with pros like 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.

To help you make an informed decision, we've compiled a comprehensive comparison of these two products, delving into their features, pros, cons, pricing, and more. Get ready to explore the nuances that set them apart and determine which one is the perfect fit for your requirements.

Revolut

Revolut

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.

Categories:
banking currency-exchange cryptocurrency payments mobile-app

Revolut Features

  1. Free international money transfers
  2. Fee-free spending
  3. Interbank exchange rates
  4. Cryptocurrency exchange
  5. Peer-to-peer payments
  6. Virtual debit cards
  7. Travel insurance
  8. Stock trading

Pricing

  • Freemium
  • Subscription-Based

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


Monzo

Monzo

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.

Categories:
budgeting spending-insights mobile-banking

Monzo Features

  1. Fully licensed UK bank
  2. App with budgeting tools
  3. Spending insights
  4. Joint accounts
  5. Business accounts
  6. Accounts for 16-17 year olds
  7. Current accounts
  8. Savings pots
  9. Overdrafts
  10. Apple/Google Pay
  11. ATM withdrawals
  12. International payments

Pricing

  • Freemium

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