Revolut vs Monzo – Which Is The Better Digital Bank?

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The Generation Money Guarantee

At Generation Money our purpose is to help you make better financial decisions. All of our articles are independently written and/or edited by finance professionals and adhere to strict editorial guidelines. This post may contain links which, if clicked, could result in a payment to the site. These links never impact our editorial policy and all rankings and product recommendations remain unbiased. For more details, read how this site is financed.

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Revolut logo and Monzo logo

This is my comparison of Revolut vs Monzo to find out which digital finance app is better.

Revolut and Monzo are major competitors in the digital finance market in the UK, along with Starling and Monese. In this article I’ll be putting Revolut and Monzo head-to-head on a number of metrics to see which comes out on top. To find out how Monzo compares to Starling, read my Monzo vs Starling comparison.

I worked in banking for just under 10 years, and have both a Revolut and Monzo account which I’ve used to go into detail for this comparison.

New Revolut customers can currently get 3 months free Revolut Premium when signing up before 31st December 2023. Revolut Premium usually costs £6.99 per month. You can cancel anytime before your 3 month trial expires.

For new customers only, T&Cs apply, see them here. Premium plan subscription fees will apply after the free trial period. You’ll be able to cancel for free at any point before the end of the free trial period. Once activated, you can order a Premium card. If you switch back to your current plan during the free trial period, you’ll be charged for the card and applicable break fees. Read more in the Plus, Premium, and Metal Terms here.

Read on for my full rundown of Revolut vs Monzo, or use the links below to skip ahead to the section you’re most interested in:

You can also read my in-depth reviews of each platform here:

Revolut vs Monzo – Which is better? At A Glance

Here’s my overview of the key points you need to know from my Revolut vs Monzo comparison.

RevolutMonzo
UK regulated bankcrosstick
FSCS protectioncrosstick
Basic free accountticktick
Subscription-based accountstick 3 optionstick 2 options
Business accountsticktick
Joint accountscrosstick
Under 18s accountsticktick
Multi-currency accountstickcross
Cash & cheque depositscross£1 per deposit / 5 free per month with Premium
Fee-free spending abroadUp to £1k per monthtick
Fee-free cash withdrawals abroad and in the UKFree up to £200 per month, 2% fee thereafterFree up to £250 per month inside UK/EEA, free up to £200 per month outside EEA
3% fee thereafter
International payments/ transferstickVia Wise
Interest on current account balancecrossMonzo Plus/Premium
Access to interest-earning savings accountsticktick
Multi-currency savings accountstickcross
Rewards & discountstickMonzo Plus/Premium
Money management featuresticktick
InsurancetickMonzo Premium
Round-up spendingticktick
Bill splittingticktick
Overdraftcrosstick
Personal loancrosstick
Buy Now, Pay Latercrosstick  Monzo Flex
Early payday – 1 day earlyticktick
Early payday – day of your choosingtickcross
Invest in stocks & sharestickcross
Invest in commoditiestickcross
Invest in cryptocurrenciestickcross
24/7 customer supportRevolut Plus/Premium/Metal onlytick
Phone customer supportcrosstick
Apple/Google Pay integrationsticktick
Samsung Pay integrationcrosscross
Connect other bank accounts to the apptickMonzo Plus/Premium

Both Revolut and Monzo offer a range of features, but Revolut edges it for sheer number of features. It has more insurance options, more cashback rewards and a host of money management features. If you want the most comprehensive money management, rewards and insurance features all in one app then Revolut is probably for you. 

Monzo has more to offer in the way of traditional banking, though. You can pay in cash and cheques, unlike with Revolut. And as it’s a fully regulated UK bank, you get FSCS protection on your balances plus a range of borrowing options. You’ll also get customer support over the phone, rather than just through in-app chat. If you want a digital bank that retains traditional banking features then you will prefer Monzo.

There’s not much to choose when comparing Revolut to Monzo for spending abroad. But another important factor for you to consider is whether you will want to invest through your digital finance app. You can do so with Revolut but not with Monzo.

Revolut is best for:

  • Investing
  • Number of features
  • Multi-currency accounts
  • Not getting into debt

Monzo is best for:

  • Regulatory safety, as Monzo has FSCS protection and is a regulated UK bank
  • Customer service
  • Borrowing – overdrafts, personal loans and Buy Now, Pay Later (BNPL)

Revolut vs Monzo – Accounts

Both Revolut and Monzo offer free basic accounts as well as each offering multiple subscription-based premium accounts which have various additional features and benefits. They also both offer business accounts and accounts for under 18s, with some differences.

Below outlines the offering of each digital finance app:

RevolutMonzo
Personal Account (free)ticktick
Personal Account (premium)tick (3 options)tick (2 options)
Business Accountticktick
Junior Accounttick (6-17 year olds)tick (16-17 year olds only)
Multi-currency Accounttickcross
Joint Accountcrosstick

Revolut’s and Monzo’s personal account offerings are similar and they both offer business accounts. For full details of the various features and benefits of each, you can read more in my Revolut review and Monzo review. However, if you want to open a joint account, perhaps with your partner, then you can do so with Monzo but not Revolut. 

Another useful feature of Monzo is that it’s part of the Current Account Switch Service, which many banks are signed up to. Under the scheme, you can give the account details of your current bank account to Monzo and it’ll switch everything over to your new Monzo account for you. This includes direct debits, your salary and regular payments. Your old bank will take care of closing down your existing bank account once the switch goes through. Revolut is not a regulated UK bank and therefore does not offer this service. If you want to switch from your existing bank account and not have the hassle of manually setting up payments and salary details with your new account, then Monzo is the clear winner.

However, Revolut offers a built-in multi-currency account as part of its basic account. This will be useful for you if you want to make transactions and send or receive money in multiple currencies. Monzo does not offer this directly but it has partnered with Wise to do so, which is one of the market leaders in spending abroad and international payments. Unfortunately, your Wise account cannot currently be integrated into your Monzo account. So if a multi-currency account is important for you, you will probably prefer Revolut as it’s a seamless part of their offering. More on spending abroad and international payments below.

Revolut’s <18 account can be used by anyone aged 6 to 17 and must be approved by a parent or guardian, who must have a Revolut account themselves. To open more than one account, a subscription-based Revolut account is needed by the parent or guardian. Monzo offers an account for 16-17 year olds which is very similar to its standard current account. It restricts age-related spending automatically, and you cannot get an overdraft with it. Other than that it’s an independent account for the user. 

Revolut is best for:

  • Multi-currency users
  • If you want to setup an account for an under 16 year old

Monzo is best for:

  • Joint accounts
  • Hassle-free account switching

Revolut vs Monzo – Fees

There are various fees and charges associated with different account types and transactions for each of Revolut and Monzo. The main fees and charges are summarised below:

RevolutMonzo
Basic current accountFREEFREE
Subscription-based accounts£2.99 / £6.99 / £12.99 per month£5 / £15 per month
Debit card spending abroadFree up to £1,000 per month, 0.5% fee above thisNo fee
International transfersFor Standard & Plus accounts: Free up to £1,000, 0.5% above £1,000 Premium and Metal accounts: No feesVia Wise
ATM withdrawals abroadFree up to:
£200/month or 5 withdrawals for Standard
£200/month for Plus
£400/month for Premium
£800/month for Metal
2% fee thereafter
Free up to £250/month inside the EEA
Free up to £200/month outside the EEA
3% fee thereafter
ATM withdrawals in the UKFree up to:
£200/month or 5 withdrawals for Standard
£200/month for Plus
£400/month for Premium
£800/month for Metal
2% fee thereafter
Free up to £250/month, 3% fee above this

Or, free with no limit with a Plus account or if you use Monzo as your main bank account (i.e. you get your salary or main income paid into it)
UK bank transfersFREEFREE
Cash depositsNot allowed£1 per deposit, or 1 free deposit per month with a Plus account
5 free deposits per month with Premium
Overdraft interest rateN/A19% / 29% / 39% APR
Loan interest rateN/A but fee-based early payday feature – see belowUp to £10k – 22.8% APR
£10-25k – 8.9% APR
Replacement debit cards£5 plus delivery fee2 free replacements, then £5
£30 if lost abroad

Which is cheaper out of Revolut vs Monzo will be dependent upon the account type you have and what you use it for. 

Having said that, Monzo is cheaper if you’re spending more than £1,000 abroad as it charges no fees and gives you the MasterCard exchange rate. So if you spend a lot abroad, then Monzo may be the better option for you.

If you want to withdraw cash abroad, however, Revolut works out cheaper if you’re going to withdraw more than £250 in a month outside the EEA, or £200 inside the EEA. This is because Monzo has a higher fee of 3% on cash withdrawals abroad above its fee-free limits.

Revout is better for:

  • Withdrawing cash abroad
  • International transfers (its rates often beat those of Wise)
  • Slightly cheaper top-tier account

Monzo is better for:

  • Spending abroad on your debit card
  • Depositing cash (you are unable to do so with Revolut)
  • If you frequently lose your debit card

Revolut vs Monzo – Spending Abroad

You’re seamlessly able to use your debit card to spend abroad with both Revolut and Monzo. You’ll get the usual app features when you do so on both platforms too, such as instant notifications and spending breakdowns. How you spend abroad will affect which one is better for you though.

Withdrawing more than £200 in cash abroad is generally cheaper with Revolut as it charges a 2% fee. Monzo charges a 3% fee above £200 for cash withdrawals outside the EEA (£250 fee-free inside the EEA). 

On the other hand, Monzo is cheaper if you want to use your card for spending abroad as it has no fees at all. With Revolut, you’ll get fee-free spending up to £1,000 and then it charges a 0.5% fee beyond this.

Here’s the key information on spending abroad from the fees table above:

RevolutMonzo
Debit card spending abroadFree up to £1,000 per month, 0.5% fee above thisNo fee
ATM withdrawals abroadFree up to:£200/month or 5 withdrawals for Standard£200/month for Plus£400/month for Premium£800/month for Metal2% fee thereafterFree up to £250/month inside the EEA
Free up to £200/month outside the EEA
3% fee thereafter

Revolut uses the spot exchange rate when pricing spending abroad, and Monzo uses the MasterCard exchange rate. In practice there is very little difference between them.

Revolut is better for:

  • Withdrawing cash abroad

Monzo is better for:

  • Debit card spending abroad

Revolut vs Monzo – International Payments

Sending money abroad, or making international transfers, is straightforward on both Revolut and Monzo. 

Revolut handles international transfers through its app and offers very competitive rates on most major currencies. The fee you will pay for international transfers on Revolut depends on your account type and the currency:

RevolutMonzo
International transfersFor Standard & Plus accounts: Free up to £1,000, 0.5% above £1,000
For Premium and Metal accounts: No fees
Via Wise

The key difference with Monzo vs Revolut is that Monzo uses Wise, a 3rd party app, for international transfers. Fortunately, Wise is one of the best apps on the market for international transfers. Wise is particularly competitive for sending large amounts of money abroad, e.g. over £5k. I’ve used it many times for making payments abroad in business and in personal transfers and it’s always been easy and efficient to use.

Overall, there is little to choose when it comes to cost and FX rates between Revolut vs Monzo. Revolut, though, allows you to make international transfers directly through its app unlike Monzo which requires you to sign up to Wise.

Revolut is best for:

  • Seamless international payments through its app

Monzo is best for:

  • Sending larger amounts abroad (using Wise)

Revolut vs Monzo – Which Is Safer?

Monzo has Financial Services Compensation Scheme (FSCS) protection, which means your deposits up to £85k are protected with them. Revolut is an e-money institution and not a bank, so it does not offer FSCS protection. Instead it safeguards your money under FCA guidelines. More on this in the Is Revolut A Bank section of my Revolut review. Monzo is a regulated UK bank authorised by the PRA and regulated by both the PRA and the FCA.

If safety of your cash is important to you then Monzo may be the better option, as its FSCS protection may give you more peace of mind.

Monzo is best for:

  • FSCS protection

Revolut vs Monzo – Which Has The Best App?

Both apps are user-friendly and present the key information you want to see quite clearly. Given the sheer number of features that Revolut has, it can sometimes be difficult to find the feature you’re looking for. 

One aspect I particularly like about Revolut is the Net Worth summary on the home screen. Because you’re able to trade and invest in stocks, commodities and shares in the Revolut app, you can see how this affects your overall finances with Revolut. It combines these investments with your account balance and any borrowing you have with Revolut into a net worth position.

Monzo’s app is a little less complicated as it doesn’t offer the depth of features that Revolut does. This perhaps makes it slightly easier to navigate than Revolut’s app.

Revolut is best for:

  • Accessing lots of features

Monzo is best for:

  • Simplicity

Revolut vs Monzo – Which Has The Best Features?

In my view, Revolut is the winner when it comes to the best features. Both Revolut and Monzo offer a ton of useful features as part of their various account offerings. These include saving, budgeting and spending features, as well as add-ons such as insurance.

But only Revolut lets you invest and trade through its app which helps to makes Revolut stand out from its rivals. So if you want to be able to invest from your digital finance app rather than having to open an investment account elsewhere, then you will prefer Revolut over Monzo.

However, Monzo offers more in the way of traditional banking products. It offers personal loans, overdrafts and a buy now, pay later option. So Monzo may be the better option for you if you want to have access to more borrowing options. Revolut does have some, limited borrowing options though – more on this below. 

Both Revolut and Monzo have Apple and Google Pay integrations, so you can link your accounts to your mobile wallets on your phone.

Revolut is best for:

  • Investing

Monzo is best for:

  • Traditional bank lending products

Revolut vs Monzo – Borrowing, Loans & Overdrafts

Revolut does not offer traditional loans or overdrafts in the UK (it does in certain European jurisdictions) but it does have an ‘early payday’ feature. There are two options to get your payday early. 

The first is called Early Salary and allows you to get paid one day before your usual pay date. This feature is free. Secondly, you can choose the On-Demand Pay option which allows you to get your usual monthly salary paid any day of the month. Revolut may charge a fee for this, especially if you’re not on one of its subscription based accounts. 

While these aren’t borrowing features in the traditional sense, the On-Demand Pay feature in particular acts in a similar way. Instead of charging interest, Revolut can charge a fee instead. This is clearly a short-term option and is useful if you find yourself needing to bridge the gap between paydays. As it’s fee-based you also won’t need to worry about interest building up.

Monzo is a fully licensed UK bank and offers 3 ways to borrow from them – personal loans, overdrafts and a ‘buy now, pay later’ (BNPL) option for purchases called Monzo Flex. Overdrafts are available up to £2,000 at interest rates of 19% / 29% / 39% depending on your individual circumstances. Personal loans are available up to £25,000 with interest rates typically at 22.8% for borrowing under £10k and 8.9% for £10-25k.

Like Revolut, Monzo also offers an early payday option where you can get your usual monthly salary paid one day early. In fact, you can get it paid at or after 4pm of the day before your usual payday, so it’s not exactly a game-changing feature but may occasionally be useful for you.

RevolutMonzo
Overdraftscrosstick
Personal Loanscrosstick
Business Loanscrosscross
Buy Now, Pay Latercrosstick
Early Payday – 1 Day Earlyticktick
Early Payday – A day of your choosingtickcross

Revolut is still in the stages of applying for its UK banking licence. If and when this gets approved, you can probably expect to see overdrafts and loans quickly added to Revolut’s borrowing options in the UK.

Revolut is best for:

  • Getting paid earlier in the month than usual on a day of your choosing
  • Not getting into debt

Monzo is best for:

  • Traditional borrowing through loans and overdrafts
  • Buy Now, Pay Later (Monzo Flex) on purchases

Revolut vs Monzo – Who Has The Best Customer Service?

Monzo offers 24/7 customer service and two ways to get in touch – an in-app chat and by phone. You may get better peace of mind with Monzo vs Revolut knowing that you can reach someone at any time and any day of the week. 

Personally, I’ve been impressed with Monzo’s customer service since I opened an account with them. Waiting times never seem to be too long and their customer support team has always been friendly.

Revolut also has an in-app chat service with limited hours for its free account customers and 24/7 for subscription account holders. You’ll also get priority support if you’re a Plus, Premium or Metal account holder. I’ve personally not had any issues with Revolut’s customer support either. 

In December 2022, there was some publicity around the way in which Revolut allegedly treated some customers who claimed to be the victim of fraud. You can read more on this in my Revolut review

Revolut is best for:

  • Priority support for subscription account holders

Monzo is best for:

  • Speaking to customer support on the phone
  • 24/7 support for all customers

Revolut vs Monzo – Customer Reviews

Revolut’s and Monzo’s Trustpilot and Apple App store ratings are below:

Trustpilot:

  • Revolut 4.3/5 
  • Monzo 4.4/5

App Store:

  • Revolut 5/5
  • Monzo 4.9/5

Monzo scores slightly higher than Revolut on Trustpilot overall, with 80% of reviews rated ‘Excellent’ and 12% rated as ‘Poor’ or ‘Bad’. Positive reviews mention Monzo’s trustworthiness and efficiency. Some of the negative reviews mention longer waiting times for in-app chat support than they would like. 

Although Revolut scores slightly lower than Monzo with Trustpilot, it still has 75% of reviews rated as ‘Excellent’. Positive reviews tend to praise the number of features that Revolut has, but the more negative reviews talk about long waiting times to complete Know Your Customer (KYC) checks before they can set up an account.

Revolut vs Monzo – Final Verdict

There are two key criteria when comparing Revolut vs Monzo in my view. Unlike Revolut, Monzo is a fully licensed UK bank which has FSCS protection on its accounts, which gives you greater peace of mind with your money. On the other hand, Revolut offers more features and, in particular, it gives you the opportunity to invest alongside a host of innovative personal finance features. 

So, if you’re looking for a digital bank with FSCS protection and which has lots of useful features, then you may prefer Monzo. If you want a digital current account that also allows you to invest, spend abroad and make international transfers all in the same app, then you’ll prefer Revolut.

Looking at spending abroad, there isn’t much to choose between Revolut vs Monzo. There are some differences when it comes to how you spend abroad, with Revolut working out cheaper if you withdraw more than £200-250 in cash abroad. But Monzo works out cheaper if you spend more than £1k abroad on your debit card as it does not charge any fees at all on spending abroad.

If you want to borrow money, or you would like to have the option to borrow, then you will prefer Monzo as it offers traditional lending products. Revolut doesn’t currently offer loans or overdrafts in the UK, but does allow you to get paid your usual salary early. 

Overall, for its huge range of features and the ability to invest, Revolut is a great option as your digital finance app. But if you prefer a digital bank with FSCS protection and traditional lending, then Monzo may be the better choice for you.

New Revolut customers can currently get 3 months free Revolut Premium when signing up before 31st December 2023. Revolut Premium usually costs £6.99 per month. You can cancel anytime before your 3 month trial expires.

For new customers only, T&Cs apply, see them here. Premium plan subscription fees will apply after the free trial period. You’ll be able to cancel for free at any point before the end of the free trial period. Once activated, you can order a Premium card. If you switch back to your current plan during the free trial period, you’ll be charged for the card and applicable break fees. Read more in the Plus, Premium, and Metal Terms here.

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