Monzo Vs Revolut - Which account is best for you?
Monzo and Revolut are two of the biggest names in digital banking at the moment. Both provide you with accounts packed full of features and benefits. They are very similar, but which is the right choice for you? Monzo Vs Revolut - Game on.
Before we delve in, it is important for you to know that digital banks are exactly that - digital. That means no branches or face-to-face customer service. You manage both Monzo and Revolut entirely through an app on your smartphone. You can read more about digital banks to decide if having one is right for you. Alternatively, we also have some great advice on traditional current accounts, if you prefer having a bank account with a branch.
Monzo Vs Revolut - An Overview
Monzo and Revolut are both UK based digital banks that aim to make it easier for you to manage your money, whilst giving you the same tools and features you get with a traditional current account. Before we look at the differences, it is good to know that no matter which you choose, you will get:
- A contactless debit card
- An account number and sort code
- The ability to send money and receive payments
- The ability to have your salary paid into your account
- A mobile banking app to manage your account
Digital banking is still a fairly new era of money management, but it has caught on fast, especially amongst the younger generation. Now, before you rule out a digital bank because you aren’t a tech genius, hold on, because using both Monzo and Revolut is simple and easy to set up and manage. If you know how to work a smartphone and have used online or mobile banking in the past, then using a digital bank will be a walk in the park.
Here are a few facts and figures on both providers.
|Number of customers||3 Million||8 Million|
|Trustpilot review score||4.4 / 5 (4,522 reviews)||4.7 / 5 (45,170 reviews)|
|More information||Find out more about Monzo||Find out more about Revolut|
As you can see, both providers have been around since 2015, but Revolut has amassed nearly triple the number of customers and received a higher customer review score than Monzo.
Monzo Vs Revolut - Accounts
A lot of digital banks offer different accounts to choose from. A standard account with no monthly fee that acts as a regular current account is usually available, along with the option to upgrade to a premium account with various features, benefits, or extra services in return for a monthly fee.
Types of accounts
Monzo and Revolut both offer a standard account with no monthly fee. However, Revolut offers you the option to upgrade to a selection of premium accounts for a monthly fee to receive some additional benefits and features.
If you just want a digital current account with no monthly fee, then both Monzo and Revolut have you covered.
|Monzo Standard - £0.00 / month||Revolut Standard - £0.00 / month|
|Free UK account||Free UK account|
|Monzo Debit Card||Revolut Debit Card|
|Instant notifications whenever you use your account||Instant notifications whenever you use your account|
|Spend throughout the world in any currency||Spend throughout the world in 150 currencies|
|Apple Pay and Google Pay||Apple Pay and Google Pay|
|Free ATM withdrawals||Free ATM withdrawals up to £200 per month|
|Free Monzo App||Free Revolut App|
|24/7 customer support||24/7 customer support|
|Exchange currencies||Exchange in 29 flat currencies up to £5,000 per month|
|Free Euro IBAN account||Free Euro IBAN account|
|Send and receive money anywhere in the world||Send and receive money anywhere in the world|
|Set up direct debits and standing orders||Set up direct debits and standing orders|
Compare the best bank accountsStill unsure if neither Monzo or Revolut are the right account for you? Then why not compare the best bank accounts to see what other options are available.
Nearly every single Digital Bank offers a premium account. Surprisingly, Monzo does not, and instead offers a one size fits all approach.
Revolut, on the other hand, offers two additional accounts called Premium and Metal. Both of these accounts charge a monthly fee to receive the following benefits:
- Medical Insurance
- Travel insurance
- Priority customer support
- Cashback on purchases
- Concierge service
- Exclusive debit card designs
Learn more about Revolut Premium and Metal.
Revolut gives you more account options and benefits for you to choose from, and the free secondary account in Euros is a great additional feature.
Monzo Vs Revolut - Opening an account
The first thing you need to do to open an account with either Monzo or Revolut is to download its free app from the App Store or Google Play store. We will go into which app is better a bit further into the review.
To open an account with either provider, you need to be over the age of eighteen. However, Monzo does offer an additional account for those aged 16-17, which Revolut does not.
Both providers claim that it takes a matter of minutes to open an account and, when put to the test, this was the case. However, we found that it was slightly quicker to open an account with Revolut, but this was a photo finish.
Once you have downloaded the app to your smartphone, you are ready to start the application process. You will need to have your personal details to hand along with some proof of ID.
To open your account, you will need to:
- Be 18 years old or over
- Be a UK resident
- Have a compatible smartphone
- Hold a valid proof of ID
- Not already have another Monzo / Revolut account
You will also need to provide one of the following:
- Driving licence
- Provisional driving licence
- National ID card
- Other Government-issued photo ID
Both providers will ask you to take a clear photo of your ID, which is then sent securely for verification. Monzo will ask you to film a short video of yourself confirming your name and stating that you wish to open an account.
Both providers will confirm if your account has been opened straight away and your debit card will be sent out to you.
You can add your card to Google Pay or Apple Pay as soon as your account is opened, without having to wait for your card to arrive. You will also be able to view your new account number and sort code within the app.
The application process is a little faster and more streamlined. We also liked that you can request for your debit card to be posted to any UK address, not just your home address.
Monzo Vs Revolut - Best App
So, you’ve opened your account, received your debit card, and now you’re ready to start spending, but which app is the best at helping you manage your money, set up budgets, and notify you of your spending?
|Monzo Features||Revolut Features|
|Monthly Budgets||Monthly Budgets|
|Individual budget categories||Individual budget categories|
|View account details||View account details|
|Send & receive UK payments||Send & receive UK payments|
|Send and receive international payments||Send and receive international payments|
|Location-based security||Location-based security|
|Spending analytics||Spending analytics|
|Exchange currencies||Exchange currencies|
|Freeze/Block your card||Freeze/Block your card|
|Split payments with friends and family||Split payments with friends and family|
|Top up your account||Top up your account|
|View and manage your direct debits||View and manage your direct debits|
As you can see, both apps offer a very similar service. However, we liked that you can top up your Revolut account using a debit card, which you can’t do with Monzo (A feature that it scrapped) You can still pay money into both accounts using bank transfers, but it can be handy to top up on the go, especially as Revolut allows you to this with Apple Pay and Google Pay.
App Design and Layout
Both Monzo and Revolut apps are very well designed and work quickly. Both use separate tabs to keep everything in an easy-to-navigate layout; Need to send a payment? head to the ‘Payments’ tab. Want to view your budgets? hit the ‘Budget’ tab.
Which app layout is best is going to come down to personal preference.
Both apps have many similarities. However, the ability to top up with Revolut is very handy. We also found the layout of the Revolut app a little less cluttered and easier to navigate.
Monzo Vs Revolut - Features
Both Revolut and Monzo come packed with some great features as standard to help you manage your money. Although there are many similarities between the two, there are a few things that set one apart from the other.
In-app budgeting tools have been a big hit for digital banks as they help you control your spending and review your spending habits.
Both Revolut and Monzo have free budgeting tools built within its respective apps, giving you the ability to:
- Set an overall monthly budget
- Set individual budgets for different categories, such as ‘Groceries’ or ‘Transport’
- Receive notifications when you are about to reach your budget
- Inform you of how much you have left of each budget
Both Revolut and Monzo go one step further to help you manage your money by automatically assigning every transaction a category. Here is an example of how it works:
- You set an overall budget for the month of £500
- You set budgets for each category - £200 a month on Groceries, £200 on Transport, and £100 on Restaurants
- You use your card at Tesco and spend £50
- Monzo or Revolut know that this purchase was for groceries, and so £50 is deducted from your Grocery budget automatically, leaving you with £150 left for the month
Notifications are a great way to see how much you are spending throughout the day, as well as giving you peace of mind knowing that you are always alerted whenever your account is used to make a payment.
Notifications from Revolut and Monzo are almost identical in terms of the information it provides. With both providers, you get an instant notification on your phone whenever you make a payment in-store or online, withdraw cash, transfer money to somebody, or someone sends you money. Each notification will tell you:
- The amount paid or received
- Where the payment was made or the name of the person who sent you money
- How much you have spent so far today
- You will also get an instant notification if either Monzo or Revolut decline your payment, letting you know how much it declined and the reason
You can open a savings account with both Monzo and Revolut. Monzo calls them Pots and Revolut calls them Vaults.
You can open a savings account with either provider within the app in a matter of seconds, give it a name, a goal, and decide how you want to save. Both providers allow you to add money to your savings account by:
- Rounding up - Whenever you make a payment, Monzo or Revolut will round up the transaction to the nearest pound and automatically put the difference into your savings account
- Regular transfer - Set an amount to be transferred each month or week
- Ad hoc transfer - Move money to / from your savings account as often as you like without any limits or fees
Exclusive Monzo Features
We’ve had a look at the similarities of the two providers’ features, but there are a few things that Monzo can do that Revolut can’t.
|Get paid early||Get access to your salary a day early.|
|Overdraft||You can set up your overdraft from the Monzo app and decide what size overdraft you require and how long you wish to have it available.|
|Loans||Customers can apply for a loan within the Monzo app and have full visibility of the rates and repayments.|
Exclusive Revolut Features
Just as Monzo has a few exclusive features, so does Revolut.
|Virtual debit cards||When you buy something online with your virtual card, you use different card details to your physical card to help reduce online fraud.|
|Perks||Perks allow you to earn cashback rewards to use at select retailers every time you make your 10th purchase, such as 50% cashback on your next Starbucks order.|
|Donations||Revolut gives you the option to round up your spare change and automatically donate the difference to a charity.|
|Phone insurance||You can add phone insurance to your Revolut account from just £1 per week which protects your phone instantly in the UK and around the world.|
|Free Euro account||Open a free additional account in Euros that comes with an IBAN.|
|Currency exchange||Exchange money within the Revolut app into 30 currencies, at the lowest exchange rate available.|
You can also upgrade your Standard Revolut account to a Premium or Metal account and unlock some additional features.
|Revolut Premium - £6.99 / month||Revolut Metal - £12.99 / month|
|Premium Card with exclusive designs||Metal Card with exclusive designs|
|Overseas medical insurance||Overseas medical insurance|
|Delayed baggage and delayed flight insurance||Delayed baggage and delayed flight insurance|
|Global express delivery||Global express delivery|
|Priority customer support||Priority customer support|
|Access 5 Cryptocurrencies||Access 5 Cryptocurrencies|
|Disposable virtual card||Disposable virtual card|
|LoungeKey Pass access||LoungeKey Pass access|
|0.1% cashback within Europe and 1% outside Europe on all card payments||0.1% cashback within Europe and 1% outside Europe on all card payments|
|Access to a Concierge to help you manage your lifestyle||Access to a Concierge to help you manage your lifestyle|
If you don’t want to upgrade to a Premium or Metal account, you can add some features to your standard account for a fee, such as travel insurance for £1 a day.
With its extensive features and benefits, plus the ability to upgrade your account to receive even more features, Revolut beats Monzo by a clear mile.
Monzo Vs Revolut - Customer Service and Support
If you have ever had an account with a traditional bank, such as NatWest or Barclays then you have probably experienced the hassle of getting hold of customer support, with long wait times over the phone or resorting to trekking down to your local branch.
Monzo and Revolut offer customer service with its accounts, but customers of Revolut may struggle unless you splash out for a Premium or Metal account.
|Monzo Customer Service||Revolut Customer Service|
|In-app chat||In-app chat - Premium and Metal customers receive priority service|
|Phone||Phone - Except to block your card|
|Online chat||Online chat|
|Online FAQs||Online FAQs|
|Online Community Help||Online Community Help|
There are more ways to contact Monzo. Some people may not like the fact you must rely on in-app chats with Revolut, when you can pick up the phone to speak with someone with Monzo.
Monzo Vs Revolut - Travel
You can use both Revolut and Monzo, abroad. Both providers offer fee-free purchases and no ATM fees for cash withdrawal in a foreign currency, which should save you having to nip to the Post Office for your travel money.
|ATM Withdrawals||£200 over a 30-day period, then 3% fee thereafter||Standard - £200 over a 30-day period, then 2% fee thereafter
Premium - £400 over a 30-day period, then 3% fee thereafter
Metal - £600 over a 30-day period, then 3% fee thereafter
With Revolut, you can open multiple accounts in different currencies, exchange between them, and use the same debit card for all your accounts and currencies.
When you make a payment with your Revolut card, it will automatically deduct the money from the account that matches the local currency you're spending in. For example, if you are in Spain and use your Revolut card in a local bar, it will use your Euro account by default. If there aren’t enough funds in your Euro account, or you don’t have any foreign currency accounts set up, it will deduct if from your main pound sterling account.
Both banks use the interbank foreign exchange rate when you make purchases abroad, which is the same rate used by banks and is in real-time, so you always get the best rate available.
With the option to open additional accounts in over 30 currencies, you can use your Revolut account anywhere in the world, move money between your accounts, and even set alerts in the app to let you know when the exchange rate hits a certain level before exchanging money.
Monzo Vs Revolut - Verdict
There are many pros and cons for both Revolut and Monzo. We have seen the extensive features of both providers along with the ways each of them can help you manage your money and use around the world.
Monzo Pros and Cons
|Monzo Pros||Monzo Cons|
| Get paid a day early
Overdraft and loans available
Good customer support
Unlimited free UK ATM withdrawals
| Limited to one account option
No additional paid for or premium features
Revolut Pros and Cons
|Revolut Pros||Revolut Cons|
| Free secondary Euro account
Virtual cards for online security
Exchange currencies within the Revolut app
Choice of account options
Extensive premium features
Metal debit cards
| No option to apply for an overdraft
Free UK ATM withdrawals are limited
The thing that sets Revolut apart from Monzo is that you can simply do more with a Revolut account, even if you are not a regular traveller with no need for a secondary euro account. The features that the two providers share are just that bit better with Revolut. It has a better app, better notifications, better rewards, and better account options.
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