Monzo vs Revolut: Which Account is Best for Me?

February 1, 2024, 3 min read

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Nowadays, when everything is done online, traditional banking is no longer the only option open to us. Fintech disruptors have given us access to a vast array of cutting-edge banking solutions that may meet a wide variety of our individual and collective monetary requirements. Monzo and Revolut are two examples of such competitors operating in the field of digital banking. This post will compare Monzo and Revolut in terms of their features, as well as their advantages and disadvantages, with the goal of assisting you in making an educated choice regarding which account is most suitable for your needs.

Monzo vs Revolut

Both Monzo and Revolut are examples of digital banks that provide customers with access to a variety of financial services via their own mobile application platforms. Let’s examine their products and services in detail and compare them to one another to see how they fare.

Monzo:

User-Friendly Interface: Monzo is known for its intuitive and user-friendly app, making it easy for customers to manage their finances effortlessly.

Budgeting Tools: Monzo’s app provides robust budgeting tools, allowing you to categorize spending, set savings goals, and receive real-time notifications about your transactions.

Savings Pots: Monzo offers “Savings Pots” that allows you to set aside money for specific goals, making it easier to save and avoid spending what you’ve earmarked for other purposes.

Monzo Plus: Monzo offers a premium service called Monzo Plus, which includes features like travel insurance, custom card designs, and virtual cards for added convenience.

Revolut:

Currency Exchange: Revolut stands out for its currency exchange services, allowing users to hold and exchange multiple currencies at competitive rates without hidden fees.

Cryptocurrency Support: Revolut offers cryptocurrency trading, enabling users to buy, sell, and hold various cryptocurrencies within the app.

Metal Tier: Revolut offers a premium “Metal” tier with benefits like airport lounge access, cashback on card payments, and exclusive concierge service.

What Is the Downside of Revolut?

While Revolut offers many impressive features, it’s essential to consider its potential downsides:

Limited Banking License: Revolut operates with a limited banking license in some regions, meaning your funds may not be fully protected under traditional banking regulations.

Customer Support: Some users have reported issues with Revolut’s customer support, citing delays and difficulty reaching a live agent.

Complex Fee Structure: Revolut’s fee structure can be complex, with certain features requiring subscription plans or incurring additional charges.

Is There Any Alternative Better Than Revolut?

The answer to this question largely depends on your specific needs and preferences. While Revolut is a strong contender in the digital banking space, several other fintech alternatives may better suit certain individuals:

N26: N26 is another European-based digital bank known for its simplicity and transparency. It offers features similar to Monzo and Revolut but with a more straightforward fee structure.

Chime: If you’re in the United States, Chime offers a user-friendly mobile banking experience with features like no-fee checking accounts, savings accounts, and early direct deposit.

TransferWise (now Wise): For international money transfers and currency exchange, Wise offers competitive rates and transparency in fees.

Conclusion

In the Monzo vs. Revolut showdown, there is no one-size-fits-all answer to which account is better. It ultimately depends on your unique financial needs and preferences. Monzo excels in budgeting tools and user-friendliness, while Revolut stands out for its international currency services and cryptocurrency support. However, it’s essential to consider potential downsides, such as limited banking licenses and complex fee structures.

Before making a decision, it’s advisable to research and compare the features and fees of these digital banks thoroughly. Additionally, keep an eye on emerging alternatives that may better align with your financial goals and lifestyle.