Revolut and Monzo are two of the UK’s most popular digital banks, offering customers an alternative to traditional banking with easy-to-use apps, innovative features, and low fees. Both companies have enjoyed a solid following in recent years, especially among millennials who value the convenience and simplicity of managing their finances. However, there are so many similarities between the two that choosing between them can be difficult. In this blog post, we’re going to explain Revolut vs. Monzo.
What Is Revolut?
Revolut is a digital bank founded in 2015 and headquartered in London, UK. It is famous for its easy-to-use mobile app that allows clients to manage their finances, including budgeting, savings, and investments, in one place. Revolut offers a range of features, pros, and cons that set it apart from traditional banks and other digital banking options.
One of Revolut’s main advantages is its low fees. We offer a free basic account with various features, including commission-free spending and ATM withdrawals in over 130 currencies, with no currency exchange fees. However, certain features, such as international transfers and virtual currency exchanges, are subject to fees. Revolut also offers a premium account with additional features, such as travel insurance and access to airport lounges.
Revolut’s mobile app allows customers to convert currencies in real-time, making it an attractive option for international money transfers. It also offers the ability to buy and exchange cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Revolut’s app offers spending analytics, budgeting tools, and savings options to help customers track spending and manage their finances more efficiently. One of Revolut’s drawbacks is that it’s an e-money institution rather than a fully licensed bank. This means that deposits are not protected by the Financial Services Compensation Scheme (FSCS). Additionally, while Revolut offers a wide range of features, it may only suit some customers, especially those requiring more extensive banking services such as loans and mortgages.
Overall, Revolut is an easy-to-use digital bank offering various features and benefits, especially for those who travel frequently or make international money transfers. It makes it a competitive option for those seeking an alternative to digital banking. However, customers should be aware of shortcomings, such as the need for a full banking license and limited banking services.
What Is Monzo?
Monzo is a UK-based digital bank founded in 2015, known for its easy-to-use mobile apps that allow clients to manage their finances, including budgeting, savings, and investments, all in one place. Monzo offers many features, strengths, and weaknesses that set it apart from traditional banks and other digital banking options.
One of the main benefits of Monzo is fee-free spending and ATM withdrawals in the UK and abroad. Monzo offers a free basic account with various features, including instant spending notifications and the ability to set up savings pots. We also offer a premium account with additional features, such as travel insurance and access to airport lounges.
Monzo’s mobile app offers customers a variety of budgeting tools, including expense categories, invoice tracking, and savings goals. Customers can also use his Monzo app to make international money transfers, though certain transactions may incur a fee.
One of Monzo’s drawbacks is that it doesn’t offer traditional banking services like loans and mortgages. Additionally, while Monzo provides a wide range of features, it may only be suitable for some customers, especially those who require a more comprehensive range of banking services. Overall, Monzo is a user-friendly digital bank that offers a range of features and benefits, especially for those looking for a simple and easy way to manage their finances. It’s free-spending, and budgeting tools are attractive to those who want to save money and control their spending. However, customers should be aware of drawbacks such as the lack of traditional banking services and limited banking options.
Which One You Should Choose Between Revolut Vs. Monzo?
Revolut and Monzo are two popular digital banking platforms that offer different features and benefits to their users. This comparison examines mobile apps, customer support, security measures, user experience, convenience, and cost-effectiveness to help you choose the best option for your bank’s needs.
Features and Benefits
Revolut and Monzo offer users a range of features and benefits, including easy money transfers, budgeting tools, expense alerts, and no international fees. However, there are some differences between the two platforms. Revolut offers more features, such as cryptocurrency exchange, travel insurance, and premium services with extra benefits. Monzo, on the other hand, provides a variety of integrations with other financial services, such as savings accounts and insurance companies.
- Mobile Apps: Revolut and Monzo have well-designed and easy-to-use mobile apps allowing users to manage their accounts, view their transactions, and set budget tools. However, Revolut’s app has a richer feature set and is more customizable, while Monzo’s app has a simplified interface.
- Customer Support: Revolut and Monzo offer customer support through mobile apps and online chat systems. However, Revolut offers 24/7 customer support, while Monzo’s customer support is available during regular business hours.
- Safety measures: Both platforms offer robust security measures such as biometric logins, two-factor authentication, and transaction alerts. However, Revolut offers more advanced security features, such as single-use virtual cards and the ability to freeze and unblock cards on the fly.
- User experience: When it comes to user experience, both Revolut, and Monzo offer modern, streamlined experiences that are easy to use and intuitive. However, Revolut’s app can be more complicated for some users due to the features and customization options.
- Convenience: Revolut and Monzo offer the convenience of digital banking, allowing users to manage their accounts and transact from anywhere with an internet connection. However, Revolut is more convenient for those who travel internationally frequently as it has no international fees and allows you to hold multiple currencies in one account.
- Value For Money: Revolut and Monzo offer a free basic account but charge for a premium account and additional services like ATM withdrawals. Revolut’s premium account offers additional benefits, such as cashback on purchases and access to airport lounges. Monzo offers several integrations with other financial services that help users save money—a high-interest savings account.
Choosing Between Revolut and Monzo
When choosing between Revolut and Monzo, it’s essential to consider your banking needs, spending habits, and financial goals. If you travel internationally a lot, Revolut might be a better choice for you, as it offers free international payments and a multi-currency account. If you prefer more straightforward banking and want to save money on other financial services, Monzo might be for you.
When evaluating and comparing factors such as pricing, features, and customer service, it’s essential to consider which factors are most important and which platform offers the best balance for your needs. Additionally, we encourage you to read reviews and feedback from current users of both platforms to understand their experiences better.
Conclusion
In summary, Revolut and Monzo are popular digital banking options in the UK, offering their customers a range of features and benefits, including no fees, budgeting tools, and international money transfer capabilities. Revolut stands out for its real-time currency exchange, cryptocurrency trading options, and premium accounts, offering additional features such as travel insurance. It is not necessarily suitable for Monzo; conversely, it provides a simple, easy-to-use interface and a range of budgeting tools and savings options. It may not offer traditional banking services, but it’s a competitive option for those looking to save money and control their spending. Ultimately, choosing between Revolut and Monzo comes down to individual preferences and needs. Customers should carefully consider each device’s features and shortcomings before deciding.
