The digital banking world is changing fast, thanks to Monzo and Revolut. This Monzo vs Revolut guide helps you see the differences. It looks at trust, service quality, fees, exchange rates, and how happy customers are. Both banks offer cool features for people all over the world.
Monzo and Revolut are big names in digital banking. Monzo started in 2015 in London. It’s in 7 countries on 4 continents, making it popular in Europe and North America. It lets you withdraw money for free in the European Economic Area.
Monzo also has cool features like credit scores and virtual cards. You can even deposit cash for a small fee. Its premium plans, Monzo Plus and Monzo Premium, offer great benefits at good prices.
Revolut works in 30 countries, including Europe, Asia, North America, and South America. It’s great for travelers because of its low fees and good exchange rates. Revolut also has cashback on hotels and gadget insurance.
Revolut’s premium plans add even more value. You get to trade cryptocurrencies and stocks, set budgets, and have travel insurance. This makes Revolut a top choice for those who travel a lot.
Travelers love Revolut for its no foreign transaction fees and support for many currencies. Revolut stands out with its crypto and stock trading. Monzo and Revolut both aim to be the best digital banks. But, what’s best for you depends on your needs and where you live.
Trust & Credibility
When looking at Monzo and Revolut, it’s key to check their trust scores and safety measures. Monzo is a fully licensed bank in the UK, with FDIC insured deposits. This makes it a trusted choice for banking. Revolut, though not licensed everywhere, has the right licenses where it operates. This shows it’s serious about following the rules and is credible.
Both banks use HTTPS and 3-D Secure cards for secure online transactions. This makes them good choices for managing money online. These steps help keep your financial data safe.
Monzo and Revolut serve users all over the world. They offer clear fees and follow local financial rules. This wide reach and strict rules make them safe online banks.
Monzo is known for its clear communication and great customer service. Revolut stands out with its range of financial products, from free plans to advanced payment solutions. For more on these banks and their customer satisfaction, click here.
| Bank | Licensing & Regulation | Security Features | Global Reach |
|---|---|---|---|
| Monzo | Fully licensed, FDIC insured deposits | HTTPS, 3-D Secure cards | Extensive, trusted network |
| Revolut | Licensed where required | HTTPS, 3-D Secure cards | Extensive, trusted network |
This table highlights the main points about Monzo and Revolut’s reliability and trustworthiness. It helps customers choose the best safe online bank for their needs.
Guide to Monzo vs Revolut: Account Features and Quality
Monzo and Revolut are top names in online banking. They offer great online bank quality but have different account features comparison for various needs.
Monzo has about 9 million customers, while Revolut has 8 million in the UK. Each bank excels in different areas, meeting many personal and professional banking needs.
Monzo is known for its traditional banking services. It offers savings accounts with a 4.1% interest rate and overdrafts up to £2,000. The interest rates vary based on your credit score. Monzo also has investment options starting at just £1, perfect for beginners.
Revolut, on the other hand, focuses on budget travel and currency exchange. It manages money in over 70 currencies across 160 countries.
| Feature | Monzo | Revolut |
|---|---|---|
| Customer Base | 9 million | 8 million (UK) |
| Interest Rate | 4.1% on savings | 2.29% linked savings |
| Overdrafts | Up to £2,000 | None |
| Investment Options | General investment and stocks | Stocks and cryptocurrencies |
| International Transfers | Collaborates with Wise | 70+ currencies in 160 countries |
| Free Withdrawals Abroad | Unlimited in EEA; £200/month elsewhere | £200/month |
| Premium Accounts | Plus, Premium (with travel insurance, lounge access) | Plus, Premium, Metal, Ultra |
Monzo card benefits are great for UK and USA users. It offers no-fee ATM withdrawals and strong in-app budgeting tools. It has a high Trustpilot score of 77% five-star ratings.
Revolut is perfect for international travelers. Its premium plans offer unlimited foreign exchange and travel perks like cashback on accommodations. It also has insurance packages. Revolut has a Trustpilot score of 74% five-star ratings, showing high customer satisfaction.
Both banks focus on security and ease of use. But they differ in how they engage with users and what services they offer. For example, Revolut’s fraud detection system has greatly reduced fraud losses, showing its dedication to safety.
In a competitive market with players like N26 and Tomorrow, Monzo and Revolut must keep improving. They need to meet changing user needs and preferences.
Fees & Exchange Rates
When comparing exchange rate comparison between Monzo and Revolut, Revolut often has lower fees. They charge between 0.3% and 2% for currency exchange. Monzo’s fees range from 0.35% to 2.85%.
Revolut doesn’t charge for currency exchange up to £1,000 a month. After that, it’s 1% fee. Monzo doesn’t charge for foreign currency spending. This makes both great for travelers who want low fees digital banks.
Both Monzo and Revolut keep fees low for everyday and international transactions. Revolut lets you withdraw cash abroad for free up to £200 a month. After that, it’s 2% fee.
Monzo offers free withdrawals up to £200 outside the EEA and £400 in the EEA before a 3% fee. Weekend rates can also affect your choice. Both banks try to offer competitive prices, but their rates vary outside regular hours.
Looking at exchange rate comparison, their subscription fees are another key factor. Revolut’s plans range from £3.99 to £45 a month. They offer perks like higher withdrawal limits and interest-earning savings accounts.
Monzo’s subscription accounts cost from £3 to £17 a month. They cater to both basic and premium users. Monzo also offers FSCS-protected deposits up to £85,000. Revolut protects funds through partner institutions without FSCS protection, which is important for those who value deposit security.
For digital nomads and travelers, choosing a bank with low transaction costs is key. Monzo has over seven million customers and offers up to 4.8% interest on savings. Revolut has over 40 million users worldwide and offers digital currency investments and cashbacks. Whether you prefer a Monzo fees review or a Revolut rates analysis, both banks offer solutions for different financial needs.
