Monzo vs. Revolut

Attribute	Monzo	Revolut
Founded	2015	2015
Country of Origin	United Kingdom	United Kingdom
Services	Banking services	Banking services, cryptocurrency exchange
Customer Base	Over 4 million	Over 10 million
Features	Round-up savings, budgeting tools	Multi-currency accounts, virtual cards

Introduction

Monzo and Revolut are two popular digital banking apps that have gained a lot of attention in recent years. Both offer a range of features that make managing finances easier and more convenient. In this article, we will compare the attributes of Monzo and Revolut to help you decide which one may be the best fit for your needs.

Cost

When it comes to cost, both Monzo and Revolut offer free basic accounts with no monthly fees. However, Revolut does have a premium subscription option that comes with additional features for a monthly fee. Monzo, on the other hand, offers a paid account called Monzo Plus that provides extra perks for a monthly fee. Overall, if you are looking for a completely free option, both Monzo and Revolut have you covered.

International Usage

One of the key differences between Monzo and Revolut is their approach to international usage. Revolut is known for its competitive exchange rates and low fees when using the card abroad. Monzo, on the other hand, also offers fee-free spending abroad up to a certain limit, but charges a fee beyond that. If you frequently travel internationally, Revolut may be the better option for you.

Features

Both Monzo and Revolut offer a range of features that make managing your finances easier. Monzo is known for its budgeting tools that help you track your spending and set savings goals. Revolut, on the other hand, offers features like cryptocurrency trading and the ability to hold multiple currencies in one account. Depending on your financial needs, you may find one app's features more appealing than the other.

User Experience

When it comes to user experience, both Monzo and Revolut have intuitive apps that are easy to navigate. Monzo is known for its clean and simple design, making it easy to find what you need quickly. Revolut, on the other hand, has a more feature-rich app with a lot of customization options. If you prefer a minimalist design, Monzo may be the better choice for you.

Customer Service

Customer service is an important factor to consider when choosing a banking app. Monzo is known for its excellent customer service, with a dedicated team that is responsive and helpful. Revolut, on the other hand, has received some criticism for its customer service, with reports of long wait times and difficulty reaching a representative. If customer service is a top priority for you, Monzo may be the better option.

Security

Both Monzo and Revolut take security seriously and offer features like biometric authentication and the ability to freeze your card instantly if it is lost or stolen. Monzo also offers additional security features like the ability to set spending limits and receive instant notifications for transactions. Revolut, on the other hand, offers features like disposable virtual cards for online purchases. Overall, both apps are secure options for managing your finances.

Conclusion

In conclusion, both Monzo and Revolut offer a range of features that make managing your finances easier and more convenient. The best choice for you will depend on your individual needs and preferences. If you prioritize international usage and low fees, Revolut may be the better option. If you value excellent customer service and a minimalist design, Monzo may be the better choice. Ultimately, both apps are solid choices for anyone looking to simplify their finances.