Both offer a range of financial services, including business accounts, prepaid cards, and budgeting tools.
But which bank account is the better choice for your business?
In this article, I’ll take a closer look at the features and benefits of both Revolut and Monzo to help you decide which one is right for you.
I’ve spent time comparing the account offerings in detail, going through functionality, customer support, safety, fee structure and security.
Revolut vs Monzo Business: Which is Better?
Both business accounts have a lot to recommend them, but, in my view, they are aimed at slightly different audiences.
Monzo: Monzo is a more comprehensive and traditional bank account: it is FCA regulated, offers an easy switching service, allows you to deposit cash, and has a range of business tools. With Monzo, you can send money anywhere internationally via linking with a Wise account (all within the Monzo app), but you can only receive money internationally in Euros. If you need to receive money outside of the Eurozone, you won’t be able to do it with this account.
Revolut: Revolut, by contrast, offers a simpler account that focuses on giving every business customer a GBP and EUR account as standard to facilitate cost-effective international business. Customers can operate in over 28 currencies and transfer between them at interbank rates. You can also send money to 100+ countries in 30+ currencies. Revolut also offers accounting integrations, easy payment links, employee spending accounts, and automatic payroll software.
Revolut vs Monzo Business: Account Features
|FCA Regulated bank account||✘||✔|
|Easy Switching Service||✘||✔|
|Money management features||✔||✔|
|Outbound international payments||✔||✔|
|Inbound international payments||✔||Euros only|
|Fee-free spending abroad||✔||✔|
|Fee-free cash withdrawals abroad||✔||✔|
|Access to an interest-earning savings account||✔||✔|
|Interest on current account balance||✘||Monzo Plus/Premium feature|
|Connect other bank accounts to the app||✔||Monzo Plus/Premium feature|
|Apple Pay/Google Pay||✔||✔|
|Insurance policies||✔||Monzo Premium feature|
|Invest in Crypto||✔||✘|
Revolut vs Monzo for Business: Cost and Charges Comparison
A direct cost comparison is tricky with Revolut and Monzo because their offerings are so different.
Revolut offers 5 paid accounts, ranging from a freelancer account right up to Enterprise level business. The Grow account will be the most appropriate for most businesses, costing £25 per month.
Monzo also has a free account, but just one simple paid plan at £5.
If you use the Revolut Grow account, you’ll get 100 free transfers (within EEA) per month, and 10 internationally (excludes incoming transfers in USD, GBP, EUR and CHF). If you exceed this allowance, they’ll charge £0.2 per additional transfer.
Transferring money with Monzo is simple using the Wise integration within the APP. It does cost money when you send an international payment via Wise, and how much you pay depends on the amount you’d like to send. Typically with Wise this is slightly more expensive than what you’ll pay using Revolut, but still cheaper than high street banks.
Revolut vs Monzo Business – Spending Abroad
Revolut is better for using abroad, since that’s the main focus of the account. That said. Monzo is still an excellent bank account for sending money internationally, thanks to its partnership with Wise which allows direct transfers from within the APP.
Monzo is less effective if you need to receive currency since they’re not connected with SEPA or Swift. If you want to receive money internationally, you’d need to do so in a Wise or Revolut account and then transfer it to Monzo via a domestic bank transfer.
Revolut vs Monzo – Safety and Security
Monzo is a fully regulated bank meaning it has to adhere to the most stringent safety standards. However, Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania, so it’s standards are fairly similar, although it doesn’t get FSCS Protection.
|FSCS protection||Yes, up to £85,000||No, but funds held in ring-fenced accounts|
|Secure card features||Yes||Yes|
|Regulated bank||Yes||No (e-money account)|
Revolut vs Monzo FCSC Protection
|UK Registered Bank Account||✔️||❌|
Monzo provides FCSC protection, meaning that customer deposits up to £85,000 are protected if the bank fails. Additionally, Monzo operates as a registered bank in the UK, ensuring that it complies with the necessary regulations and requirements.
On the other hand, Revolut does not provide FCSC protection. This means that customer deposits are not covered by the scheme in the event of Revolut’s failure. Additionally, Revolut is not a registered bank in the UK. While it offers banking services, it operates under an e-money license only.
Revolut vs Monzo: Customer Reviews
Based on the customer reviews on Trustpilot, both Revolut and Monzo have excellent reputations.
Revolut has over 132,000 reviews on Trustpilot, with a TrustScore of 4.3 out of 5. Many customers praise Revolut for its user-friendly app, fast transfers, and fee-free spending abroad. Some negative reviews mention issues with customer service and account freezes.
Monzo has over 26,500 reviews on Trustpilot, with a TrustScore of 4.3 out of 5. Customers frequently mention Monzo’s easy-to-use app, helpful customer service, and fee-free spending abroad as positives. Negative reviews often mention technical issues with the app or account freezes.
Which bank offers better international currency exchange rates, Revolut or Monzo?
Revolut is known for its competitive currency exchange rates and low fees, making it a better choice for international travellers and businesses who frequently make cross-border transactions.
Can I set savings goals or create virtual savings pots with Revolut and Monzo?
Monzo offers a ” Pots ” feature that allows users to create virtual savings compartments and set savings goals. These Pots can help users separate their funds and track progress toward specific financial targets. Revolut also offers a similar feature called “Vaults,” which allows users to save money for specific purposes.
Which bank provides better budgeting tools and spending insights, Revolut or Monzo?
Monzo is known for its robust budgeting tools and spending insights. Its app provides detailed breakdowns of transactions, categorizes expenses, and offers features like spending notifications and budgeting targets. While Revolut also provides some budgeting features, it lacks the functionality of Monzo on this front.