When it comes to digital banking, the question that seems to come up everytime is “Which is better Monzo or Revolut?”. This is a great question as both Revolut and Monzo are brilliant concepts that work very well depending on your banking needs. So lets go ahead and compare the two giants of the modern banking world.
Before we begin, if you want a more compehensive review of each service, we have already reviewed them for you.
Revolut Review and Monzo Review
Trasnsfering funds: Monzo or Revolut?
If you require a service that allows you to transfer money abroad in different currencies then you have to consider the limitations of both services. If you are going to mostly use your debit card in the UK and don’t need to send money to Euro or Dollar accounts then Monzo is probably the way to go. However, if you plan to travel often and need to make overseas transactions then Revolut will definitley be more suitable.
Fees, Revolut or Monzo?
Revolut
With Revolut you get a limit for transfers with no fee up to £5,000 per month. If you were to transfer more than this, then you will be charged 0.5%. This is pretty reasonable and £5,000 is generally more than enough for every day use. Even if you were to exceed this limit 0.5% is pretty fair. It is worth noting that there is a VIP version of Revolut that costs £7.99 per month. If you are a premium member then there is no limit on transfers meaning no fees associated. If you are planning on making a lot of transfers it may be worth considering the premium option. In terms of currency fees and withdrawal fees, you may want to check our detailed revolut review.
Monzo