Monese vs Revolut: How Do They Differ?
Monese and Revolut are both digital banking services offering a variety of benefits designed for business and personal banking. With their instant currency exchange and payment protection, they also make travel a breeze. Not to mention, it’s easy to transfer and manage payments from the convenience of their mobile app (available on both Android and iOS).
But with all this common, where do these services differ? What’s the best option if you’re looking for a business or personal account?
If you’re trying to decipher the difference between Monese and Revolut’s products and features, look no further. We’re covering everything you need to know to help you decide which (if either) mobile bank is the best choice for you.
Let’s dive in!
Monese vs Revolut: Products and Fees
Monese and Revolut both offer free personal accounts that include a range of convenient digital banking services.
Both free accounts (Monese – Starter and Revolut – Standard) provide complimentary transfers to other app users and domestic accounts and a virtual debit card for mobile and online purchases.
However, with Revolut, you’ll get a finance tracker to help you set budgets. This same tool will notify you when you’re close to reaching your spending limit. In addition, you can manage subscriptions directly from Revolut’s app. They also offer rewards and cashback for selected brands.
Similarly, Monese comes with an easy-to-use budgeting tool. You can create savings goals and set notifications for when you spend. Monese also lets you set up savings pots, where you can send transactions and add spare change.
However, while these free features make both services an attractive option, It’s important to note some fees apply.:
|Opening and maintenance fee||Free||Free|
|Card fees||Free||£4.99 Standard delivery €19.99/£16.86 express delivery fee (receive your card within three business days) *fees are applied at the currency equivalent for the express card.|
|Card replacement fee||£9.90/€9,90 for Starter and £4.95/€4,95 for Classic||£5 + delivery fees|
|ATM Withdraw fee||Free up to €200/£200 per month. Then 2% fee is charged per withdrawal||Free up to 5 ATM withdrawals or £200 per month. Then 2% is charged with a minimum of £1 fee per withdrawal|
|Domestic Transfer fee||Free (based on currency exchange) For up to 50 transactions a month. Then £0.2/€0.2 fee per transfer.||Free within payment currency.|
|International transfer fees||2.5% fee, plus an additional 1% fee on weekends. (No fee for Monese account holders)||Free for Revolut account holders and same currency non-account holders up to £1000 a month. Then 0.5% transaction fee applies.
Otherwise, fees vary between countries. (See transfer calculator)
|Currency exchange fee||Free up to £2,000/€2000 per month. Then 2% fee transaction fee is applied with a minimum charge of €2/£2.||Free up to £1000 a month. Then 0.5% transaction fee applies.|
|Top-up fee||Free up to £200/€200 per month Then 2% fee transaction fee is applied||Free for EEA-issued cards (European economic area).|
Monese vs Revolut: Account Options and Pricing
Starting a digital banking account with either Monese or Revolut is simple.
With Monese, you can open an account within minutes. You don’t need proof of address, income documents, nor are you subjected to a credit check. Just download the app and enter your name, number, and passport ID.
Likewise, Revolut’s sign-up process is relatively simple. Once you download the app, it will ask for your name, address, and contact information. You’ll also have to provide a passport for identification. Once done, you can start making deposits.
However, if you need a more exhaustive banking plan, you may be asked for more details. That said, both Monese and Revolut have several accounts to choose from.
With Monese’s paid personal accounts, prices start from just £1.95 per month. Premium plans unlock medical insurance coverage, free card delivery, and reduced fees (relative to the account you choose).
Monese account plans and their monthly fees (GBP):
- Starter – £0 a month
- Essential – £1.95 a month
- Classic – £5.95 a month
- Premium – £14.95 a month
Monese also offers a joint account option. Here, you can still keep your individual account while connecting it with another Monese user. In addition, you can create joint spending pots at no additional cost.
Business accounts will set you back £9.95 a month. For which you’ll get a free Classic personal plan and contactless debit card. You’ll also unlock shareable business invoices, account top-up options from over 40,000 pay points, and international money transfers. Your company needs to be a registered UK business to open a business account, and you’ll need UK ID.
With that in mind, here are the rates and fees associated with the Monese business card:
|Maintenance fee||£9.95 a month|
|Card replacement fee||£9.90/€9,90 for Starter and £4.95/€4,95 for Classic|
|ATM Withdraw fee||6 free transactions per month, then £1 per withdrawal|
|Domestic and Monese account holder transfer fee||Free|
|International transfer fees||From 0.5% fee when sending to non-Monese accounts, £2 minimum fee|
|Currency exchange fee||Wholesale exchange rate plus 0.5% of the transaction value|
|Top-up fee||£1 each at Post Office and 2.5% at PayPoint (minimum £1)|
Revolut‘s paid accounts come with the option of monthly or yearly payments. We’re covering the monthly plans here. However, it’s worth noting you can save up to 20% if you pay annually.
Revolut’s paid personal plans offer free debit card delivery, no-fee ATM withdrawals (up to a limit), and 24/7 customer support. You’ll also get a payment protection plan covering a year’s worth of protection against theft or accident (the limit depends on your chosen plan). In addition, you’ll get a 90-day refund option to cancel a purchase or event ticket. You can also make payments via Apple pay and Google Pay. Finally, with the higher tiers, you can expect free intentional payment allowances, express Revolut card delivery, and medical insurance coverage.
- Standard – £0 a month
- Plus – £2.99 a month
- Premium – £6.99 a month
- Metal – £12.99 a month
Revolut also offers a free business account that entitles you to five free local payments per month, invoicing, and payroll tools.
Unsurprisingly, with Revolut’s paid-for business accounts, you’ll unlock even more features and incentives. For example, you’ll receive a stylish metal debit card, free local and international payments (within a limit), and priority customer service.
Prices for Revolut’s business plans are as follows:
- Free – a month
- Grow – £ 25 a month
- Scale – £100 a month
- Enterprise – Custom price (You have to enquire)
Revolut also offers a junior account plan that parents can open for their kids while retaining complete control. Its aim is to encourage young people to develop positive spending and saving habits. Your children can use the Revolut app to track, spend, and save money; and design their own colorful junior debit card.
The features your children have access to depend on which account plan you’ve opted for. Standard account holders receive an account card, access to the Revolut app, card blocks on age-restricted stores, a choice of card designs, custom controls over your child’s transactions, including being able to freeze and unfreeze their card.
Customers with paid-for Revolut plans receive added features that enable you to set financial goals, such as motivational chores rewarded with money. In addition, Plus and Premium account holders unlock two Junior accounts, whereas Metal subscribers unlock five.
Group vaults are Revolut’s version of a savings account. You can either open your own vault or a group one with family members. Either way, you can customize your vault and put money aside as and when you can. You can also put money aside in 30+ currencies, including crypto and commodities. However, the latter two are not FCA-regulated (financial conduct authority).
Money can be withdrawn from vaults instantly. Interest at the time of writing is 0.70% for Metal plan customers who also receive up to 1% cashback on money stored in their vault(s). Whereas, Standard account holders receive 0.15% annual interest. In contrast, for Plus subscribers, it’s 0.20% and 0.40% for Premium customers.
Monese vs Revolut: Investment Options
Aside from the savings/vault options both banks offer, Monese and Revolut take slightly different approaches to investing and trading money. More specifically, we’re referring to cryptocurrencies, stocks, and commodities.
In the case of Monese, you can’t use your account for quasi cash services such as gambling, cryptocurrencies, and POI (payment on invoice) funding transactions. Furthermore, you won’t be eligible for a business account if your company falls under several categories, including:
- Crypto trading currencies
- Foreign exchange
- Stock exchange trading
- Insurance brokers
- Loan providers
- Money remittance companies
As for Revolut, it’s possible to invest in cryptocurrencies, stocks, and commodities:
Cryptocurrencies: You can buy, sell, and send digital currencies without hidden fees. However, this service isn’t FCA-regulated other than to ensure no money laundering occurs. You can invest in Bitcoin, Ethereum, and over 30 different currencies. You’ll be charged a fee to exchange your crypto, the price of which depends on which account you have. Standard and Plus account holders are charged 2.5%, while Premium and Metal account holders pay 1.5%.
Stocks: You can trade in 800+ companies’ shares, get real-time updates, and trade commission-free up to a specified number of trades per month, depending on which account plan you’re on. Standard account holders have one free trade a month, Plus account holders three, Premium five, and Metal users limitless commission-free trades.
Commodities: You can use the Revolut app to invest in gold and silver, receive updates on those markets, set alerts to notify you about desired prices, and if you make money trading in commodities, you can round up your spare change and move it to your Vault. You can also receive commodity cashback if you’re a Metal account holder. However, you’ll pay a fee to exchange commodities for currency. Standard and Plus account holders, are charged 1.5%, while Premium and Metal account holders pay 0.50%.
Monese vs Revolut: Top-up
There are several ways to top-up your account balance with Monese and Revolut.
Monese allows you to top up cash via a UK or EU bank transfer or debit card. In the case of Revolut, you can top up via bank transfer, make one-time and recurring transfers, and round up your spare change to the nearest whole number. Revolut will save the difference for you in your Vault. You can also top up via debit or credit card, although you may be charged if you use a card issued in an EEA country or from a commercial card.
Monese vs Revolut: Which is Better?
Both Monese and Revolut offer a comprehensive set of features. So, for anyone wanting to forgo a traditional bank, they’re both worth considering.
However, suppose you’re looking for a fully comprehensive bank with investment options. In that case, Revolut may be the choice for you. That said, be sure to note the fees and risks involved before diving into unchartered territory.
Both offer free personal accounts, and the charges for paid accounts are very similar. However, Revolut’s fee structure seems more complex than Monese’s.
It’s also easy to open an account with both banks. In the case of Monese, it’s a good option for someone who’s newly arrived in a country because Monese doesn’t ask for proof of residency. In the case of customer support, Monese offers help via in-app chat, call centers, and an email address. In contrast, Revolut offers live in-app chat and access to an online Revolut user community.
Overall, if you’re looking for a straightforward and quick banking option, we’d opt for Monese. However, if you need something more sophisticated that includes trading options, Revolut is your go-to.
It’s a tough one to decide. However, the most important thing to do is consider what your needs are now and what they’re likely to be in the future. Then, compare fees and evaluate the level of support you may need, especially if you plan to use either bank overseas.
Hopefully, our Monese vs Revolut review has provided enough information for you to decide whether to add either bank to your shortlist or move on to look at other options like Monzo, Starling, or N26.
Whatever you decide, remember to tell us all about it in the comments box below!