Revolut vs Monese: Which Should You Choose?
With so many digital payment options available, it can be hard to choose which one to use. Both Revolut and Monese have benefits and drawbacks, so we’ve done the research and compared the two of them below. To start off, we’ll give you a quick overview of both payment apps and talk about their costs and fees, followed by detailed reviews of both platforms. Let’s dive in!
What is Revolut?
Revolut is a UK-based Fintech company that provides users with a Visa debit card in addition to currency exchange services and budgeting apps. Revolut is billed as a smart banking alternative and can be used at any ATM or to make online transactions, although it does not replace traditional banks entirely.
An individual has three choices when signing up for Revolut: free, plus, and premium accounts. The free account includes no fee and includes everything an individual needs to use Revolut, minus larger international payments and peer-to-peer transfers.
The Plus account costs £6 per month (or £60 annually) but gives individuals cashback options, train ticket booking capabilities, travel insurance discounts, and more. Finally, there’s the Premium account which gives people all of Plus’ benefits but on top of that comes extra savings through competitive interest rates on deposits.
What bank is behind Revolut?
Revolut operates as an online financial platform but also poses some features reserved for commercial banks. Revolut has a challenger bank license from the European Central Bank and is regulated by the Bank of Lithuania which legitimize its operations in Europe. While the service is backed in the UK by Metropolitan Commercial Bank and Sutton Bank. Revolut has deposit protection for funds under EUR 100,000 available for 10 European countries.
Why is Revolut the best?
Revolut is a pioneer in the fintech industry with over 18 million users worldwide. The fintech company also offers its users seamless control of their money with access to different first-generation financial products.
Revolut users can open any of the three different accounts offered with no paperwork or background check needed. Revolut offers both physical and virtual cards to users with access to 29 different currencies. Revolut card transaction charges are as little as 2% of the total amount transacted with a no-charge fee on money transfers in Euros within the same country. Revolut support digital currencies like bitcoin and some other crypto-currencies with the opportunity to invest and trade.
Revolut offers users self-service tools with a user-friendly mobile app interface and a 24/7 support system available to users.
Can Revolut be hacked?
Revolut is well secured with bespoke security tools to safeguard users’ Accounts, Data and Money from hackers or fraudsters. Revolut offers advanced encryption software on their mobile app which protects user data. Neobank also makes use of 2-factor authentication, Face ID & Fingerprint access before you can access any account on the Mobile App. Revolut also supports “3D secure” on their physical or virtual card which requires an OTP confirmation.
What is Monese?
Founded in 2015, UK-based fintech company Monese offers a digital banking experience to new migrants and international students with payments, savings, and an app to make payments and manage your money that's available on iOS or Android devices.
They support many global currencies such as British Pounds, Euros, USD, Polish Zloty, and Mexican Pesos among others. Paying in stores via their mobile app requires some preparation and you'll have to load your card with funds before leaving home. There are no ATM fees worldwide but withdrawing funds from ATMs incurs a 2% fee of total withdrawal amount + any ATM operator fees (charged by individual banks).
Can I trust Monese?
Monese is monitored and regulated by the United Kingdoms’ Financial Conduct Authority (FCA) which makes all their dealing legit. They secure all their users’ money in a segregated account that protects said funds if the company was to run into any problem. For EEA clients, Monese is registered as an e-money provider with the National Bank of Belgium. Monese is also a member of the Credit Industry Fraud Avoidance Scheme (CIFAS), an organization that fights against banking Fraud in the UK. So, you can rest easy.
Can Monese keep my money?
Monese is Legally required to Safeguard your Money, Account and Data from any form of fraudulent circumstance. With several authentication protocols curated by security specialists.
Monese has taken the step to secure users’ Accounts by using biometrics authentication with powerful multi-factor encryption on all mobile apps when login into any account.
Monese is also secured by “3D Secure” which basically protects credit or debit cards from being stolen and used by sending an OTP (One Time Password) via SMS to confirm any payment made on any customer’s card. Monese only permits a single device to access an account on the mobile app with an instant debit or credit card blocking option available.
Monese provides users with a virtual card which has its own unique 16-digit card number that helps in protecting users from the risk of physical cards.
Is Monese free?
Monese doesn’t charge any fee to set up their Simple Plan Account but upgrading to a Classic or Premium Account requires a monthly service charge. Monese offers free debit cards to any account holder with no extra money fee for transfers between users using any Monese Account.
Monese offers accounts type-specific for personal and business use with a new pricing feature called “Be Free”, which offers little-to-no transaction fees on money transfers and International Debit Card usage for subscribers on the financial platform.
Does Monese affect credit score?
Your credit score is a metric used by financial institutions and banks to assess your capacity to repay future loans or credits. In other words, it assesses how well you manage your funds, which influences the types of offers that are shown to you (i.e., lower interest rates). The higher your credit score, the better terms you may find yourself qualified for when seeking finance - which can mean more money saved at the end of the day. A person's credit history comprises historical payments on credit taken out over the last six years, as well as information regarding:
- The number and types of credit accounts.
- Amounts borrowed against
- Amounts repaid
- Outstanding debts
Monese Credit Builder offers free interest credit that spans every account but it’s only available to UK users. Monese provides a free interest rate on credit cards with no background checks required. Monese reports monthly credit repayment on your account to credit agencies in the UK, which impacts your credit score immensely. A service charge is required to access the Credit Builder on the financial Platform.
How much money can I put on Monese?
Depositing money into your Monese account cannot get easier, with the two options provided by the financial platform which includes; PayPoint and Post Office, with over 30,000 locations spread across the UK.
Monese has a £249 / €750 limit per transaction and £500 / €500 per day on money top-ups while using PayPoint. The financial platform also has a £500/ €500 per day on Debit card money top-up and a card purchase limit of £4,000 / €4,000 per transaction with a £7,000/ €7000 limit per day.
Monese doesn’t charge any fee hidden or direct on money top-ups and currency exchange.
Can I have 2 Monese accounts?
Users are permitted to open more than one account, with a sweet advantage of a single monthly fee for two or more accounts opened by a single user on the platform.
Users can also run accounts with different currencies, which includes; GBP, EUR & RON (only for Romanian Residents).
Monese also supports online joint account with friends and family without any form checks or application. users can have a personal account and also have a business account simultaneously.
Revolut vs Monese: Which is Better?
Online & Offline Payments
Revolut's app has a lot of cool features, including support for online and offline payments, savings plans, and a debit card in all EU countries; you can also send money to other Revolut users—and pay friends instantly with just their phone number (if they are also using Revolut). It's awesome. But one of its biggest selling points, international transfers abroad, doesn't come with fees.
This isn't an issue with online and offline payments with Monese since it's UK-only at launch, but don't forget that making cross-border payments might have extra costs attached depending on where you live. When it comes to offline payments, both platforms operate on a location basis: Both are active in 90+ countries around the world but different regions will have different merchants available for use.
Fees & Charges
Both Revolut and Monese offer a wide range of functionality that makes managing your finances quick and easy (from mobile transfers to instant payments). However, there are a few key differences in their fees & charges that could determine which platform is better for you – depending on how you use it.
For example, if you’re someone who sends money abroad often then both services would make a good fit for you, but if most of your purchases come from local shops then Revolut would be more suitable as they offer free cash withdrawals at local ATMs.
Security is a high priority for everyone these days, which makes it difficult to choose between these two services. In fact, one of Revolut’s USPs (unique selling points) is that it allows users to hold different currencies in their account at no extra cost; for anyone who doesn’t live in or travel frequently to Europe, that’s an added bonus and helps make up for slightly higher transaction fees compared to those charged by Monese.
Revolut and Monese come with two-factor authentication by default to protect your money and account information in case someone else manages to get hold of your password. Although Revolut is not protected by FSCS, the platform is regarded as relatively safe due to the acquisition of a European Banking License in 2018.
Top Up Methods
Both of the money transfer apps we are comparing provide a number of top-up methods(Bank transfer, Debit Card, Cash). With Revolut, users can top up their accounts by using bank transfers, credit/debit cards, and Apple Pay. With Monese, you can yop up your account via mobile transfers, direct deposits, external bank transfers, and debit and credit cards.
Both Monese and Revolut offer business accounts. To open one with either service you need to be a small or medium-sized business in which case you will have to enter your VAT details. There are then two different ways you can get paid; by receiving a card reader or by linking a bank account.
If your preference is not to receive money on your debit/credit card account then linking your bank account is an option. Although both companies require some form of identification when opening an account they don’t necessarily offer proof of address so it might be worth speaking to customer services to clarify that point before using these cards for professional purposes.
Is Monese better than Revolut?
After providing you with the necessary information, hopefully, you are able to make a decision that suits you best.
Both Monese and Revolut are great financial platform that offers a number of features, some of which is universal to both of them and others being specific to each financial platform.
Monese offers an instant display of available balance in your notification tray, you can also connect your Monese Debit Mastercard to Apple Pay and Google Pay while Revolut supports investments in cryptocurrencies as well as sets up recurring payments and direct debit.
Monese supports only three currencies (EUR, GBP and RON) while Revolut offers up to 24 currencies spanning across the different Countries.
Monese offers only MasterCard while Revolut offers VISA & MasterCard with the capacity to operate both usual & virtual Debit cards on a single account. However, the possibility of ordering a card from one brand or another may vary depending on the design of the card that the customer wishes to issue and the customer’s location.
Alternatives to Monese and Revolut
Here are some alternative mobile payment methods that are on par with Monese and Revolut:
Wise (formerly Transferwise)
On balance, Revolut is more innovative in its approach to card spending and digital banking, with some useful bonus features thrown in. And their customer service, which trended towards the negative side of the scale in our evaluation, isn’t completely outweighed by their other features. If you like their style and view them as a trusted brand, you may also appreciate Monese’s features as well. Their direct deposit option and cheaper credit cards are unique contributors to their industry. Ultimately, both of these digital banks have their own strengths and weaknesses. The right choice will depend on what you’re looking for specifically out of a bank.