Revolut Vs. Monese: Which Should You Choose?

Fact checked! This material is written by an expert

5 min read 14.12.2021 99

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!

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert

5 min read 14.12.2021 99

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 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). 

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 Features

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 account by using bank transfers, credit/debit cards, Apple Pay. With Monese, you can yop up your account via mobile transfers, direct deposits, external bank transfers, and debit and credit cards.

Business Accounts

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.

Alternatives to Monese and Revolut 

Here are some alternative mobile payment methods that are on par with Monese and Revolut: 

N26

Bunq

Wise (formerly Transferwise)

Payoneer

Conclusion 

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.

 

Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He has been working in the financial and iGaming industry since 2016.