Monzo vs Revolut – Which of these connected cards is for you?
Monzo and Revolut are two of the biggest names among online banks, easy to use and free. That said, there are pro-Monzo and Pro-Revolut. Which one is the best for you?
In this article:
- The advantages of connected banks
- The winner Monzo or Revolut?
- Other banks in England
In recent years, traditional banks have lost customers to smaller, newer and smaller start-ups. Years of miserable savings, poor customer service and unpleasant online interfaces have seen many people turn to applications like Revolut and Monzo.
You can open an account at any time, without making an appointment, without moving, in just a few minutes. This is the advantage of connected banking applications.
However, there are differences in the services they provide.
Why choose one of these cards
- No monthly fees, maintenance of your account is free
- Real-time notifications directly to your phone every time you spend money
- Budgeting tools that help you set spending goals and overspend alerts
- Expenses abroad without bank charges
- Automatic saving features that regularly save money in separate pots
- Quick cancellation of the card in the application
- They make banking easier, more transparent and more fun!
- You can set up savings pots that save money
Presenting itself as a bank “designed for your current lifestyle,” Monzo operates without a branch and offers a full-time checking account and a contactless credit card.
- Add cash funds to your account in a Paypoint shop (Price et conditions)
- authorize automatic debits (monthly payment for sport, etc.)
- The savings pot will earn you 1% interest each year, paid monthly in the pot you create.
- a real online bank with all the advantages
- Protected by the Financial Services Compensation Program (FSCS), which means that your money (up to £85,000) is protected in bankruptcy of the bank.
- Set spending goals for everything from shopping to dining out (and notifications if you go over budget)
- Whether you have an overdraft, Monzo offers all customers a margin of £20 – which means that you will only start billing when the excess amount is over £20. After that, you will be charged 50 cents a day when you are discovered.
- Withdrawal limit of £200 per 30 day period.
£5 free money
Revolut is an application and an exclusively digital bank card that differs from traditional banks with a focus on technology, moderate fees and great flexibility. It is especially aimed at people who travel a lot, offering expenses abroad and international transfers without hidden fees.
- Generate single-use virtual cards to pay online
- Several currencies on the same card
- Buy Bitcoin, Litecoin and Ethereum in one click
- They are developing more and more: insurance, Vaults, lounge pass, concierge.
- You can also use the app to track cryptocurrency rates in real time and receive price alerts directly to your phone.
Revolut is regulated by the Financial Conduct Authority (FCA) and your money is protected in separate accounts with authorized banks (Lloyds or Barclays). That is, it is not officially a bank.
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Revolut card: free card with this invite link + £5 bonus when you first use your card until February 25th
Conclusion: Monzo or Revolut?
If you need a bank in England for a long stay. To receive your salary, pay by direct debit (sports subscription, housing tax, etc.), choose Monzo. You can open your account and check it in minutes. It’s a bank with all the advantages of a normal bank.
For a shorter stay, such as an internship in England, English courses, an au pair stay, Revolut is more than enough. You can also receive your salary on Revolut.
If you travel a lot around the world Revolut will allow you to make huge savings compared to currency conversion fees, and will bring you the necessary security.
Other banks in England
Opening an account at HSBC, Barclays, or Llyod is also free of charge. However, you will need an appointment.
It is always a good idea to have a second account with one of them to have a Visa card.
For example, sometimes your card or account number is not accepted – sometimes the account number is not recognized. Here is the list of Merchants & Banks Who Don’t Yet Recognise the Monzo Current Account Sort Code / Debit Card (open Wiki)
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