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Monese vs Revolut – Unveiling the Pros and Cons of Each

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Monese and Revolut have become popular among people who need convenient and flexible banking solutions.

Both platforms offer various features, from international money transfers to currency exchange within the app, but which is better?

Monese vs. Revolut: an overview

Revolut is not a bank, while Monese is a licensed bank. However, they are digital banking providers who change and modernize traditional banking methods to meet today’s consumer needs.

These platforms offer a range of personal and business banking benefits. These platforms also facilitate travel by providing digital banking services such as instant foreign currency exchange and payment protection.

Both financial service providers have mobile apps. You can download it on Android and iOS operating systems and use it with Google Pay or Apple Pay. These apps make bank transfer and management payments easy, fast, and convenient.

Monese Logo

Monese

Estonian businessman Norris Koppel was the founder of Monese. The idea for the platform was born out of his negative experience with traditional banking in the UK.

He founded Monese as a comprehensive mobile banking service to help people avoid the hassle of opening a UK bank account without proof of local address or credit history.

This digital financial services provider offers a short account registration process that takes just 2 minutes. The platform focuses on helping users to manage their money, make various payments in the UK or send money abroad at low cost.

Revolut logo

Revolut

Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. The original idea of Revolut was as a prepaid debit card offering competitive foreign exchange rates. Thus, its main purpose was for frequent payments abroad.

Eventually, Revolut started offering more and more services and became a multi-faceted financial services provider and a great choice for personal banking.

With Revolut today, you can use digital banking with GBP and EUR accounts, buy and sell shares and cryptocurrencies, and make international transfers.

Although Revolut and Monese provide similar financial services, their business models differ slightly.

In the early stages, Revolut aimed to create prepaid travel cards, while Monese targeted customers who can’t open a UK bank account.

However, both platforms have similar features. They allow for instant account creation with just a smartphone and an ID. Mobile banking and accounts are also available in multiple currencies.

Unfortunately, neither Revolut nor Monese has Financial Services Compensation Scheme (FSCS) protection.

Monese vs. Revolut: Account options

Revolut and Monese offer different types of accounts, with specific features and prices.

Personal accounts

Monese has fewer different account plans with various monthly fees. It offers three tiers. The Regular account is free, unlike other Monese accounts. With this account plan, you can set up direct debits and get access to basic services but no privileges.

The monthly fee of the Classic account is GBP 5,95. If you choose it, you pay up to 0.5% less in international transfer fees. You also get personal insurance, purchase protection, and higher withdrawal limits. You also get a free debit card.

The highest account tier is Premium. It costs GBP 14.95 per month. With this account, you can make international payments and withdraw more money than usual. In addition, your selection will be a priority for Monese.

Revolut has four different service plans. The first Standard account is free. Unfortunately, if you choose a free Revolut account, you will not receive any privileges, and strict restrictions will apply. In addition, Standard account holders can still set up direct debits.

The Plus account costs GBP 2.99 per month. With this plan, you get extra shopping protection, priority service, and free card delivery. Also, there is an option to use it even if you are under 18.

The third tier account is Premium. It has a monthly fee of GBP 6,99. With this account, you get the following:

  • Better interest rates
  • Discount on international money transfers
  • Higher withdrawal limits
  • Travel privileges
  • Access to airport lounges

The top tier is Metal. It costs GBP 12.99 per month. This type of account gives you an exclusive Metal card. It offers an interest rate of 2.5% and 10 commission fee-free transfers per month.

If you choose this account, you will be subject to lower investment fees, as well as cashback and higher withdrawal limits, and other additional financial services. In addition, you will benefit from a higher discount on international payments.

Business accounts

The Monese business account is not free. To open one, you will need to pay a monthly fee of £9.95. If you choose a business account, you get a free Personal Classic plan and a contactless debit card.

The Monese business bank accounts give you access to shared business accounts. This plan allows you to top up your account with over 40,000 payment points. You can also access international money transfer services.

However, there is a catch. If you want to open a Monese business bank account, your business must be registered in the UK and have proof of UK residency.

Revolut offers free accounts for businesses. With it, you can make five free local payments monthly. This account plan also gives you access to invoicing and payroll tools.

However, if you choose a paid Revolut business bank account, you will have access to a longer list of features and incentives.

In this case, you will be able to make international and domestic payments free of charge, within certain limits, and you will be a priority for Revolut’s customer service. Plus, you’ll receive an elegant metal debit card.

But if you opt for Revolut’s paid business accounts, you’ll enjoy even more features and incentives. These include a sleek metal debit card, free domestic and international payments (within certain limits), and priority customer service.

Sign-up process

Opening an account with both Revolut and Monese is simple. According to Monese, the account opening process takes just 2 minutes. Also, you won’t need to provide proof of your residence, income documents, or a credit check.

Revolut focuses on mobile banking, so you’ll need to download the app to open a Revolut account. When registering, you only need to submit your contact information and proof of identity.

However, if you opt for paid Revolut banking plans, you may need to provide additional details.

Revolut vs. Monese: Money transfer and withdrawal

International money transfers

Both Revolut and Monese allow you to send money internationally. However, costs and fees vary.

Monese transfers are more expensive. It charges a fixed fee of 2.5% for each international transfer. In addition, the fee rises by an extra 1% on weekends.

However, not all Monese account holders need to pay a bank transfer fee. The 0.5% fee applies to the Classic Monese plan. If you opt for the Premium plan, these fees will not apply.

By contrast, Revolut’s fee structure is more complex. The cost of international money transactions depends on various factors:

  • Currency
  • The amount sent
  • The foreign currency exchanged during market/non-market hours.

If you buy foreign currencies at the weekend, Revolut will also charge a fee for this.

Revolut allows you to have as many as 29 different currencies in your Revolut wallet and quickly exchange them. However, there are also monthly payment limits.

Both Revolut and Monese offer free international transfers to their account holders. However, Revolut’s advantage stands out. It also provides this service to account holders of the same currency. They can transfer up to £1000 per month.

If you go over the monthly limit, Revolut charges you a 0.5% transaction fee. It is important to note that the fees for such transfers with Revolut may vary depending on the country.

ATM withdrawals

With both Revolut and Monese, you can withdraw your money from an ATM. The fees for this procedure are similar on both platforms.

Revolut allows its customers to withdraw £200 / €200 for free five times a month. You will, however, be charged a 2 % fee if you wish to withdraw funds beyond this amount.

On the other hand, with Monese free ATM withdrawals do up to €/£200 per month. A 2% fee will apply for each additional withdrawal.

Similarly to this, there is a fee of £1.50 or €1.50 for each withdrawal you make from your Monese account. No matter where you are, this fee is applicable.

Furthermore, Monese charges an additional 2% fee for withdrawals made abroad.

Revolut is a cheaper option for small cash withdrawals. However, the problem is that as the amount of money withdrawn increases, both services become similarly expensive.

In addition, you can add Revolut and Monese cards to Apple Pay and Google Pay. Unfortunately, Samsung Pay users will be disappointed as neither of these platforms supports it.

Monese vs. Revolut: Security

The security of customers’ money is a priority for Monese and Revolut. For this reason, both platforms employ a range of security and cybercrime protection measures.

In particular, both platforms adhere to security protocols in the banking industry. Safeguards such as HTTPS encryption and 3-D Secure card transactions are also applied. In addition to this, both banking platforms have extra security measures.

As for these additional measures, the first thing you need to do is confirm your identity. Both Revolut and Monese require a photo ID and a selfie to register. It ensures that the user’s identity is verified. Biometric authentication is a standard feature. Often, two-factor authentication is also part of the platform.

Both platforms allow the use of one-time virtual cards. It reduces the risk of fraudulent card swipes. Also, one of the security features is that users can lock and unlock their cards using an app. It prevents loss of money in case of card theft.

Revolut and Monese use specific anti-theft systems. These systems can detect and flag suspicious account activity. In addition, they can also block your current account if they find a threat.

Monese is a fully licensed bank. Monese is registered with the UK Financial Conduct Authority (FCA) and the Electronic Money Authority (EMA). The bank complies with the rules on electronic money and payments.

Revolut, on the other hand, has a European banking licence. It is also authorised by the FCA. Unfortunately, it is not a fully licensed bank. Like Monese, Revolut offers additional protection under the Financial Services Compensation Scheme (FSCS). This scheme protects customer funds up to a maximum of £85,000.

FAQ:

What is better: Monese or Revolut?

When it comes to Revolut vs Monese, it depends. On one side, Monese presents simple international money transfer pricing. It also provides higher exchange rates. On the other hand, it charges ATM withdrawals and limits currency exchange.

In contrast, Revolut’s pricing is complex. The bright side is that account holders can make free international transfers and hold money in more currencies. Moreover, there are no fee atm withdrawals up to a specific limit.

Consider your specific requirements and compare the features of both platforms to determine which one is better suited for you.

Before deciding which platform to choose, assess your specific needs and weigh up the pros and cons of both platforms.

What is the difference between Monese and Revolut?

You can see the difference between Monese and Revolut by looking at their prices, fee policies and features. Monese offers a simpler pricing system for international transfers, charges fees for ATM withdrawals and has higher exchange rates, but there are no hidden fees.

On the other hand, Revolut has more complex transfer pricing but offers limited but free withdrawals and lower exchange fees.

When you choose which platform to choose, remember that each platform has unique features and benefits. Therefore, it is crucial to consider your individual needs.

Which brand has lower fees?

In principle, Monese charges lower fees than Revolut, which has more complex pricing depending on more factors. Also, you can withdraw money at Monese for a lower fee, unlike Revolut.

Živilė Šarkauskaitė

Živilė is a writer with a diverse background, having worked with tech start-ups and pioneering brands across various industries. Her profound interest in progress and innovation drives her to the field of Fintech, a realm that sparks her curiosity and inspires her to share insights with others.

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