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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 and Monese are digital financial services companies, that change and modernise traditional banking methods to meet today’s consumer needs.

These platforms offer a range of personal and business banking benefits. They are great for travellers as they provide 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 - a European online bank

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. 

📚Related: No Credit Check Bank Account: What You Need to Know

📚Related: Proof of Address in the UK 

This digital financial services provider offers a short account registration process that takes just a few minutes. 

The platform focuses on helping users manage their money, make various payments in the UK or send money abroad at low cost.

Revolut - a European online bank

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 have money in multiple currencies all in one account. The app lets you buy and sell shares and cryptocurrencies, and make international transfers.

📚Related: Revolut Crypto Withdrawal Explained – swissmoney 

Monese vs. Revolut: Conclusions

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 couldn’t open a UK bank account due to the lack of proof of address.

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.

📚Related: 8 Best Banks in the UK: A Guide to Top Financial Institutions – swissmoney 

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Monese vs. Revolut: Account options

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

Personal accounts

Monese accounts

Monese offers instant and joint accounts. It has three different account plans with various monthly fees:

Simple  Free
Classic  £5.95/month
Premium £14.95/month

The Simple 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 0.5%< for international transfer fees. You also get personal insurance, purchase protection, and higher withdrawal limits. You also get a debit card with free top-ups.

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 and more free services. In addition, your selection will be a priority for Monese.

Revolut accounts

Revolut offers personal, joint, savings, pro for freelance, Revolut <18 parents & guardians, and business accounts. Revolut account has five different service plans:

Standard Free
Plus £3.99/month
Premium £7.99/month
Metal £14.99/month
Ultra £45/month

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. However, Standard account holders can still set up direct debits.

The Plus account costs GBP 7.99 per month. With this plan, you get extra spending 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

Another tier is Metal. It costs GBP 14.99 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, higher withdrawal limits, and other additional financial services. In addition, you will benefit from a higher discount on international payments.

The top tier is Ultra for a GBP 45 monthly fee. It offers all possible features, the highest limits and the lowest fees. You can make free international transfers, unlimited airport lounge access, the highest interest on savings, etc. It’s the only plan that offers trip and event cancellation insurance

Business accounts

Business accounts

Monese business account

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 Personal Classic account plan and a free contactless debit card.

The Monese business bank accounts give you access to shared business accounts. This plan allows you to make international money transfers with a 0.5% fee when sending to non-Monese accounts, and 6 free withdrawals per month.

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 business account

Revolut business account has four tiers:

Free No fee
Grow  €25/month
Scale  €100/month
Enterprise  Custom

With a business account, you get company cards, limited free local and international payments, and the option to create and track invoices and accept payments on the website.

If you choose a paid Revolut business bank account, you will have access to a longer list of features and incentives, lower crypto exchange and other fees, and higher limits.

In this case, you will be a priority for Revolut’s customer service. Plus, you’ll receive an elegant metal debit card with additional benefits.

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

Revolut vs. Monese: Money transfer and withdrawal

International money transfers

Monese international transfer fees

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

Monese charges Simple account a fixed fee of 2% 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.

Revolut international transfer fees

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.

Revolut fees for international transfers are less transparent. They are calculated just before the transaction. However, paid Revolut plans to offer up to 40% discount with free international transfers for Ultra accounts.

International transfers: Conclusions

Both Revolut and Monese offer free international transfers to their account holders. However, Monese has a clearer fee structure. 

It is important to note that the fees for such transfers may vary depending on the country.

ATM withdrawals

Monese ATM withdrawal limits and fees

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

Monese ATM withdrawal limits and fees depend on the plan:

Simple 2% per ATM withdrawal
Classic A £500 monthly fee-free ATM withdrawal limit
Premium A £1,500 monthly fee-free ATM withdrawal limit

You’ll have to pay 2% per transaction if you exceed the fee-free limit

Furthermore, according to Monese, you can withdraw cash in multiple currencies from any ATM worldwide.

Revolut ATM withdrawal limits and fees

Revolut has the same approach to ATM withdrawals. Each plan has its own limits:

Standard £200/month or 5 withdrawals
Plus £200/month limit
Premium £400/month limit
Metal £800/month limit
Ultra £2,000/month limit

You will, however, be charged a 2 % fee if you wish to withdraw funds beyond this amount.

ATM withdrawals: Conclusions

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

Monese vs. Revolut

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.

📚Related: Cybersecurity for the Financial Services Industry 

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.

Additional 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.

📚Related: How to Open a Bank Account Without a Photo ID? 

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.

Compliance

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.

📚Related: The Best Digital Banks in Europe 

Note:

  • All information provided is dated 18 April 2024 and may have been updated since. Please check each platform’s official website for the latest information.

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 more complex. The bright side is that account holders can make free international transfers and hold money in more currencies. 

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.

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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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Disclaimer

Please be advised that the information presented in this article is intended for general informational purposes only. It should not be construed as professional advice from swissmoney. It is important to note that swissmoney does not act as a financial adviser, and individuals are strongly encouraged to seek independent advice from qualified legal, financial, or accounting professionals before making any decisions related to cryptocurrency investments. Furthermore, investing in cryptocurrency assets carries inherent risks, and individuals should be aware that they may potentially lose all of their invested capital.
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