Monzo vs Revolut: A Side-by-Side Comparison

A Head-to-Head Comparison of the Top Online Banks in the UK

Monzo and Revolut are two popular online banking options for consumers and international students in the UK. Both companies offer a variety of features and benefits, but they also have their own pros and cons. In this article, we’ll take a closer look at Monzo versus Revolut to help you decide which one is the best fit for your needs.

One of the main pros of Monzo is its easy-to-use mobile app. The app has a user-friendly interface that makes it simple to check your balance, make payments, and transfer money. Monzo also offers a variety of features, such as budgeting tools and savings pots, that can help you manage your money more effectively. Additionally, Monzo has a physical Mastercard debit card that can be ordered and used to make payments and withdraw cash.

On the other hand, one of the main pros of Revolut is its competitive exchange rates and low fees. Revolut offers great rates when you need to convert and transfer money between currencies, which can be especially helpful for international students who need to send money home or make payments in different currencies. Revolut also has a mobile app which gives you the ability to manage your money on-the-go, and it offers multiple account types with different benefits such as travel insurance, global medical coverage, and cashback.

 

mobile banking

When it comes to cons, Monzo doesn’t offer as many features as Revolut such as travel insurance, global medical coverage, and cashback . Additionally, Monzo doesn’t have a premium or metal card account that offer additional perks and benefits like Revolut does.

Revolut on the other hand, it can be slightly more complicated to use, with a wider range of features that require more time to familiarize oneself with. And some users have reported difficulty in getting in touch with the customer service.

Ultimately, both Monzo and Revolut have their own unique pros and cons, and the best option for you will depend on your individual needs and preferences. If you’re looking for a simple and user-friendly mobile app and a physical debit card option, Monzo may be the way to go. But if you’re looking for more features and benefits such as travel insurance, global medical coverage, and cashback, Revolut might be the better choice. It is important to look at what each of them offers and decide which one will be more beneficial for your personal needs.

It is also worth mentioning that both Monzo and Revolut have undergone significant changes in terms of their features and fees in recent years, so it is important to check and compare the latest offers, fees and terms of use before making a decision.

Both Monzo and Revolut offer a variety of features and benefits, but it’s worth checking what features are the most important to you. For example, if you are looking for a more comprehensive travel insurance, Revolut‘s premium or metal card account might be a better fit, whereas Monzo’s budgeting tools might be more useful for students who need to stick to a strict budget.

Another important aspect to consider when choosing between Monzo and Revolut is customer service. Both companies have relatively good customer service, but you may want to check the availability hours, languages, and response times to ensure that you can reach them whenever you need assistance.

It is also worth noting that Monzo has now integrated Apple Pay and Google Pay as well for more convenient transactions, and the same goes for Revolut.

In conclusion, Monzo and Revolut are both great options for international students in the UK, but they each have their own unique pros and cons. It’s important to consider your personal needs and preferences when deciding which one is the best fit for you. Comparing the latest offers, fees and terms of use and reading reviews from other users can help you make a more informed decision.

If after reading this post, you are yet to make your decision,do not worry you can still open accounts with both banks at no cost. You will also have an opportunity to get sign-up bonus of £10 and £50 from Monzo and Revolut if you use my invite code.

Should you have any more question, do not hesitate to drop your comment below and I will try to answer them as fast as possible.

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1 thought on “Monzo vs Revolut: A Side-by-Side Comparison”

  1. Pingback: The Best Banks for International Students in the UK - Mr. Jones's Blog

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