Revolut isnt currently part of this scheme. A number is put on the back to protect their account privacy as much as possible. Curve and many other fintech banks use AI to improve their service. Last week Monzo officially launched its second subscription service, Monzo Premium, just three months after relaunching its first paid-for product, Monzo Plus. We receive a commission for some of the products and or services mentioned within this website. Our website is free to use, and the commission we receive does not affect our opinion or the information we provide. Disposable virtual cards: Here, the details are automatically cleared after every online transaction, and new details automatically generated. It has a better app, better notifications, better rewards, and better account options. LoungeKey discounted access to over 1,000 lounges, Premium 18g brushed metal card in 3 unique metal colours, Supports Mastercard & Visa debit and credit cards, Apple Pay, Google Pay, & SamsungPay, Unlimited fee-free spending in 200+ currencies, with access to the interbank rate, Free foreign ATM withdrawals up to 600 /month, Go back in time up to 1,000, within 14 days, Worldwide travel insurance available to residents of the UK (includes lost luggage), Electronic device insurance open to residents of the UK, including loss and theft (up to 800). Perks allow you to earn cashback rewards to use at select retailers every time you make your 10th purchase, such as 50% cashback on your next Starbucks order. Nearly every single Digital Bank offers a premium account. Personally, Ive always found these kinds of discounts pointless, theyve often restricted to new customers only, and are the same deals you could find with a bit of Googling but each to their own. Unlike Revolut, Monzo doesnt offer a kids account, but they provide a 16-17 account. Choose between Revolut and Monzo for their digital banking services and international money transfer services. I'd love Revolut to bump the price up to 300 a year and include amazing travel insurance, unlimited free lounge access and 1% cashback everywhere but I don't see it happening 2 Likes You can also block and unblock your debit card if it goes missing from their apps' convenience. When you buy something online with your virtual card, you use different card details to your physical card to help reduce online fraud. Curve is probably the best offering, but mobile phone insurance lets it down. We use cookies to deliver our services, and, if you agree, for analytics purposes to improve our services and to deliver customized ads. It recently launched Monzo Plus, a premium account option with a monthly fee of 3. Revolut Vs Monzo Premium it is now a bank. With Revolut, you can open multiple accounts in different currencies, exchange between them, and use the same debit card for all your accounts and currencies. Both these cards are ultimately tailored to big-spending travellers, but if you like to withdraw cash when travelling around then N26 is probably the one for you, while if you spend a lot on your card abroad, then Revolut's likely to be a better option. . Revolut vs Monzo. For Monzo and Revolut, I have taken the information from their product pages and not read into the fine print that much. If you save 11,100, youll earn 75 in interest per year. Children can choose their own cards from Revoluts range. Youll be notified how much this fee is before completing the transaction. Similarly, a Revolut spokesperson confirmed that while it currently integrates accounts from 16 other banks, there are nine more banks soon to be added to that list. Winner: Tie. Monzo Vs Revolut - Which account is best for you? The most significant benefit is the unlimited foreign exchange at the interbank exchange rate through the Revolut app. Now, before you rule out a digital bank because you arent a tech genius, hold on, because using both Monzo and Revolut is simple and easy to set up and manage. We maintain an affiliate relationship with some of the products reviewed as well, which means we get a percentage of a sale if you click over from our site (at no cost to our readers). Revolut doesnt offer overdrafts but does provide other services such as automatic donations, and rounding up transactions. You can only deposit a maximum of 500 every six months. It is also worth noting that Revolut offers cryptocurrency providing you with an easy way to get into crypto and the Bitcoin revolution. Pros Offers 4 types of accounts 'Pots' option available to save money and earn up to 1.5% AER interest Free transactions abroad as standard Split the bill feature Cons 3% fee for cash withdrawals over 200 per month Rental car collision damage waiver insurance with coverage provided by AXA Travel Insurance Ltd. Cover in the event of damage or theft for purchases in the last twelve months. Necessary to provide basic functions of the website such as page navigation. For any other reason, Monzo requires a replacement fee of 5. It can take up to two weeks to receive, but many customers report getting it within days. To provide even more value to our Premium customers, Disposable Virtual Cards are currently offered as part of the Revolut Premium account. These cookies allowed us to study how users navigate on the website. But what makes Monzo Premium special? Revolut Revolut apply a small fee to all international money transfers. Monzo Vs Revolut - Game on. It has developed a platform allowing users to transfer, exchange, and spend money with a multi-currency card that is accepted everywhere. Fees. The Premium account includes all of the Plus benefits i.e. Revolut operates as a bank in some European countries. You manage both Monzo and Revolut entirely through an app on your smartphone. Feel free to follow us on Twitter, comment, question, contact us at [emailprotected] and ENJOY. Cata and his colleagues managed to help me find the best tools to manage my website, even though I am far from technical. I couldn't find the figure for Revolut, but I would expect they have the same excess. Interestingly, Revolut also offers travel insurance to its non-fee-paying customers. However, in the UK it might not have the ability to completely change your bank. You will need to have your personal details to hand along with some proof of ID. It started in 2015 as a travel card that offers inexpensive exchange rates. Revolut offers personal loans ranging from 500 to 25,000 that can be paid back over 12 to 60 months. You can order a spare one for free. Basic Shopify vs Shopify vs Advanced Shopify. If you're a high flyer, baller, whatever, you can opt for a Revolut Metal card, which costs 12.99/month. Here's a rundown of the Revolut and N26 standard account fees, so you can compare them side by side. If you subscribe to a service from a link on this page, Reeves and Sons Limited may earn a commission. We also liked that you can request for your debit card to be posted to any UK address, not just your home address. You get access to offers exclusive to Monzo Plus customers: Treat yourself by making the most of the following offers from Monzo Plus partners: Patch; Hello Fresh; Naked Wines; Babylon Health; Fiit; Busuu. In contrast, Revolut doesnt provide such protection and states that they offer safeguarding to customers instead. We also found the layout of the Revolut app a little less cluttered and easier to navigate. Wise charges a flat and transparent $9 for ordering a card plus $5 for a replacement card. You get everything in Revoluts lower-tier plans, plus: As weve already hinted at, Revoluts Savings Vaults are Revoluts equivalent of a savings account. The card is shipped to over 180 countries within 1-3 business days. You can set goals and tasks. Verdict: Revolut Metal vs N26 Metal It depends on which benefits you'll use the most. This is because PayPoint charges Monzo for the service. With Revoluts Junior account, you get (when you take out the Standard plan): Features on the Junior account when you upgrade to one of Revoluts paid plans: Your child can use this account without a smartphone. From here, you can access many features to help track your spending and budgeting. However, in line with the age range, Monzo has blocked spending money on things illegal for under 18s, such as gambling. This extends to your partner and family, and the excess is 50. Depending on the currency, you'll pay between 0.35% to 2.85% of the amount youre transferring. A top choice for those who travel frequently. For standard international money transfers, Revolut customers will be charged 0.3% of the amount sent, pegged to a minimum of 0.30 and a maximum of 9.00 (or equivalent). The first thing you need to do to open an account with either Monzo or Revolut is to download its free app from the App Store or Google Play store. Monzo provides a transparent currency exchange service via its TransferWise integration. With Revolut and Monzo providing such similar services, this begs the question, how do they differ? Revolut is weird, they don't specifically have phone insurance, but they do have a purchase protection perk. You can also set up an overdraft with Monzo at the cost of 50p per day. After this, youre charged a 2% fee. August 15, 2022 By Gavan Smythe. First Revolut, then Apple, now Monzo. . However, we liked that you can top up your Revolut account using a debit card, which you cant do with Monzo (A feature that it scrapped) You can still pay money into both accounts using bank transfers, but it can be handy to top up on the go, especially as Revolut allows you to this with Apple Pay and Google Pay. For example, Revoluts currency exchange service is usually more expensive over weekends. There are many pros and cons for both Revolut and Monzo. Interest: Earn 1.50%/1.49% AER/Gross (variable) interest on up to 2,000 in your account balance and regular Pots (excludes Savings Pots). Standard Revolut customers can pay for travel insurance for as little as 1 per day or pay a flat fee of 30 per year if they want coverage but dont want to upgrade to Revolut Premium or Metal. This is the only way customers can manage their account if they lose their phone, as unlike Monzo, Revolut doesnt provide users with a web app. Revolut covers you for everything, and it's Premium and Metal plans offer discounted access to more than 1,000 airports worldwide. Premium customers receive 1 fee-free global transfer every month; Metal customers get unlimited. So this won't be 100% accurate, but hopefully, it will give you an idea of how these premium accounts compare, and you can then research things in detail yourself. However, they charge a fee if you top up using a card. Many use artificial intelligence development services to come up with inventive ways to improve features for customers when using apps, compared to traditional banks. I plan to do all my food shopping using that card, plus Amazon spending, so I think I'd get about 5 cashback per month. In-app budgeting tools have been a big hit for digital banks as they help you control your spending and review your spending habits. If you just want a digital current account with no monthly fee, then both Monzo and Revolut have you covered. The phone insurance with Curve Metal is a little confusing as it is bundled in with travel insurance. After covering Revolut and Monzos free and Premium accounts, lets take a quick look at the other accounts these banks offer, starting with Revolut. The Revolut App Monzo first revealed its desire to launch travel-friendly products for its customers just two weeks after Monzo Plus officially launched in its annual report. This covers loss, accidental damage, cracked screens, and theft. These Vaults are basically savings accounts. Monzo is more thorough, covering up to 2000 and up to 300 in accessories. Great FX rates. With both providers, you get an instant notification on your phone whenever you make a payment in-store or online, withdraw cash, transfer money to somebody, or someone sends you money. Revolut charge 5 or the equivalent currency fee if you need a replacement card. Monzo Plus is also charge-free. At weekends it is +0.5% on all major currencies and +2% on smaller currencies. Monzo offers full protection up to 85,000 via the Financial Services Compensation Scheme (FSCS). The resources from ecommerce-platforms.com helped me find the right tools and to kickstart our marketing strategy. Both Revolut and Monzo offer several plans, with differing fees. Theres also the question of price, Monzo Premium can also cost up to 64 more per year than Revolut Metal, a pretty big price difference for a very similar product if you ask me. As an Amazon Associate, I earn from qualifying purchases. The fintechs subscriptions are also incredibly popular, generating 39.5m in revenue for the digital banking service in 2019 alone. A leading choice for those who take a trip often. Savings and interest: When you save 18,500 each year in your Savings Vault, youll get 120 in interest per year. Monzo Premium costs 15 per month, or 180 per year, with a minimum contract of six monthspretty long when it comes to banking subscriptions. Some people may not like the fact you must rely on in-app chats with Revolut, when you can pick up the phone to speak with someone with Monzo. Revolut Metal also gives its members exclusive access to: Exclusive contactless Metal card; Cashback in a (crypto)currency of your choice; Four times the standard surcharge-free ATM allowance; Premium users can have both Premium and Standard cards at the same time. Is Hybrid Servicing The Next Big Thing In WealthTech? What is Ecommerce? Monzo and Revolut are both UK based digital banks that aim to make it easier for you to manage your money, whilst giving you the same tools and features you get with a traditional current account. Both apps have many similarities. However, downloading the Revolut app is recommended as soon as you get a new smartphone. TouchBistro POS Review: Is This The Right POS For You? Metal users can have Standard, Premium, and Metal cards at the same time. You can take your money out whenever- whether that be the next day or far into the future. Revolut Metal Vs Monzo Premium it is now a bank. Both Monzo and Revolut offer attractive interest rates for their top-paying customers, 1.5 per cent AER (or 1.49 per cent Gross) for Monzo Premium, but only on deposits up to 2,000, which includes any money held in savings pots. With Monzo, you can only hold one currency in your bank account. This is basically a savings account for family, friends, coworkers, etc., that share the same financial goal. They then have 0.65% on savings with no limit that I can find. Some of these features include financial planning, budgeting, and multi-currency summaries. As stated above, eligible deposits in your Monzo account are protected by the FSCS up to 85,000. For example, if you are in Spain and use your Revolut card in a local bar, it will use your Euro account by default. As weve already touched on, Monzo doesnt have a native way to trade cryptocurrency, but you can do so via its Coinbase integration. If youre in a rush, Revolut provides an express delivery option that will get your card to you within three to four days. Both banks use the interbank foreign exchange rate when you make purchases abroad, which is the same rate used by banks and is in real-time, so you always get the best rate available. You can also apply for an arranged overdraft of up to 3,000. Revolut is a great alternative for Monzo bank app which allows you to transfer and request money from 200+ countries, and all it takes are a few clicks, or split bills with your friends. That said, both offer comparable and competitive international rates and excellent customer service. Rosie Greaves is a professional content strategist who specializes in all things digital marketing, B2B, and lifestyle. With 75 excess. Curve Metal Monzo Premium Revolut Metal; Cost : 14.99pcm 150 per year (equivalent of 12.50 pcm) 15: 12.99: Travel Insurance: Worldwide travel for your family (partner & Children) 50 excess for most things No cover for pre-existing conditions Trips limited to 90 days Some sports limitations (Skiing and snowboarding are covered) This breakdown should help you select the one just right for you Standard Free Plus 2.99/month Premium 6.99/month Metal 12.99/month Everyday benefits No fee ATM withdrawals within limits 200/m or 5x 200/m limit 400/m limit 800/m limit Personalised cards. Hopefully, this article has helped you see what each company can offer you, and whether it suits your needs or not. In that case, youre registered with an electronic money institution, and they safeguard your money by depositing it into a client money bank account. It simplifies your financial life by connecting your accounts to one smart card and an even more intelligent app. By continuing to browse, you accept the use of cookies. This comes with pretty much everything Monzos standard account offers. Our website is free to use, and the commission we receive does not affect our opinion or the information we provide. We thought it might be helpful to clearly lay out what you get with Monzo Premium and Monzo Plus in a side by side comparison. Fees apply From their website, youre also able to track your transactions to see if theres any suspicious activity going on. It depends not only on the currency but also on trade volume and whether youre exchanging during or outside market hours. Revolut Metal Vs Monzo Premium it is now a bank. Revolut Vs Monzo - Compared Starling and Monzo are both challenger banks. That means no branches or face-to-face customer service. Plus, and Premium account holders unlock two Junior accounts, and Metal unlocks five. Revoluts latest numbers encouragingly show that it is starting to help its bottom line. Revolut's pricing is more complicated. AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. With the app, children can save, track and spend money. That being said, its still impressive that Monzo attracted 50,000 subscribers in Monzo Plus first month alone and I guess well just have to wait and see how many are drawn to the digital banks newest offering. Unlimited foreign exchange: You can spend, transfer and exchange endless amounts of money using the interbank exchange rate. Let's look at their perks that might or might not be worth Monzo's 15 per month and Revolut's 12.99. Once you have downloaded the app to your smartphone, you are ready to start the application process. Compare all the benefits Not sure which plan to choose? Just as Monzo has a few exclusive features, so does Revolut. Monzo is more thorough, covering up to 2000 and up to 300 in accessories. Revolut also has a SmartDelay perk which will give you and 3 friends free access to a lounge if your flight is delayed for more than an hour. Both have foreign exchange optimized services. You can also use your debit card overseas without being charged commission, and Monzo also works with platforms like Coinbase to make trading Cryptocurrency possible. Revolut also covers twice as many days abroad than Monzo, a whopping 90 days under Revolut Metal compared to just 45 with Monzo Premium. Revolt safeguards your money by keeping it separate from its own funds. Revolut has recently expanded operations to include cryptocurrency, insurance products, and common stock trades. This card comes with all of the Standard and Premium features plus a free ATM withdrawal allowance of 600 per month. This only applies if you add money with a card issued within the EEA or a commercial card. Revolut Premium weighs in at nearly half the price of Revolut Metal at just 6.99 per month. So, if you put in 150, theyll put 149 into your account. Both Revolut and Monzo come packed with some great features as standard to help you manage your money. You will also be able to view your new account number and sort code within the app. Take a look at the table below to see what you can get for your money with both subscriptions: As you can see, the two plans are similar. Premium 6.99/month. This website uses cookies to ensure you get the best experience. An important difference here is that Revolut doesnt make its customers pay for its account aggregation services, all Revolut customers can see their other bank accounts in the Revolut app, whereas Monzos users have to, at the very least, subscribe to Monzo Plus to access open banking. You can read more about digital banks to decide if having one is right for you. A spokesperson for Monzo has confirmed that it has integrations with all banks that currently support the Open Banking Standard and has plans to add more to its list of supported institutions soon. It also offers Revolut Travel Ltds travel insurance, discounted device insurance, and compensation for delayed flights and luggage. You will also need to provide one of the following: Both providers will ask you to take a clear photo of your ID, which is then sent securely for verification. Revolut is weird, they don't specifically have phone insurance, but they do have a purchase protection perk. ATM withdrawal: Withdraw up to 800 per month from ATMs worldwide for free. Also, Revolut, which doesnt let customers deposit cash unlike Monzo, lets you withdraw up to 800 for free when abroad, compared to Monzos 600 however, Monzo customers can make five free cash deposits, a leap up from the one free deposit offered with Monzo Plus. It isn't extensive, the Curve insurance document is 32 pages long, and I haven't studied it that much detail. Neither company charges you for opening or holding a standard account, and both allow you to send money internationally. There are then bonus cashback rewards. So, youve opened your account, received your debit card, and now youre ready to start spending, but which app is the best at helping you manage your money, set up budgets, and notify you of your spending? The excess is 75. It unlocks a lot of extra benefits for Revolut users. However, to the best of my knowledge, it also covers theft and damage while at home. This is excellent protection against fraud. Curve Overview Founded in 2015, Curve is on a mission to change the way people spend, send, see, and save money. United Kingdom. Standard Account If you just want a digital current account with no monthly fee, then both Monzo and Revolut have you covered. We especially love the fee-free local transfers offered by Revolut and unlimited free ATM withdrawals in the UK offered by Monzo. Curve does provide a rental car collision damage waiver which I guess would be more of a travel perk than anything else. Virtual cards, increased forgien ATM withdrawal limits, interest on savings, and advanced round-ups. Revolut Premium is a paid plan that Revolut offers. For instance, while emergency medical coverage is included, if you choose to travel despite knowing that someone you are staying with has coronavirus you wont be covered by Monzos policy. The AltFi Awards 2022: Here are the winners. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. Revolut are paying membership to LoungeKey and probably 13-15 a pass if not more Metal is 120 a year and it includes other perks what are you expecting? Both use separate tabs to keep everything in an easy-to-navigate layout; Need to send a payment? This is a type of protection that limits how much a car hire company will charge for repairs. The thing that sets Revolut apart from Monzo is that you can simply do more with a Revolut account, even if you are not a regular traveller with no need for a secondary euro account. For Revolut Premium, the company offers free express delivery and the same is true for the Revolut Metal, but with the latter, you'll only get 1 free replacement, and it costs $70 thereafter. The ability to easily keep track of whos paying for what and where your money is going. By Aisling Finn on Monday 26 October 2020. However, they dont provide an actual Joint account like Monzo. Of course, Curve isn't a bank account but a service that aggregates multiple payment cards into one debit card. Both providers will confirm if your account has been opened straight away and your debit card will be sent out to you. Monzo and Revolut offer customer service with its accounts, but customers of Revolut may struggle unless you splash out for a Premium or Metal account. When setting up an individual vault, you can set your own financial goals and deadlines and round up your spare change to fund your savings. Unlike Revolut, Monzo provides a joint account. This is a peace-of-mind feature that many will be grateful for. Curve states typically 20 per person, but Monzo is a flat 24. Headquartered in Berlin, the challenger rose to prominence in 2016 when PayPal founder Peter Thiel took a break from suing news agencies and ponied up 10 million through Valar Ventures. Exchange money within the Revolut app into 30 currencies, at the lowest exchange rate available. With its extensive features and benefits, plus the ability to upgrade your account to receive even more features, Revolut beats Monzo by a clear mile. Each Premium user is allowed to create 1 Disposable Card per account. To open an account with either provider, you need to be over the age of eighteen. She has over three years of experience crafting high-quality content. Revolut and Monzo both offer free accounts, and both providers have also branched out into subscription accounts that come with extra features and allowances in exchange for a monthly fee. Revolut bases how they safeguard your money according to the Revolut entity youre registered to. Its new Premium account costs 15 a month and comes with. (This is about three times more than a standard Monzo account). Each notification will tell you: You can open a savings account with both Monzo and Revolut. Fintech and alternative finance headlines with an exclusive Editor's Note each week. In contrast, Revolut doesn't provide interest for savings, whereas Monzo offers saving accounts at a rate of up to 1.63 %. It is not the best phone insurance plan with a value limit of just 800 and no accessories. All three companies offer various foreign spending perks providing you with the best exchange rates possible and fee-free withdrawals. We'll answer all these questions below to help you decide on the right digital bank for you. It started in 2015 as a travel card that provides cheap currency exchange rate. Before we look at the differences, it is good to know that no matter which you choose, you will get: Digital banking is still a fairly new era of money management, but it has caught on fast, especially amongst the younger generation. Revolut is another app-based bank service. Savings and interest: Though Revolut doesnt offer a savings account per se, they have something called Vaults. However, its a small fee intended to cover Revoluts costs. It started in 2015 as a travel card that provides cheap currency exchange rate. Monzo is currently only available in the UK, whereas Revolut has much wider availability. 4. Wix vs Shopify (Dec 2022): Which is the Absolute Best? People are now becoming more comfortable stepping away from the usual big brand banks and going with new banks that offer them alternatives. Revolut Overall score: 56 VS Winner Monese Overall score: 57 50 Personal Features 67 50% 67% 56 Dealing with fraud When you start to move your banking ever more online, there is always a fear of fraud and other people somehow getting a hold of your details. Timestamps: Introduction: 00:00 Revolut Premium: 00:15 Everyday Benefits: 00:42 Insurance Benefits: 03:23 Travel Savings: 06:00 Revolut "hack": 07:16 Revolut Metal: 08:03 Conclusion:. I can't find the price for Revolut, but I would expect that it is the same. And which have cheaper international money transfer options. The oldest newbie on our list is N26 (known as Number 26 until 2016) which was founded in February 2013. Monzo also lets you round up your transactions to put aside in a coin jar, but it doesnt automatically donate this money. Is There a Clear Winner in the Revolut Vs Monzo Comparison? Let us know in the comments box below what you decide! Customers can apply for a loan within the Monzo app and have full visibility of the rates and repayments. Revolut Money transfer fees differ for personal and business Revolut users; the list of fees can be found on the Revolut website and app. For fraud prevention purposes, a Disposable Virtual Card will work for up to five payments per day. However, Monzo does offer an additional account for those aged 16-17, which Revolut does not. We only collect anonymous data. Though Monzo has the slight edge here, its easier to access help via their website and app. Cookies used for marketing and advertising purposes. Monzo and Revolut both offer a standard account with no monthly fee. It also supports Google Pay and Apple Pay. Revolut Metal. Get a summary of your bills, an overview of your account, and other committed spending separately so you can quickly see how much youve got left. Monzo calls them Pots and Revolut calls them Vaults. Worldwide family travel: Provided by AXA, this insurance covers cancellation costs up to 5,000, medical bills up to 10m, lost valuables up to 750, and more. Monzo has embraced the industrial revolution in banking by following Apple and Revolut in launching a debit card made of white steel. However, the ability to top up with Revolut is very handy. Both providers offer fee-free purchases and no ATM fees for cash withdrawal in a foreign currency, which should save you having to nip to the Post Office for your travel money. Revolut Metal Vs Monzo Premium really required to protect your money with bigger financial institutions with a bank like lloyd's or barclays so if were to go bust your cash would be safe and because of this and the fact they're completely controlled by the fca in the uk and accredited as a bank in specific european nations we scored an 8 . In the UK it might not be able to completely change your bank. Now, for an overview of the other plans that Monzo offers. Starling was founded by UBS and RBS alum Anne Boden . An in-depth comparison of the two most expensive subscriptions from Monzo and Revolut. You can set spending budgets together and get instant notifications in real-time if youre spending too much too fast. However, you wont be charged a markup on exchange when you use your card abroad. For example, there is currently a 25% cashback on an Amazon Kindle book purchase. Revolut Metal Vs Monzo Premium A top option for those who travel frequently. Or, are you considering other challenger banks like Starling bank? What features do they provide? Here are a few facts and figures on both providers. Plus 5 of the Best Payment Gateways Compared for 2022, 10+ Best Online Course Platforms Reviewed and Compared for 2022, Selling Digital Products Online: The Best Ways to Sell Digital Goods-Tools &Tricks, How to Choose the Best Ecommerce Platform for SEO (Dec 2022), The Best Ecommerce Platforms & Shopping Carts for Multi-vendor Ecommerce Marketplaces, How to Create Your Own Shopify Store in Less than 15 Minutes (Dec 2022). If not more. It is the fastest growing digital bank with the widest series of features. . Access to Monzos white metal card design. Worldwide travel insurance: This covers you for worldwide emergency medical and dental treatment. hit the Budget tab. The FSCS doesnt guarantee Revolut in the UK. The rental must be paid for in full with your covered card (unlike your phone insurance). Revolut gives you more account options and benefits for you to choose from, and the free secondary account in Euros is a great additional feature. So, instead of Revolut Metal costing 155.88 per year, customers can get it for as little as 116, which makes Monzos offering seem a lot more costly. Surprisingly, Monzo does not, and instead offers a one size fits all approach. In these cases, Revolut undertakes steps to refund its customers and to take action against sellers where necessary. Then 0.1% in the EU. Revolut's main draws are its prepaid debit cards and cheap travel money benefits. As Monzo and Revolut are online banks, it's no surprise both provide great mobile apps (Android and iOS). Revolut launched its first subscription service all the way back in March 2017 and then subsequently launched Revolut Metal in August 2018. This comes in handy if you want to motivate your children to earn money by assigning them chores. The excess is just 50, though. See our ethics statement. Revolut is perhaps the weakest due to the lack of proper mobile insurance, but it is the cheapest, and they have the best cashback offer, reducing the effective rate further. With the option to open additional accounts in over 30 currencies, you can use your Revolut account anywhere in the world, move money between your accounts, and even set alerts in the app to let you know when the exchange rate hits a certain level before exchanging money. This will lead you to speak with a support agent. As a result, itself doesn . Both provide you with accounts packed full of features and benefits. Standard - 0, Premium - 6.99, Metal - 12.99. Revolut, on the other hand, offers two additional accounts called Premium and Metal. Your email address will not be published. These accounts are used to reimburse you should Revolut ever become insolvent. You can also set up an overdraft with Monzo at the cost of 50p per day. Coverage: You get up to 10,000 with insurance for the whole year on purchases that have been stolen or accidentally damaged. Revout and Monese are evenly matched digital banking solutions. In its first month, Monzo Plus garnered 50,000 subscribers, nearly all of whom would have been tied into their contracts for the minimum three months, unless they fancied paying the cancellation fee. The package also provides overseas medical insurance, delayed baggage & delayed flight insurance, LoungeKey Pass access, priority customer support, and some other cool perks. Cashback: Earn up to 1% cashback in any currency. Want to view your budgets? Revolut Premium is an alternative mid-tier account that may satisfy those who are happy to pay for their banking to receive some extras but aren't as bothered by cashback and metal cards. Its hard to discern which plan is best given that Monzo Premium is so new and hasnt had the chance to evolve like Revolut Metal. Will it be able to draw customers away from main rival Revolut? Both charge their users for international transfers - but there's a difference. Revolut vs Monzo: Loans and overdrafts Monzo offers loans of up to 3,000 that can be paid back over 36 months. For example, if you and your mates want to go on holiday together, you could create a group vault to save up together. They are newly formed banks that are competing with established banks. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Alternatively, we also have some great advice on traditional current accounts, if you prefer having a bank account with a branch. Get Monzo Premium 15 per month 6 month minimum Must be aged 18-69 Protection for your prized possession Phone insurance that covers theft, loss, accidental damage, even cracked screens. Get our fortnightly round-up of the best deals, reviews and money-saving tricks! On weekdays Revolut says you receive the interbank rate for major currencies and +1% for minor currencies such as THB, RUB, UAH and TRY. However, Revolut offers you the option to upgrade to a selection of premium accounts for a monthly fee to receive some additional benefits and features. It may be interesting to note that Monzos premium account is a reasonably recent adventure for the bank, released in 2020, while Revoluts Premium has had a few years head start. A top option for those who take a trip frequently. Revolut, on the other hand, runs on four different pricing plans. Top 50 Ecommerce Marketing Tips to Outrank Competitors, 0.35%-2.85% depending on the foreign currency. All three services offer LoungeKey lounge access. Monzo lacks cashback but does have 1.5% interest on up to 2000 in savings which could give you 24 per year interest reducing the effective cost by 2pcm. This is a brilliant feature and something that sets it apart from Monzo. The decision is a difficult one and ultimately down to you. Revolut Metal Vs Monzo Premium it is now a bank. It is the fastest growing digital bank with the best series of features. With phones like the iPhone 13 Pro Max or Samsung Galaxy S21 Ultra costing over 1k this could be an issue. In early 2021 it likewise used for a UK banking license and a bank charter in the United States. And finally, when both packages are aimed at regular travellers it begs the questionare they really worth it when international travel is so restricted at the moment? Before we delve in, it is important for you to know that digital banks are exactly that - digital. Now, because so much of Monzos new subscription is based around insurance, we decided it was best to break down both insurance offerings to paint a clearer picture. A really great feature that both apps do really well. You can add phone insurance to your Revolut account from just 1 per week which protects your phone instantly in the UK and around the world. You can also upgrade your Standard Revolut account to a Premium or Metal account and unlock some additional features. What account plans do they offer? It is the paid accounts, or to be more precise, the Revolut's Metal and Monzo's Premium accounts that have the most benefits for travellers. 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