You will also be able to view your new account number and sort code within the app. 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. Wix vs Shopify (Dec 2022): Which is the Absolute Best? Revolut Metal. 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. A top option for those who take a trip frequently. Like Revolut, Monzo has a Plus account that sits between their Current account and their Premium account. Monzo and Revolut are two of the biggest names in digital banking at the moment. 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:. Fee-free ATM withdrawals. However, the ability to top up with Revolut is very handy. With Curve Cash, you can have 6 selected retailers that will then provide 1% cashback. The application process is a little faster and more streamlined. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. In contrast, Monzo is a Mastercard debit card, which again can be used online or in-person. Following on from my Curve vs Nationwide post, I have been looking at how the Curve Metal service compares with the Mono Premium and Revolut Metal bank accounts. For example, Revoluts currency exchange service is usually more expensive over weekends. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. In early 2021 it likewise used for a UK banking license and a bank charter in the United States. Theft insurance: If your phones stolen, youre able to claim for it through Revolut. Up to 2,500 a year covered: This is for purchases that are stolen or accidentally damaged. It is the fastest growing digital bank with the widest series of features. That said, we like that Revolut allows you to hold up to 24 different currencies and that money can be exchanged instantly between them. None of these provides breakdown cover, which is one of the big selling points of the Nationwide account. There is also a 24/7 concierge service to help sort out your social life. 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 Overall score: 56 VS Winner Monese Overall score: 57 50 Personal Features 67 50% 67% 56 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. It also includes phone coverage of up to 2,000 and accessories up to 300 (chargers, headphones, for example). 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 . You can also upgrade your Standard Revolut account to a Premium or Metal account and unlock some additional features. They are newly formed banks that are competing with established banks. 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? You can track your credit score via the Monzo app. August 15, 2022 By Gavan Smythe. When it comes to getting your debit card, Monzo wins, hands down. This covers a variety of things: Cover in the event of damage or theft for purchases in the last twelve months. 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. All three companies offer various foreign spending perks providing you with the best exchange rates possible and fee-free withdrawals. In addition, it also includes: Metal card Metal cards are in vogue at the moment. Both Revolut and Monzo provide exceptional features and a welcome alternative to traditional banks. The AltFi Awards 2022: Here are the winners. 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. Both Monzo and Revolut offer a feature where you can request money from another user in order to split a bill. While at the time of writing it is not running as a bank, it is slowly turning into one, having gotten an opposition bank license from the European Central Bank in December 2018. Revolut isnt currently part of this scheme. The FSCS doesnt guarantee Revolut in the UK. Is Hybrid Servicing The Next Big Thing In WealthTech? Access to over 1,000 LoungeKey airport lounges worldwide at up to 60% discount. 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. Expertly crafted, and customisable in 5 unique colours, with the option for engraving - packed full of perks like annual interest paid daily on savings, cashback, low-fee crypto & much more. I think the 1% cashback via 6 selected retailers would earn me far more per year than the 1.5% on 2,000 interest. This is excellent protection against fraud. As you can see, both apps offer a very similar service. Winner: Tie. This will lead you to speak with a support agent. The Revolut App 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. Great FX rates. 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. EC2R 8EJ However, they charge a fee if you top up using a card. What is Ecommerce? Any links to online stores should be assumed to be affiliates (though I will link to the best recommendation whether I earn money from it or not). Access to Monzos white metal card design. Curve and many other fintech banks use AI to improve their service. Unless you plan to hammer the lounge access, I would say the Nationwide FlexPlus account is a better buy than Monzo Metal. Both Revolut and Monzo offer insurance products to subscription customers excluding Revolut pet insurance which is available for anyone who has a Revolut account. You can freeze and unfreeze your childs card, to manage their spending. 1% cashback using the Metal Card Virtual dedit cards available Travel optimised phuscial debit card First 3 month business account fee . The road to subscription services has not been a smooth one for Monzo, however, the digital bank previously shuttered its ill-fated original attempt at Monzo Plus just five months after launching the product in September2019. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Luckily for Monzo, it has seen that, and while now is probably not the best time to launch travel insurance, it has included coronavirus coverage, something which Revolut does not cover. Monzo is currently only available in the UK, whereas Revolut has much wider availability. That means no branches or face-to-face customer service. I am also part of AWIN and other affiliate websites. Both providers claim that it takes a matter of minutes to open an account and, when put to the test, this was the case. We also found the layout of the Revolut app a little less cluttered and easier to navigate. With Monzo, if you lose your phone, youre able to use their website to seek help. I can't find the price for Revolut, but I would expect that it is the same. If you just want a digital current account with no monthly fee, then both Monzo and Revolut have you covered. The Premium account includes all of the Plus benefits i.e. If you know how to work a smartphone and have used online or mobile banking in the past, then using a digital bank will be a walk in the park. You can also apply for an arranged overdraft of up to 3,000. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Revolut also has a Car hire excess for 31 days of your trip. TouchBistro POS Review: Is This The Right POS For You? Monzo has the edge when it comes to using their debit card overseas. They do sell mobile insurance at a 20% reduced rate, and this may be handy if your phone is over a year old. As stated above, eligible deposits in your Monzo account are protected by the FSCS up to 85,000. Which app layout is best is going to come down to personal preference. I couldn't find the figure for Revolut, but I would expect they have the same excess. Both provide you with accounts packed full of features and benefits. Electronics: Monzo offers phone insurance, provided by Assurant. As you can see, both providers have been around since 2015, but Revolut has amassed nearly triple the number of customers and received a higher customer review score than Monzo. Your email address will not be published. We use cookies to deliver our services, and, if you agree, for analytics purposes to improve our services and to deliver customized ads. United Kingdom. Monzo and Revolut both offer a standard account with no monthly fee. If you want something more than Revoluts or Monzos Standard plans, consider their Premium packages. Premium: $9.99: Metal: $16.99: The UK: Standard: 0: Premium: 6.99 : Metal: 12.99: Australia: Standard: $0: Premium: $10.99: Metal: $24. Then why not compare the best bank accounts to see what other options are available. Selectra encourages you to carry out your own research and seek advice if necessary before making any decisions. The firm is not the first fintech brand to release a paid-for banking service that comes with a fancy metal card. If youre in a rush, Revolut provides an express delivery option that will get your card to you within three to four days. However, to the best of my knowledge, it also covers theft and damage while at home. 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. So, if you put in 150, theyll put 149 into your account. This means that if Revolut becomes insolvent, you should be able to claim a full refund. With Monzo, you can only hold one currency in your bank account. 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. We also liked that you can request for your debit card to be posted to any UK address, not just your home address. today were going to be reviewing with the goal to assist you answer concerns like need to you get a account and how will it benefit you and to do this well be looking at how e rated on our monito rating and what led to us giving them an 8.6 this will help us decide whether we can rely on with our money as, well as get a clear picture of their services and advantages their fees and exchange rates and also see how their customers rate established in 2015 is a private business with over 2 000 workers theyre an award-winning business and in 2020 won the uk tech awards for company of the year since december 2021 their accounts and cards are readily available to customers residing in the uk us eu and eea nations australia singapore switzerland and japan unfortunately no canada or brand-new zealand however brand-new zealand is looking likely in the near future if you visit their website they say they have a banking licence which was approved by the european reserve bank in poland and lithuania this permits them to provide banking services in a variety of european nations consisting of bulgaria croatia romania slovenia in addition to france italy and portugal and more nevertheless theyre yet to be given a banking license in the uk the us or anywhere else they operate but just because theyre not a standard bank and dont have a banking license, in specific nations doesnt mean your money isnt safe are in fact needed to safeguard your money with bigger banks with a bank like lloyds or barclays so if were to go bust your money would be safe and because of this and the truth theyre completely controlled by the fca in the uk and licensed as a bank in specific european nations we scored an 8.9 for trust and credibility with over 16 million consumers already relying on with their cash we think you can certainly trust them with yours has been extremely ingenious when it pertains to banking their mobile app unlike traditional banks is distinct magnificently developed and really stands apart for its numerous functions and offerings when you at first sign up youll be asked to select a strategy there are 4 offered standard which is free plus premium and metal these are their costs in the uk however they might vary depending upon where youre located the basic offerings of are available throughout all plans which includes a bank account with its budgeting and automatic cost savings advantages currency exchange, global costs atm withdrawals fast and basic money transfers consisting of costs splitting so you can quickly send out and request cash in addition to stocks and crypto trading however the numerous plans will provide you higher advantages within each of these fundamentals for example the more expensive to prepare the more cash you can withdraw from an atm without incurring a fee with the basic free plan depending which comes first youre either restricted to a total of 200 pounds or five atm withdrawals each month with plus premium and metal you are not restricted to a number of withdrawals however you do have a maximum amount you can withdraw without sustaining a fee has a terrific cost savings product available called the savings vault it has great rates of interest which really increase when youre on a higher strategy and likewise some excellent ways to deposit your cash including spare modification which is a function in the app where will assemble your card purchases to the nearest whole number and stow away the difference in your savings rise so if you were seeking to utilize revolu as a means of saving money and gathering interest then this could be a fantastic choice for you if youre looking to frequently send money globally with revolu the premium and metal strategy may be much better for you along with they have an allowance of fee exempt regular monthly transfers basically with the complimentary plan you will, incur charges when moving cash with premium you get one and with metal you get three cost totally free transfers and if you intend to use revolut to buy and sell crypto you can do this with any plan except youll require the most pricey metal strategy if you wish to withdraw your crypto out of revolu and into an external wallet theres likewise no 24 7 priority consumer support for the standard complimentary strategy however do not be tricked by this it doesnt mean you will not have the ability to speak to somebody if you require help im on the standard plan and i leapt Revolut Metal Vs Monzo Premium, Betterhelp Commercial Property Discount Code, Why Cant I Request My Coubselor N Betterhelp Discount Code, Is There A Free Therapy App Discount Code, Betterhelp Publicly Traded Discount Code, Can I Make More Per Hour On Betterhelp Or Betterhelp Discount Code. Though Monzo has the slight edge here, its easier to access help via their website and app. Revolut offers both Mastercard and Visa cards- these are assigned based on location, and as such, you can't choose which card you get. Revolut Revolut apply a small fee to all international money transfers. The resources from ecommerce-platforms.com helped me find the right tools and to kickstart our marketing strategy. 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. You can also block and unblock your debit card if it goes missing from their apps' convenience. Revolut covers you for everything, and it's Premium and Metal plans offer discounted access to more than 1,000 airports worldwide. Fees with Revolut tend to depend on the time of week and that can lead to some disaffection among its customers. 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. Revolut doesnt offer overdrafts but does provide other services such as automatic donations, and rounding up transactions. In these cases, Revolut undertakes steps to refund its customers and to take action against sellers where necessary. Digital Banking State of the Market Report, Alternative Lending State of the Market Report, Tide officially launches app and Business Account in India, Starling Bank adds free virtual cards and deeper spending analysis, Curve and Credit Suisse ink $1bn deal to expand BNPL products. While at the time of writing it is not operating as a bank, it is gradually becoming one, having gotten a challenger bank license from the European Central Bank in December 2018. See your finances: You can connect your other bank accounts and credit cards to Monzo so you can view your finances from one centralized place. Both providers allow you to add money to your savings account by: Weve had a look at the similarities of the two providers features, but there are a few things that Monzo can do that Revolut cant. We have seen the extensive features of both providers along with the ways each of them can help you manage your money and use around the world. As stated above, you can block and unblock your card if it goes missing via their handy apps. The services and products mentioned on this website may only represent a small selection of the options available to you. Required fields are marked *. 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 You can set up your overdraft from the Monzo app and decide what size overdraft you require and how long you wish to have it available. A really great feature that both apps do really well. 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. Delivered Monday at midday. Curve is probably the best offering, but mobile phone insurance lets it down. Revolut launched its first subscription service all the way back in March 2017 and then subsequently launched Revolut Metal in August 2018. Monzo Vs Revolut - Game on. Learn how your comment data is processed. Revolut Premium is a paid plan that Revolut offers. This is a peace-of-mind feature that many will be grateful for. It is the fastest growing digital bank with the largest series of features. With Revolut, your card will still work even without your smartphone. Last week Monzo officially launched its second subscription service, Monzo Premium, just three months after relaunching its first paid-for product, Monzo Plus. Youll be notified how much this fee is before completing the transaction. 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. A top option for those who take a trip frequently. Monzo and Revolut both offer a standard account with no monthly fee. In contrast, Revolut allows you to top up your account via bank transfer, linked accounts, debit, or credit card. As a result, itself doesn . Revolut has both cashback and interest. We'll answer all these questions below to help you decide on the right digital bank for you. Revolut vs Monzo: Loans and overdrafts Monzo offers loans of up to 3,000 that can be paid back over 36 months. 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. Fees. 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. Custom controls over your childs contactless and online spending. The features of Revolut's and Monzo's standard cards are pretty much identical. Cashback is 1% outside of Europe, so it should cover all spending in the UK. Each notification will tell you: You can open a savings account with both Monzo and Revolut. See our ethics statement. What account plans do they offer? It started in 2015 as a travel card that provides cheap currency exchange rate. Wise charges a flat and transparent $9 for ordering a card plus $5 for a replacement card. However, you wont be charged a markup on exchange when you use your card abroad. Upgrade to a global lifestyle . 600 fee-free withdrawals abroad every 30 days, Earn 1.50%/1.49% AER/Gross (variable) interest on up to 2,000. Both use separate tabs to keep everything in an easy-to-navigate layout; Need to send a payment? 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. The card is shipped to over 180 countries within 1-3 business days. Curve does provide a rental car collision damage waiver which I guess would be more of a travel perk than anything else. Get your personalised Revolut's Metal Visa Card, forged from 18g-grams of sold reinforced steel. This costs 2.99 per month and offers the following features: If you want a plan that offers more than Revoluts Premium plan, consider the Metal package. For example, there is currently a 25% cashback on an Amazon Kindle book purchase. Budgeting and analytics Cryptocurrency account Currency exchange Current account Revout and Monese are evenly matched digital banking solutions. You benefit from Revoluts exclusive Premium card design. Our website is free to use, and the commission we receive does not affect our opinion or the information we provide. You can use both Revolut and Monzo, abroad. You can set spending budgets together and get instant notifications in real-time if youre spending too much too fast. For Monzo and Revolut, I have taken the information from their product pages and not read into the fine print that much. She has over three years of experience crafting high-quality content. To provide even more value to our Premium customers, Disposable Virtual Cards are currently offered as part of the Revolut Premium account. They dont charge any commission for FX services if you pay with your Monzo card abroad. Many use artificial intelligence development services to come up with inventive ways to improve features for customers when using apps, compared to traditional banks. Find the right ecommerce platform 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. Both Monzo and Revolut apps are very well designed and work quickly. Your email address will not be published. The most significant benefit is the unlimited foreign exchange at the interbank exchange rate through the Revolut app. 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. As Monzo and Revolut are online banks, it's no surprise both provide great mobile apps (Android and iOS). Furthermore, in this review, we only compare the services' standard plans namely the 'Monzo' and 'Revolut Standard' accounts respectively. Premium customers receive 1 fee-free global transfer every month; Metal customers get unlimited. Savings and interest: When you save 18,500 each year in your Savings Vault, youll get 120 in interest per year. Revolut gives you the option to round up your spare change and automatically donate the difference to a charity. Shopify Pros and Cons. The Revolut Metal card allows you to earn up to 1% cashback on all transactions in any currency. Revolt safeguards your money by keeping it separate from its own funds. This is a highly regarded way of sending money abroad, as it boasts superb exchange rates and low fees. There are more ways to contact Monzo. You can only deposit a maximum of 500 every six months. After this, youre charged a 2% fee. 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. Revolut is available on Apple and Google Play app stores. However, in the UK it may not be able to fully change your bank. Revolut Metal Vs Monzo Premium A top option for those who travel frequently. It simplifies your financial life by connecting your accounts to one smart card and an even more intelligent app. Monzo also wins when it comes to customer protection, as the FSCS protection protects them. Revolut vs Monzo (Sep 2022): Which Online Banks Best? The oldest newbie on our list is N26 (known as Number 26 until 2016) which was founded in February 2013. Here is an example of how it works: Notifications are a great way to see how much you are spending throughout the day, as well as giving you peace of mind knowing that you are always alerted whenever your account is used to make a payment. Revolut, on the other hand, runs on four different pricing plans. Monzos travel insurance is underwritten by AXA and Revoluts by White Horse Insurance. We can also see from the table that Monzo Premium users can integrate their account with fewer banks that Revoluts customers, 16 versus 14. Despite including coronavirus coverage, Monzos insurance does have some Covid-caveats. Curve also has various cashback and reward offers. Nearly every single Digital Bank offers a premium account. 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. The excess is just 50, though. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. Coverage: You get up to 10,000 with insurance for the whole year on purchases that have been stolen or accidentally damaged. Smart delay: If your flight is delayed by more than one hour, Revolut will send you free airport passes for you and one friend. You'll also get access to other exclusive features for: Travel benefits Security and protection Savings and investments In the UK it might not be able to completely change your bank. 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). 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. 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. For fraud prevention purposes, a Disposable Virtual Card will work for up to five payments per day. Revolut's newest product is a contactless metal Mastercard. However, we found that it was slightly quicker to open an account with Revolut, but this was a photo finish. Here, you can open an account for your children but still retain full control. Here are a few facts and figures on both providers. Premium 6.99/month. Surprisingly, Monzo does not, and instead offers a one size fits all approach. 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. Money transfers: You can transfer money around the world using the interbank rate. Monzo also lets you round up your transactions to put aside in a coin jar, but it doesnt automatically donate this money. 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). Unlike Revolut, Monzo doesnt offer a kids account, but they provide a 16-17 account. Disposable virtual cards: Here, the details are automatically cleared after every online transaction, and new details automatically generated. 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. Neither company charges you for opening or holding a standard account, and both allow you to send money internationally. You can order a spare one for free. This is basically a savings account for family, friends, coworkers, etc., that share the same financial goal. 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. That said, both offer comparable and competitive international rates and excellent customer service. Standard Account If you just want a digital current account with no monthly fee, then both Monzo and Revolut have you covered. It also offers Revolut Travel Ltds travel insurance, discounted device insurance, and compensation for delayed flights and luggage. Exchange money within the Revolut app into 30 currencies, at the lowest exchange rate available. It also supports Google Pay and Apple Pay. Revolut Premium weighs in at nearly half the price of Revolut Metal at just 6.99 per month. Compare all the benefits Not sure which plan to choose? Still, it's regulated by FCA in the UK as an authorized Electronic Money Institution. All of our content and opinions are non-biased. Trust Pilot Score: 8.9/10 . In contrast, Revolut doesnt provide interest for savings, whereas Monzo offers saving accounts at a rate of up to 1.63 %. Monzo is good if you can easily make the most of that 1.5% interest. The ability to easily keep track of whos paying for what and where your money is going. In comparison, Revolut's top subscription costs 12.99 per month, which might not seem like a huge difference, but Revolut also offers a discount when you pay upfront. 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. Revolut also covers twice as many days abroad than Monzo, a whopping 90 days under Revolut Metal compared to just 45 with Monzo Premium. Want to view your budgets? In the UK it may not be able to completely replace your bank. Great work team EP! We especially love the fee-free local transfers offered by Revolut and unlimited free ATM withdrawals in the UK offered by Monzo. Cracked screen? 4. Both Curve and Monzo have a 50 excess for treatment. Here's a rundown of the Revolut and N26 standard account fees, so you can compare them side by side. A high-end Revolut Metal product is offered for 13.99 per month. Savings and interest: Though Revolut doesnt offer a savings account per se, they have something called Vaults. Cash deposits on Monzo cost 1 to help cover the costs of using the app. 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. Open a free additional account in Euros that comes with an IBAN. Revolut offers 1.35 per cent AER for its Metal customers but, unlike Monzo, theres no limit on how much money will earn interest in a Revolut account. 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. Discount airport lounge access: Get a discount on over 1,000 airport lounges worldwide for you and your friends. It has all the Revolut Premium benefits, plus: A fancy metal card; Triple ATM withdraws abroad (no fees up to /600) Up to 0.1% cashback within Europe and up to 1% outside Europe on all card payments. : Youll get refunded with Revolutss accident protection cover. Metal users can have Standard, Premium, and Metal cards at the same time. Go to Emergencies, log into your account and freeze your card. The excess is 75. You can create custom categories to group your spending and personalize your spending breakdown. If you pay cash into your account via a PayPoint, Monzo charges 1 for every deposit you make. Cashback: Earn up to 1% cashback in any currency. 90-day cover window: If retailers dont take back your items, Revolut will refund items between 50 and 300. Both Revolut and Monzo come packed with some great features as standard to help you manage your money. Revolut is another app-based bank service. Unlike Revolut, Monzo provides a joint account. This comparison focuses primarily on their money transfer capabilities. People are now becoming more comfortable stepping away from the usual big brand banks and going with new banks that offer them alternatives. On top of that, Monzo's part of the Current Account Switching Service, making it easy to move your existing account to them. They dont charge you for sending their debit card. 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. Children can choose their own cards from Revoluts range. Revolut Revolut is on a mission to provide one app for all things money. It is not the best phone insurance plan with a value limit of just 800 and no accessories. This comes with pretty much everything Monzos standard account offers. Shopify POS Review (Dec 2022): Is it the Best Point of Sale System & Retail POS? It is the fastest growing digital bank with the widest series of features. 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). 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? Starling was founded by UBS and RBS alum Anne Boden . As weve seen, Revolut offers Junior accounts and group vaults. Once you have downloaded the app to your smartphone, you are ready to start the application process. Before we delve in, it is important for you to know that digital banks are exactly that - digital. 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. For example, if you and your mates want to go on holiday together, you could create a group vault to save up together. Monzo provides a transparent currency exchange service via its TransferWise integration. Rosie Greaves is a professional content strategist who specializes in all things digital marketing, B2B, and lifestyle. Revolut, on the other hand, if you go over $6,000 in a month, you're charged two percent on your transactions. 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. According to Monzo, its Premium customers could save 76 per year on average on insurance alone but will anyone be planning any big trips in 2021? These accounts are used to reimburse you should Revolut ever become insolvent. Revolut is weird, they don't specifically have phone insurance, but they do have a purchase protection perk. Monzo is more thorough, covering up to 2000 and up to 300 in accessories. We may receive commission from selected partner providers on sales of some products and/or services mentioned within this website. We receive a commission for some of the products and or services mentioned within this website. They have quite steep fees and I gave up using them within months, but it is a good way to get into it. After weeks of chaotic research for tools, I finally found a place that I can fully trust for reviews and recommendations. Verdict: Revolut Metal vs N26 Metal It depends on which benefits you'll use the most. On weekdays Revolut says you receive the interbank rate for major currencies and +1% for minor currencies such as THB, RUB, UAH and TRY. Unlimited foreign exchange: You can spend, transfer and exchange endless amounts of money using the interbank exchange rate. 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. Revolut and Monzo are two innovative financial services that offer various personal and business accounts to suit multiple needs. As you're aware, both neobanks offer a free account and two or three paid accounts. You can also set up an overdraft with Monzo at the cost of 50p per day. Of course, Curve isn't a bank account but a service that aggregates multiple payment cards into one debit card. By Aisling Finn on Monday 26 October 2020. Revolut Money transfer fees differ for personal and business Revolut users; the list of fees can be found on the Revolut website and app. Delivered Monday 9am EST/ 6am PST. There are also no charges on card replacements if the card has been stolen, frauded, or expired; otherwise, card replacements attract a 5 fee. It recently launched Monzo Plus, a premium account option with a monthly fee of 3. There are many pros and cons for both Revolut and Monzo. Feel free to follow us on Twitter, comment, question, contact us at [emailprotected] and ENJOY. In that case, youre registered with an electronic money institution, and they safeguard your money by depositing it into a client money bank account. 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). Both Revolut and Monzo have free budgeting tools built within its respective apps, giving you the ability to: Both Revolut and Monzo go one step further to help you manage your money by automatically assigning every transaction a category. Let us know in the comments box below what you decide! Revolut charge 5 or the equivalent currency fee if you need a replacement card. From here, you can access many features to help track your spending and budgeting. Top 50 Ecommerce Marketing Tips to Outrank Competitors, 0.35%-2.85% depending on the foreign currency. However, to use all the accounts features, its recommended they have the app. An in-depth comparison of the two most expensive subscriptions from Monzo and Revolut. It started in 2015 as a travel card that provides inexpensive currency exchange rate. This costs 5 per month, youre contracted to three months minimum, and you must be over 18. First Revolut, then Apple, now Monzo. Basic Shopify vs Shopify vs Advanced Shopify. However, they dont provide an actual Joint account like Monzo. You can open a savings account with either provider within the app in a matter of seconds, give it a name, a goal, and decide how you want to save. However, in line with the age range, Monzo has blocked spending money on things illegal for under 18s, such as gambling. It unlocks a lot of extra benefits for Revolut users. 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. However, its a small fee intended to cover Revoluts costs. Revolut Premium - 6.99 per month Revolut Metal - 12.99 per month As with Monzo, the basic functions are available on the Standard tier, with extra features in the paid tiers. After that, youre charged a 2% transaction fee. Both charge their users for international transfers - but there's a difference. The two challengers are also attempting to tempt customers with exclusive perks, both Monzo and Revolut offer discounts at retailers such as food box subscription service HelloFresh. Both of these accounts charge a monthly fee to receive the following benefits: Learn more about Revolut Premium and Metal. If you're a high flyer, baller, whatever, you can opt for a Revolut Metal card, which costs 12.99/month. This is a type of protection that limits how much a car hire company will charge for repairs. Both apps have many similarities. Monzo Premium costs 15 per month, or 180 per year, with a minimum contract of six monthspretty long when it comes to banking subscriptions. Provided by Assurant Learn how your comment data is processed. ATM withdrawal: Withdraw up to 800 per month from ATMs worldwide for free. Choose between Revolut and Monzo for their digital banking services and international money transfer services. If we werent in the middle of a pandemic where international travel has been nearly completely halted, Id say itd be a great time to launch a travel insurance package, but unfortunately, thats not the case. Cata and his colleagues managed to help me find the best tools to manage my website, even though I am far from technical. with our QUIZ . Compare Balancer vs.Curve Finance vs. It is the fastest growing digital bank with the best series of features. Revolut vs Monzo. Both have foreign exchange optimized services. 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. Curve Overview Founded in 2015, Curve is on a mission to change the way people spend, send, see, and save money. 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. Instead, Monzo ensures you pay a wholesale rate that works out as cheap as possible. WooCommerce vs Shopify (Dec 2022): Which One Is the Absolute Best? Its new Premium account costs 15 a month and comes with. 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 Engagebay Review Everything You Need to Know, 6 Best Dropshipping Suppliers in the UK (Dec 2022). Feel free to follow us on Twitter, comment, question, contact and ENJOY. You get everything in Revoluts lower-tier plans, plus: As weve already hinted at, Revoluts Savings Vaults are Revoluts equivalent of a savings account. Monzo Premium gives customers access to phone and travel insurance while Revolut Premium and Metal customers can access travel insurance and delayed baggage and flight insurance. The decision is a difficult one and ultimately down to you. As an Amazon Associate, I earn from qualifying purchases. This covers a variety of things: Purchase protection only covers new products bought from a business. For any other reason, Monzo requires a replacement fee of 5. Although there are many similarities between the two, there are a few things that set one apart from the other. If your card has been stolen, its expired, or you're a victim of fraud, Monzo will replace your card for free. This extends to your partner and family, and the excess is 50. 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Also, if you want to pay cash into this account via PayPoint, the limit is lower than the 18+ current account. Advanced roundups: the same as Monzo Premium. Both providers will confirm if your account has been opened straight away and your debit card will be sent out to you. This comes in handy if you want to motivate your children to earn money by assigning them chores. This covers loss, accidental damage, cracked screens, and theft. Revolut operates as a bank in some European countries. Notifications from Revolut and Monzo are almost identical in terms of the information it provides. The excess is quite a bit more at 75. First things first, its important to note that Revoluts subscription services have been around for a lot longer than Monzos and so have had the chance to evolve with the fintechs customers. The amount of fee-free ATM withdrawals you can make depend on the tier you are subscribed to. Revolut Metal Vs Monzo Premium it is now a bank. A number is put on the back to protect their account privacy as much as possible. It is the fastest growing digital bank with the best series of features. With the app, children can save, track and spend money. With Monzo, you can top up your account via cash, cheque, and bank transfers. Like Monzo, Revolut was founded in 2015 and currently serves about 2 million customers. Revolut Metal. All the information provided in the post is from my completely unqualified interpretation of the documents I have read. 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). A standard account with no monthly fee that acts as a regular current account is usually available, along with the option to upgrade to a premium account with various features, benefits, or extra services in return for a monthly fee. Revolut, on the other hand, provides a card within nine days and charges 4.99 or 5.50 for delivery. 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? 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Bank with the best exchange rates possible and fee-free withdrawals abroad every days... Services such as gambling have the app we 'll answer all these questions below to help out! On the right POS for you information it provides payments per day revolut metal vs monzo premium depend on the time week. The two, there is currently only available in the UK it may not be to...