Your Monzo account is protected by the FSCS, up to the sum of £85,000. Monzo has been very popular with the younger crowd due to its intuitive interface and convenience for money managing. We On previous trips, the paid Revolut plans have never been very financially appealing, but with the addition of the lounge pass system and their awesome perks; they could be well worth the small monthly fee. At the same time, there are plenty of stories online about both Monzo and Revolut where users have been unable to recover stolen funds.Â. So, without further ado, let’s get stuck in ... To help give you a basis for this review, here’s all of the countries that we have used our Revolut and Monzo cards in. Freeze the card on the go, get instant notifications, categorise and visualise your spending. Types of accounts. Obie firmy mają jednak dużo wspólnego. Monzo VS Revolut. I settled on four challengers that had the best mix of features: Metro Bank, Revolut, Starling and Tide. Monzo vs Revolut vs Starling Bank: An Overview Monzo. 8. Monzo has delivered on its loans offering, which insiders say has gotten off to a strong start. VAT number: 259751759. ... Revolut, Starling and Tide. Revolut doesn’t have a UK banking licence, so deposits aren’t protected by the Financial Services Compensation Scheme (FSCS) ; deposits in Monzo are (up to £85,000) as they are with any other UK bank. Although Starling Bank, Monzo (both accredited and regulated by the FCA as banks) and Revolut (known in industry terminology as an electronic money institutino, but not a bank), do not use Wirecard – all fintechs suffered from the reputational fallout. We may receive compensation from our partners for placement of their products or services. At four and a half stars each both Monzo and Revolut have impressive TrustPilot scores, with a large amount of positive reviews and happy customers. I also like that, if you enter the wrong access pin to the app, you actually get blocked from accessing the bank account and have to verify your identity in order to regain access.Â, With Monzo, this requires you to take a picture of your photo ID and record a quick video of you saying something, in order for the Monzo security team to verify it is you who is trying to access the app. … 7 interakcji. Below I’ll take you through these differences we’ve picked up on and give you, what we believe to be, the clear winner in the battle of Monzo vs Revolut. We take a look at how they work, what features they offer and what the eligibility criteria can look like. Conclusion: Monzo or Revolut? Opening a current account for your club, community organisation, sporting society or charity can take a bit of time, but is a fundamental step in setting up your organisation. Like Monzo and Starling, Revolut earns most of its revenue through a process called interchange, in which it takes 0.2 percent of each transaction fee. Monzo wins purely because of the overdraft feature. Or if you want to access all of the other cool features, like cryptocurrency and stock trading, then Revolut is the obvious choice. Individual or business, Revolut is the only banking alternative designed for a worldwide lifestyle. To receive your salary, pay by direct debit (sports subscription, housing tax, etc. reviews online seem to be more negative than positive, set to roll out paid plans sometime in 2020, Monzo offers savings pots for free, whereas you have to pay to access these on Revolut, As of May 2020, Revolut is available in the USA, whereas Monzo is not (, Monzo offers an energy switching service which enables you to get £75 just for switching, Monzo offers joint accounts whereas Revolut currently does not, Revolut offers cryptocurrency, stock and commodities trading whereas Monzo does not. But which one is the best choice? It’s worth knowing that Revolut applies a minor mark up on its rates at the weekend of 0.5%- 1.5% as the markets are closed. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. What with the ability to easily access overdrafts and loans, Monzo seems to be ahead in the race to help people more easily and comfortably switch from traditional banking to this new digital banking revolution. Metro Bank has a physical branch network while Revolut, Starling and Tide are online-only. Monzo has been very popular with the younger crowd due to its intuitive interface and convenience for money managing. Monese VS Revolut. London, SE1 9RS. Both offer a modern and highly technological approach to banking via handy smartphone apps and save a lot of time and money for the users. Explore Monzo Premium Monzo Plus. With Revolut this is 2% and with Monzo this is now 3%. Revolut invite to receive your card for free (save £4.99) Revolut card: free card with this invite link + £5 bonus when you first use your card until February 25th. In particular, Monzo is set to roll out paid plans sometime in 2020, so keep your eyes peeled! Ever since we began backpacking in 2016, we have taken our Revolut and Monzo cards with us on every trip. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. Low monthly limit for fee-free ATM withdrawals. Finally, you get the chance to increase your free monthly withdrawal limit, which is something that Monzo simply doesn’t offer. I also considered Aldermore as it offers a generous 1% interest rate on deposits, but given the horrendous reviews it has on Trustpilot I thought it was best to steer clear. Although Revolut provides some interesting additional features, their fee structure is a bit more complex, and you may end up paying a little more than with Monzo. Whether this is the fault of Monzo and Revolut isn’t always clear; but from personal experience we can vouch for Revolut. Both Monzo and Revolut have advanced safety features in place to help prevent this.Â, Namely, the ability to freeze your card at any time and reactivate it at the click of a button. Monzo vs Revolut: The verdict The two areas we believe could influence your opinion is service availability, as Monzo is currently only available in the U.K., whereas Revolut has wider availability. Just one thing to note, this review and our decision is based purely on the purpose of using these as travel cards to get the best bang for your buck when abroad. Free multi-currency account that does pretty much all you can expect. our partners for featured placement of their products or services. There are three kinds of insurances they can offer. Revolut is ranked 4.88/5 on Smart Money People whilst Monzo is ranked 4.91/5. With Revolut this is at least €19.99 and possibly more depending on which international country you are in. It’s hard to give a winner here, because I think both services are very similar in price and incredibly easy-to-use. 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. What about Monzo? But what about places like the UK and EU where choice is already quite big and growing? In truth, you can get better rates from traditional banks, but these rates are still better than the 0% offered by Revolut. It offers free and premium products and … P.S. UK and EU accounts. Going overdrawn costs 50p a day after the first £20. Yes, in many regions, there are only 1 or 2 options for a digital-only bank account. When it comes to challenger banks, only a fool makes concrete predictions, the sand shifting beneath our feet on an almost daily basis. When you make major financial decisions, consider getting independent financial advice. 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