Monzo vs Revolut [2024]
Looking for an easy way to manage your money on the move? Maybe you’ve heard of both Monzo and Revolut as digital account providers you can open and operate using just your smartphone. But which is best?
This guide covers the features and services available with both Monzo and Revolut for US customers – we’ll also run a head to head comparison so you can see which might suit you best.
Summary: British bank Monzo has expanded its services to the US – but not all account features are live just yet. That means that while you can get a digital account or joint account, and some excellent budgeting features, there are some services you may miss, including international transfers and multi-currency features.
Revolut has full account features, including international transfers, multi-currency features, investments and more, on offer from US customers – so which is best for you might just depend on how you want to use your account.
Monzo vs Revolut: side by side
We mentioned that Monzo is a British bank which is expanding to the US. In this guide we’ll focus on how Monzo US works primarily. If you’re based in the UK and would rather get a Monzo GBP account, you’ll also be able to do that – but the features and fees that apply could vary. Check out all the UK Monzo details online if that would suit your needs.
| Feature | Monzo US | Revolut |
|---|---|---|
| Monthly fee | No fee | Standard accounts have no monthly fee. Paid tiers cost up to 16.99 USD/month |
| Currencies available for holding and exchange | USD only for US based accounts | Available for 25 currencies |
| Send international payments | N | Y |
| Debit card available | Y | Y |
| Spend with your card in | Globally | 150 currencies |
| Budgeting features | Y | Y |
| Joint accounts | Y | N |
| Investments | N | Y |
| Accounts for under 18s | N | Y |
| Save and earn interest | N | Y |
| Fully licensed and regulated | Y | Y |
| Open a business account | N | Y |
So, to summarize:
- Monzo accounts in the US hold USD only, but do come with linked cards for global spending. Revolut accounts can hold and exchange 25+ currencies, and come with linked cards
- Monzo accounts are always free to open and operate, Revolut offers no-fee and fee-paid account options
- Monzo does not yet have facilities from the US to support international payments, Revolut does
- Monzo offers joint accounts, Revolut does not
- Revolut account features include saving and budgeting tools, Monzo has an excellent range of budgeting tools, but saving options are still on the roadmap and have not yet launched in the US
- Revolut accounts come with investments and accounts for kids, Monzo does not have these options
- Both providers are fully regulated
At the moment though, if you need an account to hold multiple currencies or send international payments, Revolut may be the better pick for you.
The important bits
| Monzo US | Revolut | |
|---|---|---|
| Rates | Accounts hold USD only, international transfers are not available | All accounts offer some currency exchange with the Google rate, limits may apply to some account tiers |
| Fees | No monthly fees | Standard accounts have no monthly fees, paid account tiers are also available |
| Speed | Local payments are sent by ACH and may take a day or two to arrive | Transfers to cards usually arrive in minutes, transfers to bank accounts take 3 – 5 business days |
| Service | Online, in app and by phone | Online, in app and by phone |
| Safety | Fully regulated and licensed | Fully regulated and licensed |
| Reviews (TrustPilot) | 4.3 out of 5 star Excellent rating, from 128,000+ reviews | 4.3 out of 5 star Excellent rating, from 25,000+ reviews |
Rates: Monzo accounts hold USD only and can not make international transfers. Revolut customers can get some currency exchange with the mid-market rate, although this may be capped for some account tiers
Fees: Monzo accounts are always free to open and maintain. Revolut has both no-fee and fee paying accounts
Speed: Monzo local payments are sent by ACH and may take up to 3 days to arrive. Revolut deposits to debit cards can take just 30 minutes – but transfers to bank accounts may take a few days
Service: Both providers offer multilingual service in a range of languages, online, in-app and by phone.
Safety: Both providers are fully licensed and regulated
Reviews: Both providers have an impressive 4.3 out of 5 star Excellent rating, but Revolut has 128,000+ reviews posted, vs Monzo’s 25,000+
Pros and cons
| Monzo | Revolut | |
|---|---|---|
| Pros |
|
|
| Cons |
|
|
Monzo vs Revolut: The verdict
Monzo is a very popular bank in the UK which gets consistently strong customer feedback. In the US they’re offering services via partnerships with other banks, with some important features not yet live.
If the features that are important to you in an account are supported by Monzo – such as great budgeting tools, local payments and joint account options – they’re a solid option to investigate. However, if you’re looking for a full feature account with international services, including multi-currency account functionality and cross border transfers, Revolut might suit you better.
Related: Best multi-currency accounts
About Monzo and Revolut
Monzo is a UK bank which is building a US base with personal and joint accounts. The features currently available in the US are a bit limited – but Monzo is a super popular provider in the UK, and lets customers have a say on which features they want to see next, which may still appeal to US customers who join them on their journey.
Monzo US accounts hold US dollars only and don’t yet support international transfers.
Revolut launched 2015 and describes itself as a financial super app, with a full range of personal and business accounts and services offered in the US. Revolut accounts have great international features, linked cards, options for trading stocks, budgeting tools and more.
Hold and exchange 25+ currencies with a personal Revolut account, and send payments all over the world.
Read our Revolut Review and Revolut Business review to learn more.
How do they work?
Both Revolut and Monzo offer onboarding entirely online or in-app. That means you don’t have to leave home to set up an account. Just download the provider’s app, enter your personal and contact details and get verified. The verification process may vary a little depending on the provider and account you pick, but is usually as easy as uploading an image or a video of yourself holding an eligible ID document.
Monzo vs Revolut Fees
Monzo accounts have no fees to set up or operate. It’s also free to use an ATM, spend with your card overseas or send a local ACH payment in the US. Monzo does warn that sometimes third party fees – like those charged by ATM operators – may creep in, but that’s the only charge you’re likely to meet.
Revolut also has accounts with no monthly fees, which come with lots of no-fee services. However, caps do apply based on your account tier, so you may run into fair usage fees if you have a no-fee plan and use it regularly. As an alternative, you can upgrade your account to a fee paying option, depending on the services and features you want to use. Here are the Revolut account price points to consider:
Revolut:
- Standard account – no fee
- Premium account – 9.99 USD/month
- Metal account – 16.99 USD/month
Monzo vs Revolut: which is cheaper?
We’ve already touched on the fact Monzo has few fees, but doesn’t offer international transfers at the moment. But what about Revolut?
Revolut offers great international services, with caps and no-fee transaction limits based on the account tier you select. If you’re sending money overseas you may be able to convert your dollars to the currency you need no-fee, and even Standard account plans have one no-fee international transfer a month as a benefit. However, once you use the no-fee conversion and transfers in your plan up to the limits, you’ll pay fair usage fees – here’s how it works for different account plans:
| Plan | No-fee currency exchange | No-fee international transfers | Fees once plan is exhausted |
|---|---|---|---|
| Standard | 1,000 USD/month | 1/month | 0.5% of value for currency exchange 0.3% of value for international transfer (capped at 6 USD) |
| Premium | 10,000 USD/month | 3/month | 0.5% of value for currency exchange 0.3% of value for international transfer (capped at 6 USD) |
| Metal | Unlimited | 5/month | 0.3% of value for international transfer (capped at 6 USD) |
Monzo vs Revolut: which is faster?
Monzo local payments are processed by ACH and take 2 or 3 business days.
Revolut payments to a debit card can arrive in 30 minutes – bank transfers may take 3 to 5 days. If you’re sending from your Revolut account to another Revolut account this may settle instantly.
Safety
In the US, neither Revolut nor Monzo are licensed banks. Both hold banking licenses in Europe, but in the US they work with local banking partners to deliver services safely. That means they’re trustworthy and reliable ways to manage your money.
Revolut US works with Community Federal Savings Bank, while Monzo also partners with Sutton Bank. In both cases, this means your funds are insured to the legal maximum of 250,000 USD.
Read Is Revolut safe? to learn more.
Ease of use
- Creating an account: Both providers allow you to set up an account online or in-app
- Making a transfer: Monzo offers local payments only, which you can fund by adding money to your Monzo account. You can pay for your local or international transfer using a bank transfer or card with Revolut
- Ways to send money: Monzo customers can send payments to other bank accounts in the US through the ACH network. Revolut payments are deposited direct to bank accounts or debit cards around the world for convenience
- Languages: Monzo support in the US is offered in English. Revolut has support in a selection of global languages
- Minimum & maximum amounts: Monzo payments may be limited depending on your account profile – you’ll see your limits in the app. Revolut payments are usually unlimited.
Supported currencies
Monzo US accounts hold US dollars only. Revolut accounts can hold and exchange 25+ currencies.
Revolut vs Monzo conclusion: Which is better?
Monzo and Revolut both offer some great features, particularly if you want a simple way to get paid and hold USD, a linked card for spending, and some great budgeting features. Revolut goes further, offering multi-currency features and other services like international transfers. Monzo is still rolling out its services in the US, and so while these features may be on their roadmap, they’ve not all launched yet.
Compare both Monzo and Revolut for the services that matter to you, so you can pick the one that suits you best.
Revolut vs Monzo FAQs
Is Monzo or Revolut cheaper?
Both Monzo and Revolut offer accounts which have no monthly fee to pay. Revolut also lets users upgrade their account to a fee paying tier to unlock more features.
Is Monzo or Revolut faster?
Monzo local payments are processed by ACH and take 2 or 3 business days. Revolut payments to a debit card can arrive in 30 minutes – bank transfers may take 3 to 5 days.
How many currencies do Monzo and Revolut support?
Monzo accounts in the US support USD only. Revolut accounts can hold and exchange 25+ currencies.
