Amidst the rise of virtual banks, banking has become more convenient and efficient than ever. Traditional brick-and-mortar bank visits are no longer a necessity, as customers can access a full range of financial services right from their mobile apps. Two prominent players in this arena, Monese and Revolut, closely resemble each other, making it challenging for customers to decide. Having thoroughly tested both platforms, we’ve documented our experiences to provide you with an in-depth comparison. We hope that this comprehensive comparison will assist you in making an informed choice that aligns with your specific needs.
TLDR; We believe that both apps are excellent, but Monese is the one offering a cleaner user experience compared to Revolut. While Revolut provides more than just banking services, such as invests, it tends to be more aggressive in promoting additional features. However, it’s worth noting that Revolut does, in fact, offer a broader range of features, including unlimited virtual cards, making it potentially more appealing to consider Revolut.
Revolut vs. Monese
Revolut and Monese are two digital banks that offer virtual bank accounts. Revolut and Monese users can open virtual bank accounts, save, send, and spend money in different currencies. We have been using both Revolut and Monese, and we would like to share our experience of where each works and where each doesn’t work.
Revolut and Monese are alike because they offer online banking services with the ability to open multiple foreign currency accounts. Each bank comes with credit payment cards that you can use to transact. However, they differ in the services they offer and the fees they charge.
- Revolut offers local bank account details GBP, EUR, USD, and CHF. It also offers debit cards, stock trading, cryptocurrency exchange and peer-to-peer payments.
- Monese lets you open a current account in local details such as EUR, GBP, and RON. Monese also lets you open money pots where you can save for something special.
What are the Main Differences Between Revolut and Monese?
Revolut is a mobile bank that was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. Revolut offers easy money management, travel perks, and investment opportunities in stocks and cryptocurrencies. Revolut provides local banking account details in the UK and countries within the EU and EEA. It also supports SEPA instant payments for Euro transfers, which take seconds within the SEPA region to complete.
Monese is also a digital bank that was founded in 2015 by Norris Koppel as the first UK mobile app bank. Monese offers saving pots, and current accounts in multiple currencies to help you spend money abroad like a local. You can send and receive money using UK Faster Payments instantly without incurring fees. Monese also supports instant SEPA Payments.
How Does Revolut and Monese Savings Compare?
Both Revolut and Monese offer saving pots, also known as vaults, which allow you to set aside money for specific goals. However, it’s important to note that these pots do not yield interest.
With both platforms, you can create multiple saving pots or vaults and name each one according to your savings goal. In the case of Monese, while their money pots don’t offer interest on your savings, they do provide the convenience of sending and withdrawing money instantly when needed.
On the other hand, Revolut provides not only saving pots but also investment opportunities, which they label as savings. They promise up to 5.2% annual interest, paid daily, depending on the currency and your plan. However, it’s crucial to be aware that these investment opportunities come with a risk, and your savings can fluctuate in value based on market conditions. It’s important to understand that Revolut’s offering is not considered a traditional savings account, although they may market it as such. This aspect, however, is not always communicated clearly.
Comparison Between the Main Features
Revolut and Monese provide distinct banking experiences and services. There are some similarities and differences with their banking features.
Revolut offers banking services, multicurrency IBAN that supports 25 currencies. You can access Revolut’s features via the app or the web. Revolut also offers investment opportunities, and you can trade in stocks and cryptocurrencies. You can also buy gold and silver through the app.
Monese, on the other hand, offers banking services and multi-currency account details in GBP, EUR and RON for a better and localized experience. You can access Monese features and services via the app or web. You can use your Monese account to receive your salary, set up recurring payments, manage direct debits, send and receive money transfers.
How Revolut Card Compares with Monese Card
Revolut offers both virtual and physical cards, which you can use to make online and in-store payments. The first Revolut card is included for free in the free plan, but an additional card or a replacement costs $4.99 each, along with a delivery fee. With any of the premium plans, these cards are provided at no extra cost. You can control Revolut cards like creating multiple virtual cards and single-use cards using the app. Besides, you can use a Revolut card to spend with Apple Pay or Google Pay.
Monese on the other hand, issues physical cards, virtual cards and travel cards. To get the first Monese card or to make a replacement, it costs £4.95 / €4.95 / 19.95 lei. You can create a virtual card right from the app and make safe payments when shopping online. Monese travel card is a prepaid multicurrency card that you can use to transact different currencies at wholesale currency exchange rates. You can use a Monese debit card to pay with your phone in-store using Apple Pay or Google Pay.
Differences Between Revolut and Monese
Revolut and Monese differ in various ways when it comes to international payments, rewards and perks, deposit guarantee scheme and insurance benefits. This is how the two banks differ:
If you compare Revolut and Monese based on international payments, Revolut allows you to hold money in up to 29 separate currencies. Moreover, it charges a fee for buying currencies during weekends. You also need to be aware of Revolut’s strict monthly limits on how much you can spend while abroad.
Monese, on the other hand, offers higher exchange rates for money conversion and has no hidden fees. It also has higher international spending limits, and it is free to send money to other Monese accounts. For example, the Monese card foreign currency spend allowance is £2,000 / €2,000 / 10,000 lei.
From our perspective, if you are looking for a cheaper bank to use while abroad, consider Monese because of its higher exchange rates. It also comes high international spending limits so that you can spend without limits when you are traveling.
Rewards and Perks
Revolut and Monese have rewards and perks. Revolut offers up to 30% cashback in pubs and restaurants, whether you are spending locally or abroad. You also get 1% cashback on the first $1,000.00 spent on purchases, either through a physical Revolut card or a virtual Revolut card.
Monese, on the other hand, rewards you for every friend or family member you refer to open a Monese account. You can invite up to 15 people to join Monese and for each, both of you get £5 once your friend has ordered a physical card and successfully makes the first card transaction. Furthermore, when the friend you invited spends £500 in card transactions, both of you get £5 each.
Deposit Guarantee Scheme
While both Revolut and Monese are regulated banks, they differ when it comes to deposit guarantee schemes. Deposits in Revolut Bank are insured by deposit guarantee schemes, while Monese does not offer deposit guarantee schemes.
With Revolut, your deposits are protected up to £85,000 per user by the Financial Services Compensation Scheme (FSCS) in the UK. In Europe, your deposits are protected up to €100,000 per person by the Deposit Guarantee Scheme (DGS).
Revolut is different from Monese when it comes to insurance benefits. Revolut has partnered with Allianz to offer travel insurance benefits to Premium and Metal account holders. Some travel insurance benefits Revolut offers include overseas medical emergencies, trip cancellation, trip interruption, and lost or delayed baggage.
Monese, on the other hand, offers insurance benefits related to purchases such as bill protection, and purchase protection. To get Monese insurance premiums, rent and utilities, nursing fees, and personal purchases, you need to upgrade to any of the paid plans.
According to our expertise, if you are a frequent traveler, consider opening a Monese account and upgrading to a Revolut Premium or Metal account. This way, you can enjoy travel insurance benefits. If you are looking for a bank for online purchases, consider Monese because of its bill and purchase protection benefits.
Monese comes with automatic insurance such as built-in bill protection and purchase protection which gives you peace of mind when making payments. Revolut, on the other hand, comes with travel insurance benefits such as overseas medical emergencies, trip cancellation, trip interruption, and lost or delayed baggage to Premium and Metal account holders.
Possibility of Investment Opportunities
Revolut offers investment options in stocks, cryptocurrencies, ETFs, gold, and silver through their app. However, it may not be the ideal choice due to its high fees, profit from transactions, and constant notifications causing investor panic.
Monese does not offer investment opportunities. However, it helps its customers take part in crypto investments, but not directly. You cannot buy bitcoin directly with Monese, but it does help its customers buy bitcoin by allowing them to send British pounds to authorized exchanges. As such, we can label it as a crypto-friendly bank.
What are the Similarities Between Revolut and Monese?
- Multi-currency accounts. Revolut supports multi-currency accounts, and you can get local account details in GBP, EUR, USD, and CHF. On the other hand, you can open a multi-currency account with Monese and get account details in GBP, EUR, and RON. You get to transfer money between your Monese accounts for free.
- SEPA payments. Both Revolut and Monese support SEPA payments. However, it is important to note that Revolut SEPA payments are instant, while Monese SEPA payments may take between 1 and 2 business days to complete.
- Customer service. You can reach Revolut through email or phone. Unfortunately, you cannot reach Monese via phone. You can only reach their customer support via email or in-app chat.
- Mobile apps. Both Revolut and Monese are mobile-based banks, and you can download their apps from either Google Play Store or App Store.
What Do People Say about Revolut and Monese?
Many of the user reviews for both Revolut and Monese revolve around customer support and their services. Revolut’s users commended Revolut for its responsive customer support, while Monese users complained about slow response from Monese customer support.
- Revolut has 4.3 rating on Trustpilot. Many reviewers have commended the bank for user-friendly services and features such as highly responsive customer support. However, there are complaints about customer’s trading accounts being terminated without clear reasons. Furthermore, some reviewers from Ireland have complained about waiting for credit cards for too long.
- Monese also has a 4.3 rating on Trustpilot. Numerous reviewers like the bank because it is easy to use and very convenient. Some reviewers also commended the Monese card since it comes with travel expenses and budgeting needs. However, there are several complaints about lack of human customer support, while others complained of waiting too long to receive a response via email.
Which is Better, Revolut or Monese?
The choice between Revolut and Monese depends on your needs and priorities. Both banks offer distinct services and features:
- If you are looking for a bank where you can save your money and invest, Revolut is a better choice for you. Revolut offers annual interest rates depending on the currency you are using; starting at 3.03% on EUR paid daily.
- If you are a frequent traveler, then you would need to consider Monese. Monese offers cheaper banking services while you are abroad. It also offers higher exchange rates on money conversion and also has higher foreign currency spending limits.
- However, it is important to note that both banks have received mixed reviews based on their features and services. For instance, Revolut has been commended for its responsive customer support, while Monese was commended for its banking services to travelers. However, it is crucial to note that both banks have also received negative feedback.
Why Not Use Both Banks?
Since both banks have free plans, you can decide to use both and see which one meets your banking needs. If you find one that works best for you, you can continue with it. Many people prefer to use multiple banking features because of the distinct features they offer. So, the choice is yours, and you can switch or use both apps depending on your preference and experiences.