Revolut, Monzo and N26 are great online banks and fintechs that are growing in popularity. You only need to download their banking apps and sign up for a bank account. They offer personal and business IBAN, SEPA transfers, virtual cards, currency exchange, international money transfers, among other banking services.
However, the three virtual banks are very different and have different features. For instance, Revolut and N26 are a crypto-friendly banks, allowing you to trade and invest in cryptocurrencies within their banking apps.
What is Revolut?
Revolut is a crypto-friendly banking app that give you IBAN multicurrency account, SEPA transfers, international spending with no hidden fees and cryptocurrency trading features (crypto trading is not supported in the US). You can open Revolut personal account or Revolut business account. Revolut is a digital bank in the EU and an e-money company in the UK. In the US, it partners with Metropolitan Commercial Bank to offer banking services.
What services does Revolut offer?
- European IBAN. IBAN in 28 currencies. You get IBAN for each account you open, and you can create as many as you need.
- Revolut cryptocurrency. You can buy, sell, and hold cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. You can also send cryptos to other Revolut users.
- Revolut multicurrency account. Multicurrency account in over 30 currencies including USD, GBP, EUR, ZAR, PLN, and NOK and multicurrency Mastercard and Visa.
- Revolut card. Use both physical and Revolut virtual card. Spend in 150+ currencies with no hidden fees and connect your card to Google Pay and Apple Pay.
- Revolut Vault. Set money aside via a recurring payment to your Vault, one-off contributions when you want, or rounding up spare change in each transaction.
- Business account. It offers Revolut online business bank account, which includes integrations with accounting platforms such as Xero and FreeAgent.
What is Monzo?
Monzo is a mobile banking app you can use to budget, save, earn interest, spend abroad and international money transfers via its integration with Wise. You can open a personal, joint, or business account with Monzo.
What is special about Monzo?
- Savings. Use Pots feature for saving money for buying a house, paying bills, traveling for holidays, buying groceries, etc. Spend more than £1, Monzo will round up the change to the nearest pound and add it to your Savings Pot.
- Monzo loans. APR is 7.5% for loans of £7,000-£15,000 and 22.4% for loans up to £7,000.
- Overdrafts. If you use an arranged overdraft of £1,000 for 30 days, it would cost you £27.45.
- Monzo card. Spend with your Monzo card anywhere in the world for free. No fees added on the exchange rate. Withdrawals from an ATM are fee-free in the European Economic Area (EEA).
- Monzo fund protection. The Financial Services Compensation Scheme (FSCS) up to a value of £85,000 per person.
- Energy switching. You’ll get up to £40 credit when you switch to a renewable energy electricity provider.
- Monzo Flex. Buy Now, Pay Later anywhere you use Monzo. Pay in 3 installments at 0% interest.
What is N26?
N26 is a mobile bank that helps you to manage your finances, track your expenses and spend abroad. It is an alternative to traditional banks and best suited for travelers and people who frequently transact in different currencies. N26 offers both N26 personal account and N26 business account.
What can you do with N26?
- N26 transfers. Cheap and fast international money transfers via Wise.
- N26 payments. Pay with Mastercard, Apple Pay, Google Pay, and Instant Payments.
- N26 insurance. Get insurance for your bike, home, pet, electronics, and your travels.
- Split the bill. You split payments made from your N26 account with friends or family members, even if they’re not N26 customers.
- N26 Shared Spaces. Managing household bills and everyday expenses, or save money together with up to 10 people.
- N26 partner discounts. Get discounts from leading global brands such as Adidas, Udemy, Booking.com, Yoox, and Lime.
- N26 Crypto. Trade, manage and monitor both your cash and crypto assets in your N26 account.
- N26 fund protection. Deposit protection up to £100,000.
N26 Schufa
- One of the main challenges you face when opening a bank account in Germany is the Schufa, the German credit score. You can only get the German credit score if you have lived in Germany before or had a German bank account. Thankfully, there are ways around this, for example by opening a bank account in Germany without Schufa with N26 Flex account.
The following is a comparison for Monzo, Revolut, and N26.
Cards
Revolut, Monzo, and N26 offer debit cards and virtual cards. Revolut additionally offers virtual credit cards in Poland, Lithuania, USA, and Ireland. The cards are linked to your bank account and allow you to withdraw cash from ATMs and make payments at stores and online.
N26 offers free ATM withdrawals up to €200 per month, then charges a 1.7% fee. Monzo offers free ATM withdrawals up to £200 per month, then charges a 3% fee. Revolut offers free ATM withdrawals up to £200 per month, then charges a 2% fee. N26 charges a €10 fee for card replacements, while Monzo and Revolut offer free card replacements.
It takes up to 9 working days to have your Revolut physical ard delivered, and it costs £4.99 or currency equivalent for standard delivery. It takes between 2 and 7 working days to receive the Monzo card, and it costs £5 in the UK and £30 for international delivery, while it takes up to 10 days to receive the N26 card and your first card is free.
Fee Comparison
The following are fees based on account types of the three virtual banks. There are other fees, which you will be able to see once you sign up.
Revolut Fees
Monthly fees for opening a Revolut account are as follows.
| Plan | Fees (UK) | Fees (US) |
|---|---|---|
| Revolut Standard | Free | Standard: Free |
| Revolut Plus | £2.99/month | Premium: $9.99/month |
| Revolut Premium | £6.99/month | Metal: $16.99/month |
| Revolut Metal | £12.99/month | |
| Revolut Ultra | £45/month | |
| Business Account Fees: | ||
| Basic plan | £0.00/month | $0.00/month |
| Grow plan | £25/month | $39.99/month |
| Scale plan | £100/month | $149.99/month |
| Enterprise plan | Custom pricing | |
| Freelance Accounts: | ||
| Basic plan | £0.00/month | $0.00/month |
| Professional plan | £7/month | $9.99/month |
| Ultimate plan | £25/month | $39.99/month |
Monzo Fees
Signing up for Monzo is completely free.
| Plan | Monthly Fee | Minimum Duration |
|---|---|---|
| Monzo Premium | £15 | 6 months |
| Monzo Plus | £5 | 3 months |
| Monzo Business Pro | £5 | |
| Monzo Business Lite | Free | |
| Monzo Joint Account | Free | |
| Monzo for 16-17 year olds | Free |
N26 Fees
N26 does not charge account opening fees.
| N26 Accounts | N26 Fees |
|---|---|
| N26 Standard | €0.00/month |
| N26 Smart | €4.90/month |
| N26 You | €9.90/month |
| N26 Metal | €16.90/month |
| N26 Business Standard | €0.00/month |
| N26 Business Smart | €4.90/month |
| N26 Business You | €9.90/month |
| N26 Business Metal | €16.90/month |
N26 Crypto charges a transaction fee of 1.5% for Bitcoin and 2.5% for all other cryptocurrencies. This fee is deducted from the amount you are buying, so you will receive slightly less cryptocurrency than you paid for.
How to Add Money to Your Account
You can top up or fund your account on Revolut via bank transfer, debit card or credit card. It also has an auto top up future that long term users can use. If you are a Monzo customer, you can top up via bank transfer, cash at PayPoint locations, standing order and also have your salary paid through your Monzo account. On the other hand, as a N26 customer, you add funds to your account through a bank transfer using IBAN.
Notifications
For the Revolut account, customers get real-time notifications for every transaction. On the other hand, Monzo only sends notifications when you spend your balance too fast. The dashboard will change from green to orange and then red, indicating that you are overspending. This helps you limit your spending. For the N26 account, you only get notifications when you withdraw or pay.
Interest Rates
Monzo offers the highest interest rate of the three banks, at 5.60% with a minimum deposit of £500. This is much higher than what traditional banks offer. Revolut offers a lower interest rate of 4.25%, while N26 offers 2.26% interest on its savings accounts, which are only available in Spain as of September 26, 2023.
In addition, the three banks offer other features that can help you save money, such as budgeting tools and the ability to round up your purchases to the nearest euro or pound and save the difference.
Supported Currencies
Monzo Supported Currencies
You can only have British pounds (UK customers) or US dollars (US account holders) in your Monzo account. You can’t convert your balance into another currency. Luckily, you can use your card abroad to make payments in any foreign currency. When you do, Monzo uses Mastercard ‘wholesale’ rate without any mark-up on the exchange rate.
Revolut Supported Currencies
Currently, Revolut supports the following currencies for holding and exchange: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, ISK, JPY, MAD, MXN, NOK, NZD, PLN, QAR, RON, RSD, RUB, SAR, SEK, SGD, THB, TRY, USD, and ZAR. Revolut supports over 30 cryptocurrencies including Bitcoin, Ethereum, Litecoin, etc.
N26 Supported Currencies
N26 only offers bank account balance in EURO. However, you can make international money transfers in multiple currencies.
Supported Countries
The three neobanks operate in the following countries:
| Bank | Supported Countries |
|---|---|
| Monzo Countries | UK, United States (US services launched in 2022) |
| Revolut Countries | European Economic Area, Canada, Singapore, Switzerland, Australia, United States (crypto not supported) |
| N26 Countries | Germany, Ireland, Austria, Liechtenstein, Iceland, Spain, France, Slovenia, Greece, Estonia, Slovakia, Poland, Italy, Belgium, Denmark, Sweden, Netherlands, Finland, Luxembourg, Portugal, Switzerland, Norway |
| N26 Crypto Countries | Austria, Germany, Switzerland, Belgium, Portugal, Ireland |
N26 vs Revolut vs Monzo: Which One is Better?
N26, Revolut, and Monzo are all excellent digital banks that offer a variety of features and benefits. However, there are some key differences between the three providers that may make one a better choice for you than the others.
Revolut and N26 are both crypto-friendly, while Monzo is not. N26 is not available in the US, but Revolut and Monzo are. Revolut has a multi-currency account, while Monzo only offers GBP in the UK and USD in the US. N26 account balances are only in euros, while Monzo offers overdrafts.
Revolut is the best choice for frequent travelers and expats. It has a wide range of features, including multi-currency accounts, low foreign exchange fees, and competitive international money transfer rates. N26 is a good choice for European customers who are looking for a basic current account with no monthly fees. Monzo is a good choice for UK and US customers who are looking for a current account with an overdraft facility.