Monese vs. Revolut: Which One Is Right For You?

Monese and Revolut are two banks founded in London’s financial district that boost digital financial services and banking methods to meet the needs of their customers. Both are financial companies that engage in fund transfers and other online banking activities.

Monese and Revolut give you physical access to a debit card, an account, and a global fund transfer. Both have easy-to-use mobile apps, direct debits, budgeting, multi-currency summaries, and financial planning. It is a way of opening a new bank account for anyone that just arrived in the UK.

In this review, we will look at the features of each company and decipher which is better at money transfer.

Monese vs. Revolut: Comparison Chart

Both companies came into existence in 2015 and have overgrown quickly. Over 1.3 million people are using Monese in the UK and Europe. While over 8 million customers have signed up for Revolut. They each offer superb alternatives for:

Monese vs. Revolut

  • Making and receiving payments
  • Overseas change transactions
  • Placing up direct deposits
  • Money transfers and more.

Below is a comparison table between Monese and Revolut:

MONESE REVOLUT
Card Type Master Debit Card Debit Card
Mode of operation Conducts both international money transfers and regular transfers. Conducts only international money transfers.
Transparency Registered as a company in England and Wales. Provides services in the UK, the US, the European Union, and Australia.
Supported transfer destinations Allows you to transfer money to over 30 countries. Allows you to send money to 28 countries.
Exchange rates Provides a competitive exchange rate for international money transfers. Provides interbank exchange rate for international money transfers.

Monese vs. Revolut: Which One Is Better?

With so many digital payment options available, choosing which one to use can be tricky. Both Monese and Revolut have advantages and limitations. So we have carried out the research and compared two of them below. To begin off, we’ll give you a quick overview of each of them. We will then discuss their charges and provide a detailed review of both.

Monese vs. Revolut

  • Online & Offline Payments: Revolut supports online and offline payments, savings plans, and a debit card. You can also send money to other Revolut users with your phone. Both platforms operate on a location basis and are active in 90+ countries worldwide.
  • Global Withdrawals with their ATMs: Monese and Revolut both charge identical amounts for global withdrawals with their ATMs. The initial $200 monthly cash withdrawal no longer comes with a fee attached. However, there are charges for 2.00% of any amount withdrawn above that.
  • Fees & Charges: Both Revolut and Monese provide a broad range of services that makes managing your finances quick. However, their fees & charges may decide which platform is suitable for you. Revolut would be ideal as they provide free cash withdrawals at local ATMs.
  • Global Fund Transfers: Unlike Revolut, Monese charges way less for global fund transfers. Revolut charges are way costlier depending on the currency you send and the recipient’s location.
  • Total Banking Experience: Monese and Revolut offer their customers unique accounts, free plans, and a debit card for fund withdrawals. You also have access to global cash transfers and a range of other services.

On balance, Revolut is more progressive in card spending and digital banking. There are also some helpful bonus elements thrown in. Monese direct savings options and less expensive credit cards are unique contributors to their industry. Ultimately, both of these digital banks have their strengths and weaknesses. The right choice will depend on what you’re looking for, mainly from a bank.

Monese Overview

Monese is a UK-based monetary science association founded in 2015 by Norris Koppel. Monese provides digital banking services to new migrants and worldwide students. It processes payments, savings and also owns an app to make repayments and control your money. This app is reachable on iOS or Android devices.

Monese Overview

Pros

  • Monese mobile app is quick and easy to use, with a beautiful user interface.
  • Newcomers can easily open a UK-based Monese account without submitting credit card history or proof of residence.
  • Monese online services offer exceptional support and premium subscription selection.

Cons

  • Monese does not offer any savings assurance or license for banking activities.
  • Monese account has a monthly limit on fund transfers, purchases, and withdrawals.
  • The Monese customer support is poor and often prolonged.

How are a few ways you can send funds globally with Monese:

  • Through Bank Transfer: With a Monese account, you can send funds to friends and family members. This transfer usually takes between 1-3 hours to go through.
  • Through Overseas Transfer: Monese enables you to send cash in different denominations overseas at the interbank rate. This transfer process usually takes between 1-4 working days. Although, the time for transfer arrival depends on how fast the receiving bank processes the transaction.
  • Through Eurozone switch: A Monese account helps you send funds to anyone who owns a Euro account. This transfer process is fast and takes just a day for the recipient to get the money.
  • Through quick card charges: You can send money and pay for services and other utilities through credit card charges. Setting up a credit card charge limit will enable you to perform all the necessary transactions you need.
  • Through Outstanding orders: With the Monese mobile app, you can set up payment orders to settle different debts.
  • Through Contact list: Monese is ideal for sending funds to family members and friends from your contact list. This process also helps you know which of them are using Monese accounts.

Revolut Overview

Revolut is a financial banking institution founded by Nikolay Storonsky and Vlad Yatsenko in 2015. They provide banking transactions, currency exchange services, and budgeting apps. A customer has three account options when signing up for Revolut:

Revolut Overview

  • Free Account
  • Plus Account, and
  • Premium Account.

The free account comes with no fees attached and includes everything needed to use a Revolut account. The Plus account charges £6 per month or £60 per year but offers cash-back options. It also provides ticket bookings and travel insurance discounts. Finally, the Premium account offers all of Plus’s advantages. Premium also provides more significant financial savings through interest rates on deposits.

Revolut has more than 2 million customers. These clients have carried out over 148 million transactions at a combined cost of over £14 billion. Due to its exchange rates, Revolut has helped save over £556 million in total costs. Revolut is regarded as highly safe and secure and permits users to be in control at all times. Some of its advantages are:

  • Revolut mobile app lets you freeze your debit card remotely if it is lost or stolen.
  • This mobile app also helps you turn off certain online payments and ATM withdrawals.
  • Revolut keeps funds safely by holding the cash and bills in automated fences.

Pros

  • The company makes provision for both physical and virtual payment cards.
  • You can hold funds in over 28 currencies through the Revolut currency exchange.
  • Access to approval flows on expensive tiers.

Cons

  • Revolut can be expensive due to weekend charges.
  • Sign-up and onboarding can be slow because of document uploads.
  • Revolut mobile app can be challenging to use on different devices.

In Which Countries Are They Available?

Monese:

Today, you can be anywhere and still open an account with Monese in less than 20 minutes. Monese is also available in 20 European countries. Some of these countries include:

  • The UK
  • Spain
  • The Netherlands
  • Greece
  • France
  • Slovenia
  • Estonia
  • Germany
  • Portugal
  • Cyprus

Revolut:

Revolut is accessible to companies and people within the UK. It is also for people in the United States of America, the European Economic Area, and Switzerland. Other countries include the following:

  • Japan
  • Singapore
  • Norway
  • Gibraltar
  • Finland
  • Denmark
  • Austria
  • Poland
  • Italy
  • Isle of Man

How Does Money Transfer Works?

Monese:

Here are the steps on how to transfer funds with the Monese app:

  • Download the app and sign up for a Monese account.
  • Pick the ‘Pay’ option at the bottom menu.
  • Enter the details of the recipient you’re sending the funds to by tapping the ‘New Payment’ option.
  • Input the amount you wish to send.
  • Ensure that the currency matches the destination you’re sending.
  • Check the details to know if they are correct, then approve your payments.

Revolut:

To transfer funds using Revolut, use the following steps below:

  • Tap on ‘Payments’
  • Go to ‘Transfers’
  • Click on ‘Send’ and tap the ‘+ New’ button to ‘Add a bank recipient.’
  • You’ll be requested to add the bank transfer details for either a person or a business if you’re paying a company.
  • Once you have added the payee, tap on it, pick out the currency you wish to send, and enter the amount.
  • Below the currency, you can select from which balance to send. There’s also an option to add a reference if you favor it.
  • After sending the money, tap on ‘Continue’ to review your transfer details and estimated arrival time.

What Card Options Are Available?

  • Monese: Monese offers a contactless Mastercard debit card. This card is capable of withdrawals anywhere in the world. Monese also offers real-time messages to track your spendings easily.
  • Revolut: The Revolut debit card is one of the company’s essential products. This card is ideal for making purchases in different nations across the globe. You get automatic cash conversion at baseline exchange rates and send funds in more than one currencies. This debit card simplifies and speeds up global transactions.

Which Currencies Are Available?

Monese:

The fund transfer page implies that clients can only transfer funds from three currencies. These currencies are:

  • British pounds.
  • Romanian leu

Revolut:

With a fully verified Revolut account, you can send and receive funds with a debit card in over 28 currencies. Some of them include:

  • Pound sterling
  • Bulgarian Lev.
  • Swiss franc
  • Danish krone
  • Australian dollar
  • Canadian dollar
  • Croatian Kuna

What Are the Rates Offered?

Monese:

You get a 2% charge when exchanging the funds with the fundamental account. There ought to also be some hidden markup of the rate. Therefore, the expenses might add up quickly. However, it’s worth noting that there are no extra costs when changing money when you purchase the “Premium” account type.

Revolut:

As of 5th January 2022, Revolut always uses accurate exchange prices. They do not charge hidden fees for delivering their services. It works for users in more than 130 global locations and is accessible for Android and Apple devices.

What Are the Costs & Fees Charged?

Monese:

The type of account the customer holds determines the transfer fees to be charged by Monese.

  • Classic Account – Customers with a similar account pay 0.5% of the transfer amount. These charges come in when transferring money to a non-Monese account.
  • Simple Account – When sending money to a non-Monese account, customers with a simple account pay 2% of the transfer fee.
  • Premium Account – Customers with a premium account can send funds free of charge.

Revolut:

Revolut charges a single, fixed charge for crypto conversions. This fee is 2.5% for Standard customers (and 1.5% for Premium and Metal users). They do not charge you any other costs for this service. As always, the app will show you the rate, the fee, and the total value earlier than you make any exchange.

Is Business Account Available?

  • Monese: Monese is a UK-based corporation that offers current accounts for people and businesses. The Monese Business account is exclusively for UK-registered companies. Companies can sign up and manage their funds via a mobile app and a prepaid MasterCard for a monthly fee.
  • Revolut: Groups must be physically present in Europe or the UK to open a fully verified Revolut account.

Do They Provide Other Services?

Monese:

As of 6th December 2021, Monese does not currently provide additional services or packages.

Revolut:

Revolut presents the following benefits on top of the general plan:

  • Savings account
  • Free Purchase Protection
  • Full Access to Junior Revolut accounts
  • Free Refund Protection
  • Quick support

Which One Should You Choose? Monese or Revolut?

If you just moved to a new country, then Monese is ideal for a new banking account. Monese is best in this situation because they don’t require proof of residence or credit checks. That said, Monese is the best bet for Britians and Europeans. Especially those who are looking for reduced costs and extra awesomeness in their banking transactions.

What places Monese on top are the offers available for new account customers.

Final Words

On balance, Revolut is more extensive in its approach to card spending and digital banking. It also comes with some helpful bonus features attached. And their customer service isn’t entirely outweighed by their features. You can also choose Monese If you like their style and see them as a dependable brand. Monese direct savings alternative and cheaper savings are notable contributors to their industry.

Ultimately, each of these digital banks has its strengths and weaknesses. The right choice will depend on what you’re searching for in a bank.