Monzo vs Revolut - review

If you're going overseas and would love to use your card to pay for everything. And you'd love to use interbank rate or as close to it as possible. How could you do that?

There are multiple so called challenger banks on the market. These guys offer bank cards and some additional features. Most of the time you use your mobile phone in order to access your account.

Monzo and Revolut are one of those challenger banks. To use both of them you need to download an app into your phone and then order the physical card. Ordering process is very straightforward.

As I have both of these cards, I've decided to post a blog post about them.


Revolut

Probably the most famous in the market. Offers a MasterCard (used to be Visa, though) card for 4.99 GBP (although I got lucky as I got one for free).

Strong points:

- Fast delivery of a physical card (I got my card in 3 days)
- You can create a "virtual" card for extra security. You pay with it and then you can dispose the card.
- Easy to top up your account - you can just enter the details of your other bank card (I use Lloyds card) and simply transfer some money in. Money will reach your account in a couple of seconds.
- You can have your account by using multiple currencies - Euros, British Pounds, American Dollars.

Things to improve:
- A bank transfer from Revolut account to British or European (SEPA) bank account takes a couple of days (unless you use Turbo Transfers which are not free).

Monzo

Another British bank. Offers free MasterCard card.

Strong points:

- Faster delivery of the card (I order my one after 9 PM Thursday and my card was delivered on Saturday)
- Very open bank - all the changes are discussed with the users' community.
- Transfers from Monzo to other British banks are instant.
- Uses MasterCard currency rate - it's a bit better than the one offered by Visa.

Things to improve:

- Account is only in British pounds.
- You can top up by using bank transfers from other banks and cheques. Although, sometimes it's not fast - I transfered 100 GBP from Lloyds bank on Saturday at 9 AM, it took one hour until money arrived to my Monzo bank account.

Conclusion

So, which one to use?

If you like free stuff and you live in the UK - go with Monzo. It's free, easy to use. Although you can't have accounts in different currencies than British pounds.

If you can spend a couple of pounds/euros and live in Europe - go with Revolut. The card is not free, but Revolut's app is a bit more flexible.

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