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Revolut vs Monese
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Revolut vs Monese: Which Digital Bank Is Better

Managing your finances used to be done one single way: through a standard bank. However, the digital age has been upon us for several decades, and we now have a vast range of digital financial services to help us manage our money in different ways. Two of the most popular digital finance services available right now are Revolut and Monese. We're going to be looking at what exactly these services aim to help you with, how they differ, and what features you can expect. Read on to find out more!

About Revolut

Revolut is a digital finance service focusing on providing easy and accessible ways to spend and manage your money both locally and internationally.

Opening a free account comes with a Revolut debit card that facilitates low-fee payments through a physical card or your smartphone. One of the most stand-out features of Revolut is its focus on smart money management - users can split their cash balance across several sub-accounts and multiple currencies, making it an ideal option when traveling on a budget.

About Monese

Monese is a digital banking tool that provides a wide range of services, including a digital bank account. The service comes with a Mastercard debit card that facilitates international payments. Monese also has a mobile app, but the most stand-out feature is that the service does not require proof of residency or credit check to sign up. Ultimately, this makes it an ideal option for people who have recently arrived in the UK or the EEA.

Revolut vs Monese: Fees

Despite a few differences in features, Revolut and Monese seem pretty similar on the surface, but it is important to analyze the details of the account fees to work out which option will work best for you.

Firstly, let's take a look at deposit fees. Neither Revolut nor Monese requires you to spend any money to sign up and fund your account, but fees may apply when transferring cash from Revolut to non-Revolut accounts. This is not the case with Monese, which provides fee-free transfers regardless of which digital service the recipient uses.

Revolut and Monese are quite similar when it comes to withdrawals - you will be able to withdraw 200 Euros internationally on both accounts without being charged. If you exceed this limit, you will have to pay a 2% fee on any further withdrawals.

Both Revolut and Monese provide four different tiers in terms of membership plans. The highest tier plans both cost around $20 monthly, but in exchange, users receive the lowest fees for both withdrawal and deposits, in addition to other useful benefits.

Revolut vs Monese: Main Features

When it comes to card and app features, both Monese and Revolut provide pretty similar services. Within their mobile apps, both services provide spending categorization, notifications, card freezing, and all the features you would expect from standard finance management apps. You can use all digital and physical cards via contactless, Apple and Google Pay, and 3D Secure.

However, there are some minor differences. First, Monese provides a free white debit Mastercard and a virtual card. Revolut, on the other hand, only provides its first card for free, with additional replacements costing around $10.

In terms of differences in the apps, Monese has a significantly larger range of banking features. On the other hand, Revolut focuses more on money management features. For example, Revolut provides a "saving pot" feature, allowing users to open sub-accounts to budget and distribute their money across various categories (such as food/drink, travel, leisure, etc).

Security

Electronic Money Institutions are licenses that ensure financial services keep money segregated outside of their accounts, ultimately protecting users' money if the service goes bankrupt. These licenses protect both Revolut and Monese. Therefore, you can trust them with your cash.

Furthermore, both services provide standard security features, such as allowing you to freeze your card if it is stolen or change the pin if exposed.

Ease of Use

At first glance, both Revolut and Monese might seem a little confusing, especially if you haven't used a digital banking service before. If you did use similar services before, using Revolut and Monese will seem pretty straightforward.

However, Monese will generally feel easier to use for anyone who uses traditional digital banking services.

On the other hand, people who have experience using more modern and innovative digital finance solutions will likely be more used to the features that Revolut provides.

Regardless, both services offer excellent customer service, online support, and app optimization, making the overall service relatively easy to use.

Conclusion

Overall, it wouldn't really be fair to state that either Revolut or Monese is better than the other - they are both fantastic digital finance services that provide a variety of features. Ultimately, their usefulness depends on what you need out of a service.

Monese is a better option if you are looking for a fully equipped digital bank account, whereas Revolut is more useful when it comes to those pesky international payment charges. Which of these is most useful all comes down to your personal preference.

Read our dedicated review pages if you'd like to learn more about these services and their differences.

If you're not 100% certain that any of these services are for you, try our digital bank comparison tool. By answering a few simple questions, our algorithm will point out the best digital bank for you. Try it now!

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