Monese vs. Revolut: Pricing, Key Features, Pros & Cons (2024)

Let’s delve in and explore how Monese online banking app stacks up against Revolut.

The digital banking industry has experienced immense growth since 2021, with apps like Monese and Revolut playing a huge role in transforming personal finance.

Fintech apps have surged by 40% in usage globally, streamlining everyday banking operations for millions of users who prefer convenience over traditional banking systems.

The main difference is that Monese is designed with simplicity and ease of use in mind, making it ideal for newcomers or those needing a basic banking solution. Revolut, on the other hand, offers a wide range of financial services, catering to those who want more advanced features like cryptocurrency trading and investments.

Monese vs. Revolut: Overview Key Features Comparison

This table shows a summarized comparison of the 7 key features of these online banking apps:

Personal Note:

I switched to Revolut, even though Monese is fantastic for its simplicity and ease of use. People love Monese because it offers quick account setup and works well for those needing UK or EU bank accounts without the hassle. But as someone who travels frequently and needs better currency exchange rates and international spending options, Revolut’s global focus and premium features were hard to resist. It’s just a better fit for my lifestyle, but Monese is still perfect for straightforward banking.

What is Monese and How Does it Work?

Monese is a digital bank that offers flexible, hassle-free banking services, especially for expats, freelancers, and individuals without a credit history. It allows users to set up accounts without needing proof of residency or a credit check, making it accessible to a wider audience.

Monese provides essential banking services like sending and receiving money, managing budgets, and performing international transfers. The app offers a user-friendly experience, focusing on simplicity and convenience, particularly for those moving between countries or new to the UK or Eurozone.

Pros of Monese:

• Easy to open an account without proof of residency.
• No credit checks, ideal for expats and travelers.
• Instant international transfers to 30+ countries.
• Real-time spending notifications.
• Affordable pricing structure compared to traditional banks.

Cons of Monese:

• Limited advanced features like investing.
• No cryptocurrency support.
• Fewer multi-currency options.
• Higher fees for premium services.

What is Revolut and How Does it Work?

Revolut is a more comprehensive financial app offering banking services alongside investment and cryptocurrency trading. It’s known for its multi-currency accounts, international transfers with competitive exchange rates, and advanced tools like stock trading, making it a versatile choice for tech-savvy users.

Revolut allows users to manage everyday finances, trade cryptocurrencies, buy stocks, and take advantage of personalized budgeting tools. It has grown to be one of the most advanced fintech apps globally, appealing to users who want more than just basic banking.

Pros of Revolut:

• Multi-currency accounts with competitive exchange rates.
• Supports cryptocurrency trading.
• Advanced budgeting and analytics tools.
• Stock and commodity trading.
• Access to a broader range of financial services.

Cons of Revolut:

• More complex for beginners.
• Higher fees for certain services.
• Customer service response can be slow.
• Advanced features may overwhelm casual users.

Monese vs. Revolut: A Complete Side-by-Side Comparison of Features

Here’s an expanded side-by-side comparison of Monese vs Revolut based on their 7 key features.

1. Ease of Use

Monese is known for its simplicity and straightforward interface, which appeals to users looking for a basic banking solution. The app’s onboarding process is smooth and requires minimal documentation—no proof of residency or credit checks, making it perfect for expats and travelers. Everything from setting up an account to transferring funds is intuitive and designed for non-tech-savvy users.

Revolut, while still user-friendly, offers a more feature-heavy experience. With more advanced options like investments, crypto trading, and budgeting tools, the app can feel a bit overwhelming to first-time users. However, for those familiar with financial tech apps, Revolut offers a well-structured and clean interface to navigate these additional features. The initial sign-up is easy, but the sheer number of features might confuse beginners.

Verdict: Monese wins for ease of use due to its simplicity, but Revolut is more suitable for those willing to explore advanced financial features.

2. International Transfers

Monese offers instant and low-fee international transfers to over 30 countries, especially within the UK and Eurozone. It’s ideal for users needing quick, straightforward money transfers, but Monese’s currency options are more limited compared to Revolut, which supports up to 30 currencies. Monese also charges higher fees for non-Eurozone transfers, which can be a drawback.

Revolut, on the other hand, excels in international transfers. It provides competitive exchange rates close to the interbank rate and allows fee-free transfers (within certain limits) to a wider range of countries. Revolut’s users benefit from lower fees, especially if they are on the premium plan, making it a better option for frequent international transactions.

Verdict: Revolut wins for international transfers, especially for users who send money outside Europe or frequently handle multiple currencies.

3. Multi-Currency Accounts

Monese primarily supports two currencies—GBP and EUR, limiting users to these core options. While this works for customers who primarily operate within Europe, those with more complex needs may find Monese’s offering restrictive. However, Monese does allow real-time currency conversion between GBP and EUR with no hidden fees.

Revolut’s multi-currency functionality is far superior. Users can hold, convert, and manage money in 30+ currencies, making it a more versatile tool for international users or frequent travelers. Revolut’s exchange rate is competitive, and premium users can access more generous exchange rate limits.

Verdict: Revolut wins for multi-currency support due to its wider currency options and better exchange rates.

4. Fee Structure

Monese offers a very transparent fee structure, with its basic services being either free or very affordable. The free plan covers most everyday banking needs, while the premium plans come with added features like higher withdrawal limits and free international transfers. However, higher-tier plans may not be worth it for users who don’t travel frequently.

Revolut has a more tiered pricing system, which can be more expensive depending on the features used. While the basic plan is free, users pay more for premium and metal plans, which offer additional benefits like free international transfers, insurance, and cryptocurrency trading. Fees for exceeding withdrawal or transfer limits can add up quickly, so users need to choose the right plan for their needs.

Verdict: Monese wins for budget-conscious users, but Revolut offers better value for those seeking premium features.

5. Cryptocurrency Support

Monese does not support cryptocurrency trading or wallets. It focuses strictly on traditional banking and money transfers, appealing to users who don’t need access to modern digital assets. This is ideal for users who want a basic, no-frills banking experience.

Revolut, on the other hand, has embraced cryptocurrencies, allowing users to buy, sell, and hold popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin directly in the app. This feature is particularly appealing to those looking to experiment with digital currencies without needing a separate crypto exchange account.

Verdict: Revolut is the clear winner for cryptocurrency support, with Monese offering no comparable features.

6. Budgeting Tools

Monese provides basic budgeting tools, including real-time notifications, spending insights, and categorization of expenses. This works well for users who want a simple way to track their money but do not require in-depth financial management tools. Monese’s approach is to keep things simple, providing just enough for users to stay on top of their spending.

Revolut offers much more advanced budgeting features. In addition to real-time spending notifications and categorization, Revolut’s advanced analytics give users personalized insights and trends. Premium users also get access to more granular controls, like setting multiple monthly budgets, tracking savings goals, and auto-saving features. Revolut’s tools are ideal for users who want to take a deep dive into their finances.

Verdict: Revolut wins for more comprehensive budgeting tools, although Monese’s simplicity will appeal to users with basic needs.

7. Customer Support

Monese is well-regarded for its customer support, with a reputation for quick and helpful responses. It offers multilingual support, which is particularly useful for international customers and expats. Monese’s support options are available via chat or email, and the customer service is known for resolving issues quickly, which is critical for people relying on their services abroad.

Revolut’s customer support has seen improvements, especially for premium users. However, Revolut has faced criticism for slow response times and limited support for free users. The introduction of a 24/7 chat option has helped, but the experience may vary depending on your plan.

Verdict: Monese wins for customer support, especially for basic users. Revolut’s customer service is improving but remains better for paid users.

Use Cases for Monese

1. Freelancers Moving Abroad: Freelancers like Mary, who work remotely and move frequently between countries, use Monese to easily set up accounts without proof of residency.
2. Expats: John, an expat moving to the UK, was able to open a Monese account instantly, without needing UK residency documents.

Use Cases for Revolut

1. Digital Nomads: Sarah, a digital nomad, uses Revolut for managing multiple currencies during her travels across Europe and Asia, benefiting from low exchange rates.
2. Crypto Traders: David uses Revolut to trade cryptocurrencies while managing his daily banking activities in one app.

Pricing Breakdown of Monese and Revolut

Here’s a simple table breaking down and summarizing the pricing/fees for Monese and Revolut based on their most common plans:

Key Differences:

• Monese has a more straightforward pricing model, with the basic plan offering essential banking services for free and higher withdrawal limits at premium tiers.
• Revolut offers more value in currency exchange and international transfers, especially for premium and metal plans, making it ideal for global travelers or those with multi-currency needs.

Monese Pricing:

• Free Plan: Basic features, limited transactions.
• Classic Plan: £5.95/month – more features, including international transfers.
• Premium Plan: £14.95/month – advanced services, no foreign exchange fees.

Revolut Pricing:

• Standard: Free – basic banking, limited international transfers.
• Premium: £6.99/month – more features, including travel insurance.
• Metal: £12.99/month – top-tier plan with all features, including cryptocurrency trading and stock trading.

What to Consider When Choosing Between Monese and Revolut

These five factors will guide you in choosing the right banking app:

1. Ease of Use

When selecting a financial tool, ease of use is crucial, especially for users new to digital banking. Monese stands out for its minimalistic interface and quick onboarding process. With no need for local proof of address or credit checks, it’s ideal for expats and users with limited documentation. Everything is straightforward, from account setup to day-to-day banking, making it beginner-friendly.

Revolut, while user-friendly, offers a more feature-rich experience. Its interface is clean but can be overwhelming due to its wide range of features, such as cryptocurrency trading, budgeting, and investments. For a user comfortable with technology and financial tools, Revolut offers more control and depth.

Verdict: If simplicity and fast setup are important, Monese is the better choice. For those seeking advanced financial management, Revolut is worth considering.

2. International Transfers

International transfers are a key factor, especially for users needing to send or receive money across borders. Monese offers competitive rates within the Eurozone and the UK, making it ideal for users who frequently deal with GBP or EUR transactions. However, Monese’s fees can get high for transfers beyond these currencies, limiting its appeal for global transfers.

Revolut excels in this area, supporting up to 30 currencies with fee-free transfers up to certain limits. Revolut’s interbank exchange rates provide more value for international transfers, especially for premium users who get higher fee-free limits. For users making frequent global transactions, Revolut is a stronger contender due to its lower fees and wider currency support.

Verdict: For global transfers, Revolut is the clear winner, while Monese is better suited for European-based transactions.

3. Currency Support

Currency flexibility is another key factor for users handling multiple currencies. Monese limits users to GBP and EUR, which works well for those within the UK and Eurozone. However, for people dealing with more complex international financial needs, this limitation might become restrictive.

Revolut provides multi-currency accounts for over 30 different currencies, allowing users to hold and convert money effortlessly. This feature is particularly valuable for travelers, freelancers, and businesses dealing with clients across different countries. The app also offers near-real-time currency exchange rates, which can save users significant amounts on international transactions.

Verdict: Revolut wins here by offering a broader range of currency options and real-time conversion capabilities, making it more versatile than Monese for users operating across different markets.

4. Cost and Fee Structure

Monese’s pricing is transparent and straightforward. It offers three plans: free, classic, and premium. The free plan covers basic banking needs, while the classic and premium plans add features like higher ATM withdrawal limits and free international transfers within the Eurozone. Monese’s strength lies in its low-cost basic services, but higher-tier plans might not offer enough for users needing advanced features.

Revolut also has a tiered pricing model, but it’s slightly more expensive overall. The free plan is generous, but premium and metal plans unlock additional benefits such as higher currency conversion limits, lower international transfer fees, and perks like travel insurance. Revolut’s costs can add up, especially for users who frequently need premium services, but for those who require them, it’s worth the extra investment.

Verdict: Monese offers a more cost-effective solution for everyday banking, while Revolut justifies its higher costs with richer features.

5. Security and Support

Security is paramount when managing your finances. Both Monese and Revolut offer secure systems with robust encryption, biometric login, and instant card freezing. However, Revolut adds an extra layer of security by offering disposable virtual cards, ideal for online shopping.

In terms of customer support, Monese is widely regarded for its responsiveness and offers multilingual support, particularly useful for international customers. Revolut has faced some criticism in the past for slow support response times, though premium users receive priority service. Revolut has improved its customer support features, but Monese still has the edge in terms of overall customer satisfaction.

Verdict: For security, Revolut’s extra features give it an edge, but Monese shines in customer support, making it a solid option for users who prioritize responsive assistance.

FAQs

Here are five common questions people ask about Monese and Revolut:

1. Is Monese or Revolut better for international travel?

Revolut is often seen as better for international travel due to its competitive exchange rates and multi-currency accounts. Monese offers some currency flexibility, but Revolut provides broader global coverage and more favorable rates.

2. Can I use Monese or Revolut as my primary bank account?

Yes, both tools can be used as primary accounts. Monese is ideal for residents of the UK or EU who need a quick and easy banking setup. Revolut offers a more feature-rich experience, including budgeting tools and cryptocurrency access, making it a more comprehensive banking solution.

3. Do Monese and Revolut charge fees for transactions?

Both platforms offer free and paid plans. Monese provides free accounts but charges for premium features like higher ATM withdrawal limits. Revolut offers free international spending but introduces fees for exceeding certain limits or using premium services.

4. Which tool offers better customer service?

Revolut has had mixed reviews for its customer support due to scaling issues, while Monese generally receives positive feedback for its customer service and responsiveness.

5. Are there any hidden fees with Monese or Revolut?

Neither Monese nor Revolut has hidden fees, but users should be aware of limits on free services such as withdrawals, after which fees apply.

Is Monese Better Than Revolut? Takeaway

Monese is perfect for those who need a simple, affordable banking solution, especially for newcomers or expats.

Revolut, with its comprehensive suite of financial services, is ideal for users who want more advanced features like cryptocurrency trading, stock investments, and multi-currency management.

Choose Monese if you prioritize simplicity and cost; go with Revolut if you need a full-fledged financial app.