Revolut and Monzo both offer two of the top digital-first business bank accounts in the UK.
Both offer a range of financial services, including business accounts, prepaid cards, and budgeting tools.
But which bank account is the better choice for your business?
In this article, I’ll take a closer look at the features and benefits of both Revolut and Monzo to help you decide which one is right for you.
I’ve spent time comparing the account offerings in detail, going through functionality, customer support, safety, fee structure and security.
Revolut vs Monzo Business: Which is Better?
Both business accounts have a lot to recommend them, but, in my view, Revolut and Monzo are aimed at slightly different audiences. Neither has physical branches you can visit.
Monzo: Monzo is a more comprehensive and traditional bank account: it is FCA regulated, offers an easy switching service, allows you to deposit cash, and has a range of business tools.
With Monzo, you can send money anywhere internationally via linking with a Wise account (all within the Monzo app), but you can only receive money internationally in Euros. If you need to receive money outside of the Eurozone, you won’t be able to do it with this account. For me, this remains a huge downside of the account.
Revolut: Revolut, by contrast, offers a simpler account that focuses on giving every business customer a GBP and EUR account as standard to facilitate cost-effective international business.
Customers can operate in over 28 currencies and transfer between them at interbank rates. You can also send money to 100+ countries in 30+ currencies.
Revolut also offers accounting integrations, easy payment links, employee spending accounts, and automatic payroll software. Currently, you can’t deposit cash into Revolut Business accounts.
Revolut Business Basic Account
Monthly Fee
£0Bank Transfers
20p
Card Purchases
£0Overdraft
NoFSCS Protection
NoAccessibility
Access your Revolut account via the web or mobile app
– You must be at least 18 years old.
– Your business must have a physical presence in the UK, EEA or Switzerland.
– You must be a private limited company, public limited company, Limited Liability partnership or partnership.
– Charities/trusts and other high-risk organisations are not eligible.
– Businesses operating from outside the supported countries are excluded.
Monzo Business Lite Account
Monthly Fee
£0Bank Transfers
£0
Card Purchases
£0Overdraft
Yes
FSCS Protection
YesAccessibility
Access your Monzo account via the web or mobile app
– You must be at least 16 years of age.
– You must be a sole trader or the director of a limited company registered with Companies House, you must be based in the UK.
– You must be a tax resident in the UK only.
– LLPs, PLCs, charities and high-risk organisations are not eligible.
– Businesses operating from outside the UK are excluded.
Revolut vs Monzo Business: Account Features
This table compares both banks’ account features in detail so you can see, at a glance, which functionality you’re going to need.
| Feature | Revolut | Monzo |
|---|---|---|
| FCA Regulated bank account | ✘ | ✔ |
| FSCS protection | ✘ | ✔ |
| Easy Switching Service | ✘ | ✔ |
| Overdraft | ✘ | ✘ |
| Money management features | ✔ | ✔ |
| Outbound international payments | ✔ | ✔ |
| Inbound international payments | ✔ | Euros only |
| Fee-free spending abroad | ✔ | ✔ |
| Fee-free cash withdrawals abroad | ✔ | ✔ |
| Cash/cheque deposits | ✘ | ✔ |
| Access to an interest-earning savings account | ✔ | ✔ |
| Interest on current account balance | ✘ | Monzo Plus/Premium feature |
| Connect other bank accounts to the app | ✔ | Monzo Plus/Premium feature |
| Apple Pay/Google Pay | ✔ | ✔ |
| 24/7 Support | ✔ | ✔ |
| Insurance policies | ✔ | Monzo Premium feature |
| Invest in Crypto | ✔ | ✘ |
How do Revolut and Monzo’s Business Accounts Compare?
Revolut and Monzo provide a range of business account options designed to suit different needs, from basic banking to premium services with additional perks.
Monzo offers three account types:
- Monzo Current Account: This account comes without a monthly fee, catering to customers who need essential day-to-day banking services. It includes features such as spending breakdowns and budgeting tools in the app. Monzo also offers overdrafts up to £2,000 for eligible customers, with interest rates of 19%, 29%, or 39% based on the customer’s credit history.
- Monzo Plus: For a £5 monthly fee, this account builds on the standard offering with extra features. It has a higher free cash withdrawal limit abroad than the basic account.
- Monzo Premium: At £15 per month, this is Monzo’s top-tier account, providing all the benefits of Monzo Plus with additional perks like travel insurance.
Monzo stands out for not charging foreign transaction fees on debit card spending abroad, though there are limits and charges on cash machine withdrawals, varying by account type and whether Monzo is your main current account.
Revolut, not being a traditional bank, offers five levels of accounts, focusing more on customers interested in international money transfers and spending abroad:
- Free Account: Offers a debit card with no fee for overseas spending. However, there’s no overdraft facility. Cash withdrawals are free up to five times or £200 per rolling month, with a 2% fee thereafter.
- Plus (£3.99 a month), Premium (£7.99), Metal (£14.99), and Ultra (£45 a month): These fee-charging accounts include progressively more perks such as airport lounge access, shopping discounts, baggage insurance, and investment benefits like commission-free share trading.
Revolut’s accounts are typically more varied, catering to a broader range of financial activities, especially for those heavily involved in international transactions, with its fee-charging accounts offering an array of added benefits. In contrast, Monzo focuses on providing a straightforward banking experience with options for those seeking basic services or more comprehensive banking with additional perks for a monthly fee.
How Do Revolut and Monzo Business Account Costs Compare?
A direct cost comparison is tricky with Revolut and Monzo because their offerings are so different.
Revolut offers 5 paid accounts, ranging from a freelancer account right up to Enterprise level business. The Grow account will be the most appropriate for most businesses, costing £25 per month.
Monzo also has a free account, but just one simple paid plan at £5.
If you use the Revolut Grow account, you’ll get 100 free transfers (within EEA) per month, and 10 internationally (excludes incoming transfers in USD, GBP, EUR and CHF). If you exceed this allowance, they’ll charge £0.2 per additional transfer.
Transferring money with Monzo is simple using the Wise integration within the APP. It does cost money when you send an international payment via Wise, and how much you pay depends on the amount you’d like to send. Typically with Wise this is slightly more expensive than what you’ll pay using Revolut, but still cheaper than high street banks.
How do the Revolut and Monzo Compare for Spending Abroad?
Transfer Fees
Monzo partners with Wise to facilitate international transfers, applying fees that vary according to the transaction’s specifics, such as the amount, currency, and method. These charges range from 0.15% to 2%, with an additional Monzo partner fee of 0.3%. For receiving international payments, Monzo allows the use of an International Bank Account Number (IBAN) with no fee for payments already converted to GBP. For payments received in non-GBP currencies, a market currency exchange rate plus a 1% conversion fee applies, capped at £1,000 per transaction.
Revolut provides a different approach, offering currency exchange fee-free on weekdays up to £1,000 per month, giving it the edge at anything below this rate.
For weekend or public holiday exchanges, a 1% charge applies. SEPA transfers are free, but non-SEPA transfers and card transfer fees vary, with some transactions costing up to about £5. Transfers between Revolut customers remain free and instant. Similar to Monzo, Revolut allows businesses to receive international payments via IBAN, with conditions for conversion fees reflecting its general currency exchange policy.
Speed of Transfer
Monzo’s integration with Wise means transfer speed varies by payment method, with debit and credit card transfers being the fastest. Wise offers:
- Advanced transfer: 1-3 working days
- Low cost transfer: 3-24 hours
- Fast and easy transfer: 3-5 hours
Revolut typically processes international currency transfers within 1-2 working days, depending on the transaction type and the receiving bank. Some transfers may take up to five days. Premium account holders can enjoy faster transfer times, though speed also depends on the currency and destination country.
Using Your Debit Card Overseas
Monzo does not charge for foreign transactions, providing commission-free FX services. Revolut offers free or low-cost transactions up to £1,000 per month, then applies a 2% fee.
Revolut vs Monzo – Safety and Security
Monzo is a fully regulated bank meaning it has to adhere to the most stringent safety standards. However, Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania, so it’s standards are fairly similar, although it doesn’t get FSCS Protection. In July 2024, Revolut was granted a UK banking licence with restrictions, giving it permission to launch as a full bank in the future.
| Safety Feature | Monzo | Revolut |
|---|---|---|
| Cutting-edge technology | Yes | Yes |
| FSCS protection | Yes, up to £85,000 | No, but funds held in ring-fenced accounts |
| Secure card features | Yes | Yes |
| 24/7 support | Yes | Yes |
| Regulated bank | Yes | No (e-money account) |
Revolut vs Monzo FCSC Protection
| Features | Monzo | Revolut |
|---|---|---|
| FCSC Protection | ✔️ | ❌ |
| UK Registered Bank Account | ✔️ | ❌ |
Monzo provides FCSC protection, meaning that customer deposits up to £85,000 are protected if the bank fails. Additionally, Monzo operates as a registered bank in the UK, ensuring that it complies with the necessary regulations and requirements.
On the other hand, Revolut does not provide FCSC protection. This means that customer deposits are not covered by the scheme in the event of Revolut’s failure. Additionally, although Revolut has received its UK banking licence, this is with restrictions, and it currently operates under an e-money license only.
Revolut vs Monzo: Customer Reviews
Based on the customer reviews on Trustpilot, both Revolut and Monzo have excellent reputations.
Revolut has over 159,352 reviews on Trustpilot, with a TrustScore of 4.1 out of 5. Many customers praise Revolut for its user-friendly app, fast transfers, and fee-free spending abroad. Some negative reviews mention issues with customer service and account freezes.
Monzo has over 26,500 reviews on Trustpilot, with a TrustScore of 4.3 out of 5. Customers frequently mention Monzo’s easy-to-use app, helpful customer service, and fee-free spending abroad as positives. Negative reviews often mention technical issues with the app or account freezes.
FAQs
Which bank offers better international currency exchange rates, Revolut or Monzo?
Revolut is known for its competitive currency exchange rates and low fees, making it a better choice for international travellers and businesses who frequently make cross-border transactions.
Can I set savings goals or create virtual savings pots with Revolut and Monzo?
Monzo offers a ” Pots ” feature that allows users to create virtual savings compartments and set savings goals. These Pots can help users separate their funds and track progress toward specific financial targets. Revolut also offers a similar feature called “Vaults,” which allows users to save money for specific purposes.
Which bank provides better budgeting tools and spending insights, Revolut or Monzo?
Monzo is known for its robust budgeting tools and spending insights. Its app provides detailed breakdowns of transactions, categorizes expenses, and offers features like spending notifications and budgeting targets. While Revolut also provides some budgeting features, it lacks the functionality of Monzo on this front.
