Something big that has changed in the past decades and is still making a big impact is the rise of new digital banks that challenge the old way of banking. And in this post, we will be reviewing Wise Vs Revolut Vs Monzo to help you determine which is best for your mobile banking activities.
In the UK, three of the most important players in this field are Wise, Monzo, and Revolut. These new banks are changing the game in digital banking in the UK. They’re like a glimpse into the future because they are completely online. That’s why they’ve become really popular and are shaking things up in the fintech world.
But which one of them has the best offers? Who charges the lowest fees? Which of these banks gives you the best rates when you want to use your money at home, and which one is better when you’re dealing with money around the world?
Not to worry, we’re here to compare Wise vs Revolut vs Monzo and tell you about the good and not-so-good things about each.[box title=”Key Takeaways” style=”soft” box_color=”#333333″ title_color=”#FFFFFF” radius=”3″]
- Wise: Specializes in international transactions with over 50 currency options.
- Revolut: Offers diverse features like travel insurance, cryptocurrency trading, and stock market access.
- Monzo: Provides traditional banking features like overdrafts and savings ‘Pots’ with a proper banking license.
- Comparison: Each bank caters to different needs, with Wise for currency support, Revolut for extras, and Monzo for traditional banking.
Wise vs Revolut vs Monzo
To give you a good idea of which digital bank is most suited to you, we’re going to go through the benefits of each one for both personal and business accounts. So, let’s get started on the Wise vs Revolut vs Monzo comparison.
Wise is an excellent choice for sending money abroad. It’s fair, easy to use, and can save you up to eight times more than traditional banks or money transfer services. If your business operates globally, Wise provides the flexibility you need.
Now, let’s break down the benefits of Wise for personal use:
- Signing up for Wise is completely free, and there are no monthly charges.
- You can keep your money in more than 50 different currencies and switch between them at the real exchange rate.
- With Wise, you can take out up to 200 GBP per month from international ATMs without any fees.
- You can use your Wise debit card overseas, just like any other debit card.
- If your card goes missing, you can easily freeze it to keep your money secure.
- The transfer fees are low, and the exchange rates are often better than what other platforms offer.
- Wise is particularly useful for receiving payments in foreign currencies and then converting them to pounds with favorable rates and minimal fees.
- It’s available in over 60 countries, and you can have a physical card shipped to you for a fee.
- Wise even provides virtual cards in addition to plastic ones.
This option is great for employers who pay remote workers worldwide or business people involved in frequent international transactions. The batch payment tool on this platform allows you to handle multiple transactions at once by uploading a single file.
With a Wise Business account, you’ll enjoy the advantages of business banking without any hidden costs, monthly charges, or high rates. Here’s a breakdown of the positives:
Pros of a Wise Business Account
- You can pay international invoices with a single click using the real and current exchange rates.
- Transaction fees can be much cheaper compared to platforms like PayPal, possibly up to 19 times less.
- Payments are fast, with 50% of them being instant or arriving within an hour.
- Batch payments are a breeze, allowing you to pay up to 1,000 people in just one click.
- Shifting money between different currencies takes only seconds, saving you from steep conversion fees.
- Your Wise Business account can be easily linked to other platforms like Xero, streamlining your financial management.
The best part? Wise Business accounts are free! You won’t encounter any monthly charges, and you’ll benefit from low transfer fees and favorable exchange rates. While many business owners and freelancers often use PayPal, using Wise for transfers can lead to significant savings. Trust us, those PayPal charges can really add up over the year.
If you’re just starting out or not making substantial money yet, a free Wise account could be your best choice.
However, there are a few drawbacks to be aware of:
- Cash and cheque payouts or deposits are not supported.
- Transfer fees are calculated as a percentage, ranging from 0.3% to 0.7% per transaction. This means larger transfers come with higher fees.
Revolut aims to make accessing your money easy no matter where you are in the world. This makes it a great choice for expats, travelers, and business folks who are always on the move.
Paid Features with Revolut
Before we delve deeper, it’s important to know that not all features in Revolut are free. Some of the useful features require payment. Here are some of the paid features:
- Customized cards with your design
- Free delivery of your card
- 24/7 priority customer support
- Daily interest on your USD savings
- Higher limits for monthly cash withdrawals
Now, let’s check out some of the positives that might make you consider Revolut for your digital banking needs:
- Revolut provides the best possible exchange rates.
- Paid plans include travel insurance.
- You get a clear view of all your expenses.
- It works with Google Pay and Apple Pay.
- Splitting bills is made easy.
- You can freeze your card if it’s lost or stolen.
- International payments can be received.
- Quick currency conversions are available.
- Certain paid plans offer free access to airport lounges and a concierge service.
- No fees for ATM withdrawals.
- You can explore cryptocurrency trading.
- There’s a stock trading market.
- You can make charitable donations.
- Cashback is available for specific purchases.
Comparison of Revolut Personal Plans
Revolut offers different personal plans. To make things simpler, we’ll take a closer look at the Premium and Metal plans.
The Premium Plan £6.99 Per Month
- Unlimited foreign exchange on weekdays
- Up to £400 free international ATM withdrawals each month, 2% fee afterward
- Purchase protection up to £2,500
- Travel Insurance included
- Up to 5% cashback on accommodation
- Up to 20% off fees for international transfers
- Daily interest up to 1.65% paid into saving vaults
- 5 commission free stock trades monthly
- Exclusive card designs
- Revolut Junior create cards for two children under 18
- Disposable Virtual card for added security
- Priority customer service
- Access to airport lounges at a discount
- Perks Plus bigger discounts on top brands
- Express Global Card Delivery
The Metal Plan £12.99 Per Month
All the standard benefits plus…
- Up to £800 free international ATM withdrawals per month, 2% fee afterward
- Purchase protection up to £10,000
- 10 commission free stock trades monthly
- Daily interest up to 1.95% paid into saving vaults
- Up to 1% cashback in any currency
- A free concierge service
- 1 free airport lounge pass
- Up to 40% off fees for international transfers
Revolut Business Accounts
Similar to Wise, Revolut also provides business accounts for those who work for themselves or run a business. We’ve been using Revolut Business since 2021 to make sure we’re not losing too much money on fees as our business grows.
Revolut has a range of business accounts, some of which come with a cost. Besides the benefits available with personal plans, you’ll receive additional perks if you have a business and choose a business plan.
There are four types of Revolut business plans. Which one you pick depends on how big your business is, how much money you’re making, and how many international payments you’ll handle. You can find out more about the differences between Revolut business accounts by checking their account pricing plans.
One great thing about getting a Revolut Business plan is that they’ve improved their accounts to let you receive domestic USD and EURO payments. This helps you avoid extra fees, although there is a limit on how much you can exchange for free.
- Limited cash withdrawal amounts.
- Doesn’t have a proper U.K. banking license, but uses other banks’ FSCS cover.
- No savings accounts for overdrafts.
- Transfers might take 35 business days unless you have a Premium or Metal account.
Monzo is a great choice for younger folks because it’s easy to use and helps you save, budget, and handle money smartly. They have a cool feature called ‘Pots’ that’s really handy if you have specific money goals.
Now, let’s check out the good stuff about Monzo:
- The only bank in this comparison with a proper banking license
- You get the best possible exchange rates, based on Mastercard rates settled 3 days after transactions.
- You can withdraw up to £200 abroad for free, but a 3% fee applies beyond that.
- You can apply for an overdraft if needed.
- It works with Google Pay and Apple Pay.
- If you lose your card or just want to pause it, you can freeze it.
- You can order a replacement card for over 100 countries, with a £30 fee for international shipping and free within the UK.
- They have savings ‘Pots’ with different options based on how much you’re saving.
- You can sync up your salary, and they even pay you the day before your usual payday.
- It helps you budget your money clearly every month.
- You can set up joint accounts, which is great for couples traveling together.
- Monzo Flex is like a new type of credit card, useful for spreading out the cost of things.
- They have a cool feature for splitting bills.
Paid Features: Monzo Plus Vs Monzo Premium
If you want to upgrade your Monzo account, there are two options! Besides the good stuff you get with a free account, these upgrades offer some extra fantastic features. Depending on your situation, it might make sense to upgrade.
Monzo Plus £5 Per Month
- Up to £400 no fee ATM withdrawals.
- You can use virtual cards to protect against fraud.
- Credit Tracker to keep an eye on your credit score.
- 1 free cash deposit a month in the UK (otherwise £1 for cash deposits).
- You earn 1.00% AER interest on your balance and regular pots, up to £2,000.
- Custom categories for payments to help you track spending.
- Exclusive offers with companies like HelloFresh, Naked Wines, Babylon Health, RAC, and more.
- You get a cool holographic card.
Monzo Premium £15 Per Month
Includes all of the above plus:
- Up to £600 no fee ATM withdrawals.
- Worldwide travel insurance for you and your family.
- Phone insurance for loss, damage, theft, and scratches.
- Discounted access to airport lounges.
- 5 free cash deposits a month in the UK.
- You earn up to 1.50% AER interest on your balance and regular pots, up to £2,000.
- Exclusive metal card.
- There’s a 3% fee for cash withdrawals over £200 per month.
- The daily cash withdrawal limit is £400.
- You have a monthly limit of £5,500.
What Are The Key Differences Between Wise Vs Revolut Vs Monzo?
Now, this is what you’ve all been waiting for. There are several key differences between Wise Vs Revolut Vs Monzo, so to make this section easier we’re going to be using a table first. After that, we’ll explore these differences in more detail. So, here we go…
Bank App Comparison
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Based on important features, here’s how we think these 3 awesome digital banks stand up
Withdrawing Money from Foreign ATMs
- All three banks allow £200 of free withdrawals per month under their free plans.
- For higher amounts, Revolut’s paid personal plans offer up to £800 a month with a 2% fee.
- Monzo and Revolut both charge fees for withdrawals above the free limit, with Monzo at 3% and Revolut at 2%. So, Revolut comes out on top in this aspect.
Using Your Card Abroad
Monzo wins here due to its overdraft feature. This ensures you have enough funds even when spending the day out. Remember, getting approved for an overdraft varies.
Both Monzo and Revolut have a bill splitting feature, allowing you to request money from others to split expenses. Both apps excel in this handy function. Wise isn’t playing here just yet.
Number of Currencies Supported
Wise is the clear winner here, offering the most options. This is especially important for globetrotters and digital nomads who like moving around. Wise lets you deal with over 50 different currencies, though some might only work for local transfers. Whereas, Revolut allows you to send and receive money from 30+ currencies, which is much lower.
You can find a complete list of these currencies on Wise’s website.
Replacing Lost Cards
All these banks allow you to ‘freeze’ your card if you misplace it, which is a great feature.
- Monzo offers free replacements within the UK, but if you’re outside, it’s a flat £30 fee (sent through DHL tracking).
- Revolut and Wise charge £4.99 for card replacement, but if you’re not in the UK, expect to pay more (with Revolut, it could be at least €19.99, varying by international location).
All these services are pretty similar and simple to use, so there’s no clear winner here.
All these apps are modern and easy to use. Revolut’s app is quite popular and user-friendly, earning it a top spot.
Wise is also simple to use, though its app isn’t as popular as its desktop version. Monzo, likewise also feels user-friendly and comfortable, and while personal preference might lean towards it, any of them could win the award for user-friendliness.
Revolut scores another point in this category. While Wise and Monzo offer many useful things like transfers and banking, Revolut goes above and beyond.
Revolut brings in cool extras like stocks, shares, and cryptocurrency, which you can actually try out. These features have improved a lot since they were first introduced.
On top of that, Revolut lets you set budgets, get cashback on certain purchases, and use ‘saving vaults’ to stash away money. And that’s just the tip of the iceberg – there’s more on their website if you’re curious.
- Wise doesn’t seem to offer it
- Revolut requires you to have at least a Premium Plan to get travel insurance. And it’s worth noting that the Revolut premium travel insurance only covers the holder and his/her children (under 18) but not their partner or spouse.
- Monzo, just like Revolut requires you to be on Premium Plan in other to be eligible for travel insurance, Just make sure you read up on the 44page T&C on their website
Wise Vs Revolut Vs Monzo: Which is Better?
Picking the right online bank can be tough. You need to think about how they move your money, the rates for converting currencies, and the extra charges they might have.
We hope this article has given you a detailed comparison of Wise vs Revolut vs Monzo, and what each one has to offer. Also, these companies keep making their services better, so it’s a good idea to visit their websites. That way, you can decide which travel card works best for you.
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