As the digital banking landscape evolves, many are reconsidering their options between Monzo and Starling for both personal and business payment solutions. This article aims to provide a comprehensive overview of what Monzo and Starling offer, compare their pricing and features, and help you determine which might be the best fit for your needs.
A quick overview on Monzo and Starling
What is Monzo?
Monzo is a British online bank that offers a range of digital payment solutions through its mobile app. It provides personal and business current accounts, enabling users to perform standard banking activities such as transfers, direct debits, and standing orders. Unique features include instant spending notifications, budgeting tools, and savings pots.
Monzo's payment solutions cater to both individual and business needs. Individuals benefit from budgeting tools and real-time transaction updates, while businesses can utilize features like invoicing and expense management. However, the absence of physical branches and occasional customer support issues are noted limitations.
What is Starling?
Starling Bank is a UK-based digital bank offering personal and business banking services through a mobile app. Its payment solutions provide real-time access to major UK payment schemes, including Faster Payments and Bacs, without the need for costly infrastructure or lengthy implementation periods. Unique benefits include instant payment notifications, zero fees for overseas transactions, and a user-friendly interface that simplifies financial management.
Starling Bank's Payment-as-a-Service model via RESTful APIs allows businesses to integrate payment services seamlessly, enhancing operational efficiency. Use cases for Starling's payment solutions include banks, fintech companies, insurance providers, payroll services, cross-border networks, and public sector organizations. Key strengths include real-time payment processing, scalability, and compliance with industry regulations.
Pricing of Monzo and Starling
Monzo offers a free personal current account with no monthly fees. For business accounts, the Lite plan is free, while the Pro plan costs £9 per month, and the Team plan starts at £25 per month. International payments are facilitated through a partnership with Wise, with fees varying based on currency and amount. Users should consult Monzo's official resources for detailed pricing information.
Starling Bank provides its business current account with no monthly fees or UK payment charges. Additional services, such as integrations with accounting software like Xero, QuickBooks, and FreeAgent, are available through the Starling Marketplace. For specific pricing details on these additional services, it is advisable to consult the bank's official resources or contact them directly.
Overall, Starling Bank offers better pricing for business accounts due to the absence of monthly fees and UK payment charges.
Features of Monzo and Starling
Monzo features
Monzo offers a range of unique features that cater to both personal and business banking needs:
- Instant Spending Notifications: Receive real-time alerts for every transaction, helping you stay on top of your finances.
- Budgeting Tools: Utilize built-in tools to set budgets, track spending, and manage your money more effectively.
- Savings Pots: Create separate pots within your account to save for specific goals, making it easier to manage your savings.
- Fee-Free International Payments: Make international payments in 38 currencies without incurring additional fees, a feature that sets Monzo apart from many competitors.
- Expense Management for Businesses: Streamline financial operations with features like invoicing, bulk payments, and integration with accounting software.
Starling features
Starling Bank offers a range of unique features that cater to both personal and business banking needs:
- Instant Payment Notifications: Receive real-time alerts for every transaction, helping you stay on top of your finances.
- Fee-Free Spending Abroad: Make international payments and withdrawals without incurring additional fees, a feature that sets Starling apart from many competitors.
- Bills Manager: Automate bill payments and manage your finances more efficiently with this built-in tool.
- Spaces: Organize your money into separate pots for different purposes, making it easier to manage your savings and spending.
- 24/7 UK-Based Customer Support: Access round-the-clock support from a dedicated team based in the UK, ensuring help is always available when you need it.
Comparing Monzo, Starling and OneSafe
Why choose one over the other?
- Why Choose Monzo Over Starling: Monzo's user-friendly mobile application is highly praised for its intuitive design and comprehensive budgeting tools, making it easier for individuals to manage their finances. Additionally, Monzo offers fee-free international payments in 38 currencies, which is a significant advantage for those who frequently make overseas transactions. While both banks provide excellent digital services, Monzo's focus on personal finance management and international payment options may make it a better choice for individuals seeking these specific features.
- Why Choose Starling Over Monzo: Starling Bank stands out with its zero fees for overseas transactions and real-time access to major UK payment schemes like Faster Payments and Bacs. This makes it an attractive option for businesses and individuals who prioritize cost-effective international spending and efficient payment processing. Furthermore, Starling's Payment-as-a-Service model via RESTful APIs allows businesses to integrate payment services seamlessly, enhancing operational efficiency and scalability.
Considering OneSafe vs Monzo and Starling
- Why Choose OneSafe Over Monzo and Starling: OneSafe is uniquely designed for businesses operating in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. This feature, combined with end-to-end expense and payroll management, makes OneSafe an optimal choice for global teams needing reliable, adaptive banking solutions.
What are the customers saying?
Monzo reviews
Customer reviews of Monzo highlight several recurring issues. Users frequently mention problems with customer support, including slow response times and difficulties in resolving disputes or accessing accounts during technical problems. Additionally, some users have reported unexpected account closures without clear explanations. Check out more Monzo reviews here.
Starling reviews
Customer reviews of Starling Bank highlight several recurring issues. Users frequently mention problems with account closures without clear explanations and challenges in resolving problems due to limited direct communication. Concerns about customer service responsiveness are also common. Check out more Starling reviews here.
OneSafe reviews
Customer reviews of OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management features that make financial operations more efficient.
Notable testimonials include:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Monzo, Starling, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Monzo, Starling, or OneSafe, each offers unique benefits tailored to different needs. However, for businesses operating in the Web3 and crypto sectors, OneSafe stands out with its seamless USD to USDC conversion and comprehensive financial management tools. While all three options are excellent, we recommend OneSafe for its innovative approach and exceptional customer support.
