As the financial landscape evolves, many individuals and businesses are reconsidering their payment solutions, with Revolut and Monzo emerging as popular options. This article aims to provide a comprehensive overview of what Revolut and Monzo offer, compare their pricing and features, and help you determine which service best meets your needs.
A quick overview on Revolut and Monzo
What is Revolut?
Revolut is a digital banking platform that integrates various financial services into a single mobile application. It allows users to perform peer-to-peer payments, manage multi-currency accounts, and execute international transfers at competitive exchange rates.
Unique features include real-time spending notifications and built-in budgeting tools. Common use cases for Revolut include facilitating travel expenses with multi-currency accounts and supporting freelancers with easy receipt of international payments.
What is Monzo?
Monzo is a British online bank that offers a range of digital banking services 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. Additionally, Monzo facilitates international payments in 38 currencies and offers features like secure payment links and personal QR codes for seamless transactions.
Monzo's unique benefits include instant spending notifications, budgeting tools, and savings pots. Individuals use Monzo for managing personal finances effectively, while businesses benefit from invoicing, bulk payments, and expense management features. However, the absence of physical branches and occasional customer support issues are noted limitations.
Pricing of Revolut and Monzo
Revolut offers a tiered pricing structure with three main plans: Standard (free), Premium ($9.99/month), and Metal ($16.99/month). Each plan provides varying levels of benefits, such as higher withdrawal limits and additional perks like overseas medical insurance and cashback on purchases. Users should be aware of potential fees for specific services, such as currency exchanges on weekends or transactions exceeding plan limits.
Monzo provides a free personal current account and three business account options: Lite (free), Pro (£9/month), and Team (starting at £25/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 and up-to-date pricing information.
Revolut's pricing structure offers more flexibility with its tiered plans, while Monzo's business accounts may be more cost-effective for small businesses.
Features of Revolut and Monzo
Revolut features
Revolut offers a range of unique features that cater to both individual and business needs:
- Multi-Currency Accounts: Users can hold and exchange multiple currencies seamlessly, making it ideal for international transactions.
- Real-Time Spending Notifications: Instant alerts for every transaction help users stay on top of their finances.
- Built-In Budgeting Tools: Integrated tools allow users to set budgets and track spending effortlessly.
- Cryptocurrency Trading: Users can buy, sell, and hold various cryptocurrencies directly within the app.
- Virtual and Physical Debit Cards: Both virtual and physical cards are available for secure online and in-store purchases globally.
Monzo features
Monzo offers a range of unique features that cater to both individual and business needs:
- Instant Spending Notifications: Users receive real-time alerts for every transaction, helping them stay on top of their finances.
- Budgeting Tools: Integrated tools allow users to set budgets and track spending effortlessly.
- Savings Pots: Users can create multiple savings pots to organize their money and set aside funds for specific goals.
- Fee-Free International Payments: Monzo facilitates international payments in 38 currencies without additional fees, making it ideal for global transactions.
- Business Invoicing and Expense Management: Tailored solutions for businesses include invoicing, bulk payments, and integration with accounting software, streamlining financial operations.
Comparing Revolut, Monzo and OneSafe
Why choose one over the other?
- Why Choose Revolut Over Monzo: Revolut's multi-currency accounts and competitive exchange rates make it an excellent choice for frequent travelers and those dealing with international transactions. Additionally, Revolut offers innovative features like cryptocurrency trading and stock investments, providing a more comprehensive financial management experience compared to Monzo.
- Why Choose Monzo Over Revolut: Monzo's user-friendly app and effective budgeting tools make it ideal for individuals looking to manage their personal finances efficiently. Furthermore, Monzo's tailored business solutions, including invoicing and expense management, offer significant advantages for small businesses seeking streamlined financial operations.
Considering OneSafe vs Revolut and Monzo
- Why Choose OneSafe Over Revolut and Monzo: 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?
Revolut reviews
Customer reviews of Revolut highlight several recurring themes. Users frequently mention challenges with customer support, including difficulties in reaching representatives and delays in issue resolution. Additionally, there are reports of account freezes or closures without clear communication, causing frustration among affected customers. Check out more Revolut reviews here.
Monzo reviews
Customer reviews of Monzo highlight several recurring themes. Users frequently mention issues with customer support, including slow response times and challenges in resolving disputes or accessing accounts during technical problems. Additionally, there are reports of unexpected account closures without clear explanations, causing frustration among affected customers. Check out more Monzo 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 tools that make financial operations effortless.
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.
Revolut, Monzo, or OneSafe: Which is the best platform for you?
In conclusion, while Revolut and Monzo offer robust features for both personal and business banking, OneSafe stands out for its specialized services tailored to the Web3 and crypto sectors. Each platform has its strengths, but for businesses seeking seamless USD to USDC conversions and comprehensive financial management tools, OneSafe is the optimal choice. Ultimately, any of these options could serve you well, but we recommend giving OneSafe a try for its innovative and adaptive banking solutions.
