Monzo is generally better for everyday UK banking, offering full UK banking license protection (FSCS), fee-free spending abroad, and better customer support. Revolut is often superior for international travel, currency exchange, and investing due to its wider range of, and better, multi-currency features, though it currently lacks full UK bank status.
If you want a full banking experience with FSCS protection, simpler fees, and strong UK support, Monzo is the safer choice. But if your priority is international payments, multi-currency accounts, and global features, Revolut may suit you better.
While Monzo is a digital bank requiring ID verification and credit checks for some services, Suits Me® offers a simpler setup with fewer barriers. With multilingual support, no credit checks, and instant cashback on spending, Suits Me® is designed for ease, inclusion, and flexibility.
Is Monzo or Revolut better for spending abroad? Monzo doesn't charge foreign transaction fees for spending abroad on your debit card. For Revolut customers, spending abroad is free up to a certain amount based on your plan, after which you will be charged 0.5%-1%. All currency exchanges on weekends incur a 1% fee.
Monzo Bank Limited, trading as Monzo (/ˈmɒnzoʊ/), is a British online bank based in London. Monzo launched as part of a wave of app-based challenger banks entering the UK market.
Revolut has been fined €3.5 million by the Lithuanian central bank over alleged deficiencies in its AML controls. Regulatory authorities found that the neobank failed to implement adequate controls to prevent money laundering and related financial crime.
Unlike Revolut Business, which provides multi-currency wallets, Monzo supports only GBP balances but offers clean accounting integrations, straightforward pricing and strong multi-user features on its higher plans.
Your transaction may be declined if our security system identifies potential fraud. To keep your money safe, we need you to review the payment by completing our in-app questionnaire. You can access the questionnaire by going to the home page of your Revolut app and tapping the relevant tile.
Revolut is great for spending while abroad. The competitive exchange rates help you save when paying in different currencies, and you can hold a range of currencies on your account.
The best digital banks in the UK, often recommended for different needs, include Starling Bank (overall great features, budgeting, support), Monzo (strong budgeting tools, spending insights), Revolut (travel, multi-currency, investments), and Chase UK (cashback, automatic saving), with Kroo and Monese also strong contenders for specific uses like travel or non-residents, offering excellent app-based experiences with strong FSCS protection for UK-regulated options like Starling and Monzo.
Verdict: Starling's free account is most feature-complete. Monzo offers simplicity with paid extras. Revolut provides strong global tools but lacks FSCS protection.
Revolut has partnered with banks that are part of the Financial Services Compensation Scheme (FSCS). If eligible, your Savings accounts deposits are protected up to £120,000 per person, per bank, by the FSCS.
The DWP cannot directly access your bank account without legal justification. However, they can request information from your bank if they have reasonable grounds to investigate. This is usually done through an official process under anti-fraud legislation.
Revolut founder Nik Storonsky moves to the UAE due to new taxes and regulations in the UK. JAKARTA – The United Kingdom is currently experiencing a significant exodus of billionaires and ultra-high-net-worth individuals. One of the latest to depart is Nik Storonsky, co-founder of the digital banking app Revolut.
You can get a free £20 bonus with Revolut by signing up as a new customer, usually through a specific link or partner promotion, then ordering a card, topping up your account, and making a qualifying purchase of at least £20 (or sometimes less, depending on the specific campaign) within a set timeframe, often before December 31, 2026. The bonus appears directly in your account after the purchase is completed, but terms and conditions apply, and eligibility varies by region and promotion.
Neither Monzo nor Revolut is definitively "better"; the choice depends on your needs, but Monzo excels for simple, FSCS-protected UK banking with great budgeting, while Revolut shines for international travel, multi-currency exchange, and investment features, though its free tier has weekend FX fees and limited phone support. Choose Monzo for user-friendly budgeting and solid UK protection; choose Revolut for global flexibility and investing, but be aware of its limitations on the free plan.
