Travelling abroad can be an exciting and life-changing experience, but it can also be stressful, especially when it comes to managing your money.
With the rise of digital banks, it’s now easier than ever to access your funds whilst on the go.
Monzo and Revolut are two of the most popular travel cards on the market right now, so it can be difficult to know which one is best for your needs.
Both Monzo and Revolut have plenty of benefits when it comes to travelling abroad, but there are some key differences between them that could help you decide which one is better for you.
So, Monzo vs Revolut? Which is best?
We have been testing both of these amazing travel cards for the last 12 months whilst we have worked on the road and travelled the majority of countries across Europe so hopefully, we should be able to let you know everything we know and love about them.
In this article, we will compare two of the most popular digital bank accounts for travellers: Monzo vs Revolut.
We will look at their features, benefits, and drawbacks to help you decide which one is best for your next adventure.
Table of Contents
The Emergence of Digital Banks
Digital banks have been disrupting traditional banking for a few years now, making money management seamless, straightforward, and more accessible to everyone.
Two of the front runners in this industry are Monzo and Revolut. Both have been lauded for their excellent user interfaces, innovative features, and adaptability to various lifestyles, particularly those of us living on the open road.
What is Monzo?
Monzo is a digital bank that was founded in the UK in 2015.
Monzo offers a prepaid Mastercard debit card with no annual fees or monthly charges. It offers a range of financial services, including a current account, savings account, and credit card.
Monzo’s main selling point is its user-friendly app, which allows you to track your spending in real-time and set budgets. Monzo also offers fee-free ATM withdrawals up to £200 per month and low exchange rates for both international money transfers and bank transfers.
Monzo allows you to transfer money from any UK bank account into your Monzo account instantly and without any fees.
Monzo also has a great customer support team that can help you with any problems you might have while you’re abroad.
What is Revolut?
Revolut is another digital bank that was founded in the UK in 2015.
It offers a range of financial services, including a current account, savings account, and credit card. Revolut’s main selling point is its ability to offer low exchange rates and fee-free spending abroad.
Revolut also offers instant peer-to-peer payments, budgeting tools, and the ability to buy and sell cryptocurrency.
Revolut has some great features that Monzo doesn’t offer, such as the ability to exchange your foreign currency, at the real-time exchange rate, and the option to send money abroad in over 20 different currencies.
Features of Monzo and Revolut
Both Monzo and Revolut offer a range of features that may be useful for travellers, including:
- Budgeting tools: Both Monzo and Revolut offer budgeting tools that allow you to track your spending in real-time and set budgets for different categories.
- Instant notifications: Both Monzo and Revolut send instant notifications to your phone whenever you make a transaction, which can help you keep track of your spending.
- Savings accounts: Both Monzo and Revolut offer savings accounts with competitive interest rates.
- Card freezing: Both Monzo and Revolut allow you to freeze and unfreeze your card via the app, which can be helpful if you lose your card whilst travelling.
Benefits of Monzo and Revolut for travellers
There are many benefits to using either Monzo or Revolut for travel, including:
- No foreign transaction fees: Both Monzo and Revolut don’t charge foreign transaction fees, which can save you money when spending abroad.
- Competitive exchange rates: Both Monzo and Revolut offer competitive exchange rates, which can also save you money when converting currencies.
- ATM withdrawals: Monzo offers fee-free ATM withdrawals up to £200 per month, while Revolut offers fee-free spending abroad up to £500 per month. This can be beneficial if you need to withdraw cash while travelling.
- Instant spending notifications: Both Monzo and Revolut send instant notifications to your phone whenever you make a transaction, which can help you keep track of your spending and prevent fraud.
Drawbacks of Monzo and Revolut for travellers
While Monzo and Revolut offer many benefits for travellers, there are also some drawbacks to consider, such as:
- Limited physical branches: While Monzo has more physical branches than Revolut, both digital banks have limited physical presence than other high street bank account, which may be a disadvantage if you need in-person assistance.
- Currency limits: Monzo offers fee-free ATM withdrawals up to £200 per month, while Revolut offers fee-free spending abroad up to £500 per month. If you need to withdraw or spend more than these limits, you may incur additional fees.
- Customer support: While both Monzo and Revolut offer customer support, Monzo offers phone support during business hours, while Revolut offers 24/7 customer support via in-app chat. This may be a disadvantage if you need assistance outside of business hours.
Monzo Vs Revolut: Which is best for travel?
Both Monzo and Revolut offer many benefits for travellers. However, there are some differences between the two that may make one a better choice for you than the other.
- Exchange Rates: Revolut offers the interbank exchange rate, which is the best exchange rate possible. Monzo, on the other hand, offers a rate that is slightly less favorable than the interbank rate.
- Fees: Monzo offers fee-free ATM withdrawals up to £200 per month, while Revolut offers fee-free spending abroad up to £500 per month.
- Accessibility: Monzo has more physical branches than Revolut, which may be beneficial if you need in-person assistance.
- Card Fees: Monzo charges a fee for replacement cards, while Revolut offers free replacement cards.
- Customer Support: Revolut offers 24/7 customer support via in-app chat, while Monzo offers phone support during business hours.
There really isn’t much to separate these two cards and for us, there isn’t a stand out winner.
Over the last year we have used both, and we actually really would recommend you carry both, one as a main travel card and one as a backup.
Since we both have been using Monzo travel card for over 6 years as our main bank account, personally for us that’s the one that we use the most, then Revolut is used a backup, but still comes in very useful!
Fees Associated with Monzo and Revolut
Both Monzo and Revolut have different fee structures depending on the usage.
Monzo provides free cash withdrawals up to £200 per month abroad, after which it charges a 3% fee.
On the other hand, Revolut also allows free cash withdrawals up to £200 per month but charges a 2% fee after the limit is exceeded.
Opening an Account with Monzo or Revolut
Opening an account with either Monzo or Revolut is a breeze.
It’s as simple as downloading the app, following the on-screen instructions, and verifying your identity. Usually, within a few minutes, your account should be ready for use.
Depositing Cash or Cheques into Monzo or Revolut Account
Monzo allows you to deposit cash at any PayPoint location, although a £1 fee applies. Cheques can be mailed to Monzo’s office for depositing.
Revolut, however, doesn’t allow cash or cheque deposits, which might be a downside for some users.
Safety of Money with Monzo and Revolut
Monzo is a fully-fledged bank and thus, deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
Revolut, on the other hand, is not technically a bank but an Electronic Money Institution.
It doesn’t offer FSCS protection, but customer funds are held in a separate account at a major bank, ensuring they can’t be lent out to other bank accounts or customers.
International Transactions with Monzo and Revolut
Both Monzo and Revolut are excellent for international transactions.
Revolut allows fee-free spending in over 150 currencies at the interbank exchange rate.
Monzo doesn’t charge fees for card transactions abroad but uses the MasterCard exchange rate for foreign transactions.
In conclusion, the “Monzo vs Revolut” debate isn’t about finding a clear winner, but instead, about figuring out which digital banking service better suits your personal needs, especially as a campervan traveller.
Whether you value a more interactive budgeting feature or prefer extensive currency support, making a choice between Monzo and Revolut boils down to understanding your requirements.
Monzo Vs Revolut: FAQs
Can I use Monzo and Revolut in any country?
Both Monzo and Revolut can be used in most countries around the world. However, it’s always a good idea to check the app before you travel to make sure there are no restrictions or limitations.
Is my money safe with Monzo and Revolut?
Both Monzo and Revolut are regulated by the Financial Conduct Authority (FCA) in the UK, which means that your money is protected up to £85,000 in case of bank failure.
Do I need a UK address to open a Monzo or Revolut account?
No, you don’t need a UK address to open a Monzo or Revolut account. Both digital banks accept applications from people living in different countries.
Conclusion
In conclusion, both Monzo and Revolut offer many benefits for travellers, including no foreign transaction fees, competitive exchange rates, and instant spending notifications.
However, there are also some differences to consider, such as exchange rates, fees, accessibility, and customer support.
For us personally, we think that Monzo is the best travel card and use it for our primary bank account, joint accounts and also business accounts too, but we do like to have both cards to use Revolut as a secondary bank account when we travel.
Ultimately, the best choice for you will depend on your specific needs and preferences. We hope this article has helped you make an informed decision and enjoy your next adventure!
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I love everything about travel, from seeing new places, learning about new cultures and trying new foods! I believe that travel is one of the best forms of education you can get, I have learnt so much about myself and about the world from travelling all over. Travel is something I feel so passionately about, and I love the fact that we are now lucky enough to have this opportunity to do what we love as much as we can, it’s a dream come true.
Before we started travelling, I worked in local government in administration. I had been in this job for several years and had reached a complete brick wall where I was so fed up, but didn’t know what else to do. The only thing I knew that I wanted to do was to travel, and had wanted to do that for many years.
There were hundreds and hundreds of places on my wishlist that I wanted to go to, and I knew that going on a weeks holiday maybe twice a year if we were lucky wasn’t going to cut it.
After being in lockdown due to the Covid pandemic, and working from home staring at the same 4 walls every day, 2021 seemed like the perfect time for us to take the risk to finally do what we had dreamed of for so long.
It was a hard decision to completely change our lives, but so far it has been the best decision we have ever made!
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