It can take up to two weeks to receive, but many customers report getting it within days. They don’t charge you for sending their debit card. When it comes to getting your debit card, Monzo wins, hands down. Revolut vs Monzo: Your Card- Receiving It and Its Features That said, we like that Revolut allows you to hold up to 24 different currencies and that money can be exchanged instantly between them. For example, Revolut’s currency exchange service is usually more expensive over weekends. It depends not only on the currency but also on trade volume and whether you’re exchanging during or outside market hours. Instead, Monzo ensures you pay a wholesale rate that works out as cheap as possible. However, you won’t be charged a markup on exchange when you use your card abroad.
With Monzo, you can only hold one currency in your bank account.
Depending on the currency, you'll pay between 0.35% to 2.85% of the amount you’re transferring. This is a highly regarded way of sending money abroad, as it boasts superb exchange rates and low fees. Monzo provides a transparent currency exchange service via its TransferWise integration. Revolut, on the other hand, if you go over $6,000 in a month, you're charged two percent on your transactions. They don’t charge any commission for FX services if you pay with your Monzo card abroad. Monzo has the edge when it comes to using their debit card overseas. Revolut vs Monzo: International Banking Using Your Debit Card Abroad You can also use your debit card overseas without being charged commission, and Monzo also works with platforms like Coinbase to make trading Cryptocurrency possible. Monzo has teamed up with Transferwise to offer international money transfers from within their app. In contrast, Monzo is a Mastercard debit card, which again can be used online or in-person. You can use both Revolut's Mastercard and Visa cards online and in-person worldwide. Revolut offers both Mastercard and Visa cards- these are assigned based on location, and as such, you can't choose which card you get. Some of these features include financial planning, budgeting, and multi-currency summaries. From here, you can access many features to help track your spending and budgeting. Revolut vs Monzo: Overall Digital Banking ServiceĪs Monzo and Revolut are online banks, it's no surprise both provide great mobile apps (Android and iOS). You also have to pay the delivery cost on top of that. Revolut charge £5 or the equivalent currency fee if you need a replacement card. For any other reason, Monzo requires a replacement fee of £5. If your card has been stolen, it’s expired, or you're a victim of fraud, Monzo will replace your card for free.
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Let’s compare both banks' standard, free plan side by side:Ġ.35%-2.85% depending on the foreign currency
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