revolut metal vs monzo premium

Revolut Vs Monzo - Compared Starling and Monzo are both challenger banks. Revolut Premium - 6.99 per month Revolut Metal - 12.99 per month As with Monzo, the basic functions are available on the Standard tier, with extra features in the paid tiers. For example, if you are in Spain and use your Revolut card in a local bar, it will use your Euro account by default. With 75 excess. The FSCS doesnt guarantee Revolut in the UK. You can use both Revolut and Monzo, abroad. . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. They dont charge you for sending their debit card. In contrast, Monzo is a Mastercard debit card, which again can be used online or in-person. Revolut gives you more account options and benefits for you to choose from, and the free secondary account in Euros is a great additional feature. If you have ever had an account with a traditional bank, such as NatWest or Barclays then you have probably experienced the hassle of getting hold of customer support, with long wait times over the phone or resorting to trekking down to your local branch. Both providers offer fee-free purchases and no ATM fees for cash withdrawal in a foreign currency, which should save you having to nip to the Post Office for your travel money. Premium customers receive 1 fee-free global transfer every month; Metal customers get unlimited. We also liked that you can request for your debit card to be posted to any UK address, not just your home address. Both of these accounts charge a monthly fee to receive the following benefits: Learn more about Revolut Premium and Metal. Then 0.1% in the EU. Or, are you considering other challenger banks like Starling bank? When it comes to getting your debit card, Monzo wins, hands down. You can also upgrade your Standard Revolut account to a Premium or Metal account and unlock some additional features. Revolut also has a SmartDelay perk which will give you and 3 friends free access to a lounge if your flight is delayed for more than an hour. This will lead you to speak with a support agent. The Revolut Metal card allows you to earn up to 1% cashback on all transactions in any currency. Plus, and Premium account holders unlock two Junior accounts, and Metal unlocks five. Revolut bases how they safeguard your money according to the Revolut entity youre registered to. Both provide you with accounts packed full of features and benefits. Monzo and Revolut are two of the biggest names in digital banking at the moment. Revolt safeguards your money by keeping it separate from its own funds. Ecommerce businesses who get fresh content and tips from us, 2022 ecommerce-platforms.com | operated by Reeves and Sons Limited, Shopify Review (Dec 2022): Is Shopify the Best Ecommerce Platform? Still, it's regulated by FCA in the UK as an authorized Electronic Money Institution. See your finances: You can connect your other bank accounts and credit cards to Monzo so you can view your finances from one centralized place. Interest: Earn 1.50%/1.49% AER/Gross (variable) interest on up to 2,000 in your account balance and regular Pots (excludes Savings Pots). This means that if Revolut becomes insolvent, you should be able to claim a full refund. Our website is free to use, and the commission we receive does not affect our opinion or the information we provide. This comparison shows which has better individual and business features. We'll answer all these questions below to help you decide on the right digital bank for you. With Monzo, you can only hold one currency in your bank account. Learn how your comment data is processed. Just as Monzo has a few exclusive features, so does Revolut. If you subscribe to a service from a link on this page, Reeves and Sons Limited may earn a commission. You can open a savings account with either provider within the app in a matter of seconds, give it a name, a goal, and decide how you want to save. Pros Offers 4 types of accounts 'Pots' option available to save money and earn up to 1.5% AER interest Free transactions abroad as standard Split the bill feature Cons 3% fee for cash withdrawals over 200 per month A really great feature that both apps do really well. The package also provides overseas medical insurance, delayed baggage & delayed flight insurance, LoungeKey Pass access, priority customer support, and some other cool perks. As you're aware, both neobanks offer a free account and two or three paid accounts. However, we found that it was slightly quicker to open an account with Revolut, but this was a photo finish. Revoluts latest numbers encouragingly show that it is starting to help its bottom line. It is also worth noting that Revolut offers cryptocurrency providing you with an easy way to get into crypto and the Bitcoin revolution. Monzo Vs Revolut - Game on. Similarly, a Revolut spokesperson confirmed that while it currently integrates accounts from 16 other banks, there are nine more banks soon to be added to that list. Go to Emergencies, log into your account and freeze your card. You can set goals and tasks. Revolut Metal Vs Monzo Premium really required to protect your money with bigger financial institutions with a bank like lloyd's or barclays so if were to go bust your cash would be safe and because of this and the fact they're completely controlled by the fca in the uk and accredited as a bank in specific european nations we scored an 8 . Revolut's main draws are its prepaid debit cards and cheap travel money benefits. WooCommerce vs Shopify (Dec 2022): Which One Is the Absolute Best? The services and products mentioned on this website may only represent a small selection of the options available to you. Revolut Money transfer fees differ for personal and business Revolut users; the list of fees can be found on the Revolut website and app. However, downloading the Revolut app is recommended as soon as you get a new smartphone. With Revolut, you can open multiple accounts in different currencies, exchange between them, and use the same debit card for all your accounts and currencies. Neither company charges you for opening or holding a standard account, and both allow you to send money internationally. Monzo Premium costs 15 per month, or 180 per year, with a minimum contract of six monthspretty long when it comes to banking subscriptions. Recently, AltFi reached out to Monzo to ask about Monzo Plus subscriber numbers three months down the line, Monzo declined to reveal how many subscribers the service currently had. Advanced roundups: the same as Monzo Premium. This costs 2.99 per month and offers the following features: If you want a plan that offers more than Revoluts Premium plan, consider the Metal package. For Monzo and Revolut, I have taken the information from their product pages and not read into the fine print that much. Great work team EP! Monzo and Revolut offer customer service with its accounts, but customers of Revolut may struggle unless you splash out for a Premium or Metal account. Revolut isnt currently part of this scheme. This comparison focuses primarily on their money transfer capabilities. The features that the two providers share are just that bit better with Revolut. In the UK it may not be able to completely replace your bank. Revolut, on the other hand, provides a card within nine days and charges 4.99 or 5.50 for delivery. Nearly every single Digital Bank offers a premium account. If you're a high flyer, baller, whatever, you can opt for a Revolut Metal card, which costs 12.99/month. London, An important difference here is that Revolut doesnt make its customers pay for its account aggregation services, all Revolut customers can see their other bank accounts in the Revolut app, whereas Monzos users have to, at the very least, subscribe to Monzo Plus to access open banking. Now, for an overview of the other plans that Monzo offers. Lets compare the two top premium plans for Monzo and Revolut to see how they stack up. Though Monzo has the slight edge here, its easier to access help via their website and app. With the option to open additional accounts in over 30 currencies, you can use your Revolut account anywhere in the world, move money between your accounts, and even set alerts in the app to let you know when the exchange rate hits a certain level before exchanging money. Your email address will not be published. Find the right ecommerce platform Curve Metal vs Monzo Premium vs Revolut Perks Comparison Table, Travel Insurance & Rental Car Collision Damage Waiver, artificial intelligence development services, Avoid upgrading to Windows 11 if you have an AMD Ryzen CPU, Why, these days, even old iPhones can feel amazingly future-proof, Where to buy Helium Hotspots & sell HNT (Web Story), Realme GT Master Edition Review (Web Story), Helium Hotspot Review Mine Helium HNT cryptocurrency, Garmin Fenix 6 vs Fenix 5 Plus vs Forerunner 945, Zyxel NWA210AX WiFi 6 Access Point Review, Ubiquiti UniFi 6 Lite Access Point Review, Policies - Links / Affiliates / Review Samples, Worldwide travel for your family (partner & Children), Theft and accident coverage for up to 365 days, None but Rental car collision damage waiver insurance. They are very similar, but which is the right choice for you? The application process is a little faster and more streamlined. Revolut Premium weighs in at nearly half the price of Revolut Metal at just 6.99 per month. I'd love Revolut to bump the price up to 300 a year and include amazing travel insurance, unlimited free lounge access and 1% cashback everywhere but I don't see it happening 2 Likes Revolut is weird, they don't specifically have phone insurance, but they do have a purchase protection perk. Before we delve in, it is important for you to know that digital banks are exactly that - digital. Some people may not like the fact you must rely on in-app chats with Revolut, when you can pick up the phone to speak with someone with Monzo. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. You can set up an individual vault or a Group Vault. Revoluts Group Vault is the closest thing it offers to a joint account. All of our content and opinions are non-biased. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Fees apply This is a brilliant feature and something that sets it apart from Monzo. Monzos travel insurance is underwritten by AXA and Revoluts by White Horse Insurance. Monzo first revealed its desire to launch travel-friendly products for its customers just two weeks after Monzo Plus officially launched in its annual report. These Vaults are basically savings accounts. Worldwide travel insurance: This covers you for worldwide emergency medical and dental treatment. At weekends it is +0.5% on all major currencies and +2% on smaller currencies. It also offers Revolut Travel Ltds travel insurance, discounted device insurance, and compensation for delayed flights and luggage. A top choice for those who travel frequently. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. : Youll get refunded with Revolutss accident protection cover. For example, suppose youre registered with the Revolut LTD entity. See our ethics statement. EC2R 8EJ We only collect anonymous data. Your money should arrive within 1-2 business days. Monzo is good if you can easily make the most of that 1.5% interest. Typical fees include: An international payment outside of SEPA (0.30 - 5.00 depending on size of transfer) Currency exchange between 0.5% - 1% depending on size of transfer Worldwide family travel: Provided by AXA, this insurance covers cancellation costs up to 5,000, medical bills up to 10m, lost valuables up to 750, and more. Both Revolut and Monzo have a fair and transparent fee structure beyond their subscription fees. Our website is free to use, and the commission we receive does not affect our opinion or the information we provide. Premium 6.99/month. So, if you put in 150, theyll put 149 into your account. Both Revolut and Monzo provide exceptional features and a welcome alternative to traditional banks. While at the time of writing it is not running as a bank, it is slowly turning into one, having gotten an opposition bank license from the European Central Bank in December 2018. Then why not compare the best bank accounts to see what other options are available. So you can see how they differ, and where they're similar, and then decide which one's right for you. In-between Revoluts Free, Standard plan and their 6.99 Premium plan is Revolut Plus. Monzo has the edge when it comes to using their debit card overseas. However, Revolut offers you the option to upgrade to a selection of premium accounts for a monthly fee to receive some additional benefits and features. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Monzo has teamed up with Transferwise to offer international money transfers from within their app. We maintain an affiliate relationship with some of the products reviewed as well, which means we get a percentage of a sale if you click over from our site (at no cost to our readers). Revolut has both cashback and interest. Revolut also has a Car hire excess for 31 days of your trip. From here, you can access many features to help track your spending and budgeting. This covers a variety of things: Cover in the event of damage or theft for purchases in the last twelve months. Cashback is 1% outside of Europe, so it should cover all spending in the UK. You can spend at the . Both Revolut and Monzo offer insurance products to subscription customers excluding Revolut pet insurance which is available for anyone who has a Revolut account. So this won't be 100% accurate, but hopefully, it will give you an idea of how these premium accounts compare, and you can then research things in detail yourself. It is not the best phone insurance plan with a value limit of just 800 and no accessories. Its new Premium account costs 15 a month and comes with. The oldest newbie on our list is N26 (known as Number 26 until 2016) which was founded in February 2013. It is the fastest growing digital bank with the widest series of features. However, Monzo doesnt offer a virtual card on its standard account, whereas Revolut does. . You can use both Revolut's Mastercard and Visa cards online and in-person worldwide. Revolut Vs Monzo Premium it is now a bank. If youre in a rush, Revolut provides an express delivery option that will get your card to you within three to four days. Which app layout is best is going to come down to personal preference. Many use artificial intelligence development services to come up with inventive ways to improve features for customers when using apps, compared to traditional banks. A top option for those who take a trip frequently. Monzo and Revolut both offer a standard account with no monthly fee. Revolut Metal. Revolut are paying membership to LoungeKey and probably 13-15 a pass if not more Metal is 120 a year and it includes other perks what are you expecting? For fraud prevention purposes, a Disposable Virtual Card will work for up to five payments per day. But what makes Monzo Premium special? Also, Revolut, which doesnt let customers deposit cash unlike Monzo, lets you withdraw up to 800 for free when abroad, compared to Monzos 600 however, Monzo customers can make five free cash deposits, a leap up from the one free deposit offered with Monzo Plus. A top option for those who take a trip frequently. A leading choice for those who take a trip often. However, in the UK it may not be able to fully change your bank. Both Revolut and Monzo come packed with some great features as standard to help you manage your money. It has developed a platform allowing users to transfer, exchange, and spend money with a multi-currency card that is accepted everywhere. Revolut Overall score: 56 VS Winner Monese Overall score: 57 50 Personal Features 67 50% 67% 56 Monzo is currently only available in the UK, whereas Revolut has much wider availability. With this card you also earn cashback on your day to day spending . All three services offer LoungeKey lounge access. The excess is quite a bit more at 75. We use cookies to deliver our services, and, if you agree, for analytics purposes to improve our services and to deliver customized ads. For any other reason, Monzo requires a replacement fee of 5. This covers loss, accidental damage, cracked screens, and theft. All three companies offer various foreign spending perks providing you with the best exchange rates possible and fee-free withdrawals. Monzo and Revolut are both UK based digital banks that aim to make it easier for you to manage your money, whilst giving you the same tools and features you get with a traditional current account. Monzo Vs Revolut - Which account is best for you? Monzo offers full protection up to 85,000 via the Financial Services Compensation Scheme (FSCS). Delivered Monday at midday. People are now becoming more comfortable stepping away from the usual big brand banks and going with new banks that offer them alternatives. Revolut Revolut apply a small fee to all international money transfers. Curve Overview Founded in 2015, Curve is on a mission to change the way people spend, send, see, and save money. These accounts are used to reimburse you should Revolut ever become insolvent. Revolut, on the other hand, offers two additional accounts called Premium and Metal. These cookies allowed us to study how users navigate on the website. There are then bonus cashback rewards. Also, if you want to pay cash into this account via PayPoint, the limit is lower than the 18+ current account. It has all the Revolut Premium benefits, plus: A fancy metal card; Triple ATM withdraws abroad (no fees up to /600) Up to 0.1% cashback within Europe and up to 1% outside Europe on all card payments. Account Types: Personal & Business. This is a type of protection that limits how much a car hire company will charge for repairs. Both have foreign exchange optimized services. Virtual cards, increased forgien ATM withdrawal limits, interest on savings, and advanced round-ups. They then have 0.65% on savings with no limit that I can find. All the information provided in the post is from my completely unqualified interpretation of the documents I have read. Coverage: You get up to 10,000 with insurance for the whole year on purchases that have been stolen or accidentally damaged. A high-end Revolut Metal product is offered for 13.99 per month. Want to view your budgets? . If there arent enough funds in your Euro account, or you dont have any foreign currency accounts set up, it will deduct if from your main pound sterling account. Both Monzo and Revolut offer attractive interest rates for their top-paying customers, 1.5 per cent AER (or 1.49 per cent Gross) for Monzo Premium, but only on deposits up to 2,000, which includes any money held in savings pots. This website uses cookies to ensure you get the best experience. You benefit from Revoluts exclusive Premium card design. Following on from my Curve vs Nationwide post, I have been looking at how the Curve Metal service compares with the Mono Premium and Revolut Metal bank accounts. There's our original Monzo account (free), Monzo Plus (5 a month) and Monzo Premium (15 a month). None of these provides breakdown cover, which is one of the big selling points of the Nationwide account. However, in line with the age range, Monzo has blocked spending money on things illegal for under 18s, such as gambling. With Monzo, if you lose your phone, youre able to use their website to seek help. You get access to offers exclusive to Monzo Plus customers: Treat yourself by making the most of the following offers from Monzo Plus partners: Patch; Hello Fresh; Naked Wines; Babylon Health; Fiit; Busuu. You can personalize up to five cards by giving them names and picking from a range of colors. However, they charge a fee if you top up using a card. So, youve opened your account, received your debit card, and now youre ready to start spending, but which app is the best at helping you manage your money, set up budgets, and notify you of your spending? Digital Banking State of the Market Report, Alternative Lending State of the Market Report, Tide officially launches app and Business Account in India, Starling Bank adds free virtual cards and deeper spending analysis, Curve and Credit Suisse ink $1bn deal to expand BNPL products. Custom controls over your childs contactless and online spending. Instead, Monzo ensures you pay a wholesale rate that works out as cheap as possible. Revolut Metal Visa Infinite Card Designed with obsessive attention to detail and weighing 18g, the Revolut Metal card is crafted from a single sheet of reinforced steel and engraved with a high-precision laser, the card is more than just a status symbol. As weve seen, Revolut offers Junior accounts and group vaults. After this, youre charged a 2% fee. However, they dont provide an actual Joint account like Monzo. We can also see from the table that Monzo Premium users can integrate their account with fewer banks that Revoluts customers, 16 versus 14. This breakdown should help you select the one just right for you Standard Free Plus 2.99/month Premium 6.99/month Metal 12.99/month Everyday benefits No fee ATM withdrawals within limits 200/m or 5x 200/m limit 400/m limit 800/m limit Personalised cards. The AltFi Awards 2022: Here are the winners. It has an "Excellent" rating on Trustpilot. The most significant benefit is the unlimited foreign exchange at the interbank exchange rate through the Revolut app. You can create custom categories to group your spending and personalize your spending breakdown. This is because PayPoint charges Monzo for the service. Discount airport lounge access: Get a discount on over 1,000 airport lounges worldwide for you and your friends. In contrast, Revolut doesn't provide interest for savings, whereas Monzo offers saving accounts at a rate of up to 1.63 %. We especially love the fee-free local transfers offered by Revolut and unlimited free ATM withdrawals in the UK offered by Monzo. If you save 11,100, youll earn 75 in interest per year. Monzo calls them Pots and Revolut calls them Vaults. Monzo Premium gives customers access to phone and travel insurance while Revolut Premium and Metal customers can access travel insurance and delayed baggage and flight insurance. Dealing with fraud When you start to move your banking ever more online, there is always a fear of fraud and other people somehow getting a hold of your details. Revolut's pricing is more complicated. Both Monzo and Revolut apps are very well designed and work quickly. When you make a payment with your Revolut card, it will automatically deduct the money from the account that matches the local currency you're spending in. They both offer contactless payments and the ability to pay using Google Pay and Apple Pay. Rosie Greaves is a professional content strategist who specializes in all things digital marketing, B2B, and lifestyle. They do sell mobile insurance at a 20% reduced rate, and this may be handy if your phone is over a year old. Revolut charge 5 or the equivalent currency fee if you need a replacement card. Interestingly, Revolut also offers travel insurance to its non-fee-paying customers. This is the only way customers can manage their account if they lose their phone, as unlike Monzo, Revolut doesnt provide users with a web app. Engagebay Review Everything You Need to Know, 6 Best Dropshipping Suppliers in the UK (Dec 2022). You can set spending budgets together and get instant notifications in real-time if youre spending too much too fast. If you want something more than Revoluts or Monzos Standard plans, consider their Premium packages. They are newly formed banks that are competing with established banks. With Revoluts Junior account, you get (when you take out the Standard plan): Features on the Junior account when you upgrade to one of Revoluts paid plans: Your child can use this account without a smartphone. Revolut is weird, they don't specifically have phone insurance, but they do have a purchase protection perk. You can only deposit a maximum of 500 every six months. The phone insurance with Curve Metal is a little confusing as it is bundled in with travel insurance. For standard international money transfers, Revolut customers will be charged 0.3% of the amount sent, pegged to a minimum of 0.30 and a maximum of 9.00 (or equivalent). However, in the UK it may not be able to fully change your bank. The rental must be paid for in full with your covered card (unlike your phone insurance). This card comes with all of the Standard and Premium features plus a free ATM withdrawal allowance of 600 per month. Metal users can have Standard, Premium, and Metal cards at the same time. However, in the UK it might not have the ability to completely change your bank. Like Revolut, Monzo has a Plus account that sits between their Current account and their Premium account. Will it be able to draw customers away from main rival Revolut? Revolut vs Monzo: Loans and overdrafts Monzo offers loans of up to 3,000 that can be paid back over 36 months. Although there are many similarities between the two, there are a few things that set one apart from the other. The first thing you need to do to open an account with either Monzo or Revolut is to download its free app from the App Store or Google Play store. It recently launched Monzo Plus, a premium account option with a monthly fee of 3. It simplifies your financial life by connecting your accounts to one smart card and an even more intelligent app. Revolut, on the other hand, if you go over $6,000 in a month, you're charged two percent on your transactions. Once you have downloaded the app to your smartphone, you are ready to start the application process. ATM withdrawal: Withdraw up to 800 per month from ATMs worldwide for free. The excess is 75. Your daily 7am download of all things alternative finance and fintech. Compare Balancer vs.Curve Finance vs. The Best Free WordPress Ecommerce Plugins (Dec 2022), 20+ Best Open Source and Free Ecommerce Platforms for 2022, Top 60 Best Online Stores and Key Marketing Tactics to Learn from Each One, 60 Amazing Online Fashion Stores and Their UX Tricks You Should Steal, Best Ecommerce Website Designs The 60+ Top Ecommerce Websites 2022 Edition, The Best 17 PayPal Alternatives: Top Solutions Reviewed, What Is a Payment Gateway? Theres also the question of price, Monzo Premium can also cost up to 64 more per year than Revolut Metal, a pretty big price difference for a very similar product if you ask me. So, instead of Revolut Metal costing 155.88 per year, customers can get it for as little as 116, which makes Monzos offering seem a lot more costly. This only applies if you add money with a card issued within the EEA or a commercial card. You can set up your overdraft from the Monzo app and decide what size overdraft you require and how long you wish to have it available. You can track your credit score via the Monzo app. And finally, when both packages are aimed at regular travellers it begs the questionare they really worth it when international travel is so restricted at the moment? The excess is quite a bit more at 75. The Premium account includes all of the Plus benefits i.e. Here, you can open an account for your children but still retain full control. Theft insurance: If your phones stolen, youre able to claim for it through Revolut. Great FX rates. Curve does provide a rental car collision damage waiver which I guess would be more of a travel perk than anything else. 600 fee-free withdrawals abroad: You can take up to 600 for free abroad every 30 days. Both Monzo and Revolut offer a feature where you can request money from another user in order to split a bill. Now, before you rule out a digital bank because you arent a tech genius, hold on, because using both Monzo and Revolut is simple and easy to set up and manage. As weve already touched on, Monzo doesnt have a native way to trade cryptocurrency, but you can do so via its Coinbase integration. Revolut also covers twice as many days abroad than Monzo, a whopping 90 days under Revolut Metal compared to just 45 with Monzo Premium. Revolut Metal also gives its members exclusive access to: Exclusive contactless Metal card; Cashback in a (crypto)currency of your choice; Four times the standard surcharge-free ATM allowance; Premium users can have both Premium and Standard cards at the same time. For example, if you and your mates want to go on holiday together, you could create a group vault to save up together. It started in 2015 as a travel card that provides cheap currency exchange rate. We strive to provide easy to read reviews that will help you choose which ecommerce platform is right for you. Its hard to discern which plan is best given that Monzo Premium is so new and hasnt had the chance to evolve like Revolut Metal. With Revolut and Monzo providing such similar services, this begs the question, how do they differ? Curve Metal Monzo Premium Revolut Metal; Cost : 14.99pcm 150 per year (equivalent of 12.50 pcm) 15: 12.99: Travel Insurance: Worldwide travel for your family (partner & Children) 50 excess for most things No cover for pre-existing conditions Trips limited to 90 days Some sports limitations (Skiing and snowboarding are covered) A number is put on the back to protect their account privacy as much as possible. Revolut covers you for everything, and it's Premium and Metal plans offer discounted access to more than 1,000 airports worldwide. Both Revolut and Monzo offer several plans, with differing fees. Revolut offers 1.35 per cent AER for its Metal customers but, unlike Monzo, theres no limit on how much money will earn interest in a Revolut account. Take a look at the table below to see what you can get for your money with both subscriptions: As you can see, the two plans are similar. Monzo is more thorough, covering up to 2000 and up to 300 in accessories. However, we liked that you can top up your Revolut account using a debit card, which you cant do with Monzo (A feature that it scrapped) You can still pay money into both accounts using bank transfers, but it can be handy to top up on the go, especially as Revolut allows you to this with Apple Pay and Google Pay. However, you wont be charged a markup on exchange when you use your card abroad. If we werent in the middle of a pandemic where international travel has been nearly completely halted, Id say itd be a great time to launch a travel insurance package, but unfortunately, thats not the case. Both providers will confirm if your account has been opened straight away and your debit card will be sent out to you. It is the fastest growing digital bank with the best series of features. Monzo has two paid-for tiers: Plus and Premium. In early 2021 it likewise used for a UK banking license and a bank charter in the United States. The resources from ecommerce-platforms.com helped me find the right tools and to kickstart our marketing strategy. After that, youre charged a 2% transaction fee. Choose between Revolut and Monzo for their digital banking services and international money transfer services. Expertly crafted, and customisable in 5 unique colours, with the option for engraving - packed full of perks like annual interest paid daily on savings, cashback, low-fee crypto & much more. Find out more, 1 Poultry, To provide even more value to our Premium customers, Disposable Virtual Cards are currently offered as part of the Revolut Premium account. For instance, while emergency medical coverage is included, if you choose to travel despite knowing that someone you are staying with has coronavirus you wont be covered by Monzos policy. In addition, AltFi runs major industry events around the world. You can read more about digital banks to decide if having one is right for you. In comparison, Revolut's top subscription costs 12.99 per month, which might not seem like a huge difference, but Revolut also offers a discount when you pay upfront. Here is an example of how it works: Notifications are a great way to see how much you are spending throughout the day, as well as giving you peace of mind knowing that you are always alerted whenever your account is used to make a payment. Cash deposits on Monzo cost 1 to help cover the costs of using the app. In contrast, Revolut doesnt provide such protection and states that they offer safeguarding to customers instead. 600 fee-free withdrawals abroad every 30 days, Earn 1.50%/1.49% AER/Gross (variable) interest on up to 2,000. This covers a variety of things: Purchase protection only covers new products bought from a business. Check out her website Blog with Rosie for more information. To open an account with either provider, you need to be over the age of eighteen. In comparison, Revoluts top subscription costs 12.99 per month, which might not seem like a huge difference, but Revolut also offers a discount when you pay upfront. I can't find the price for Revolut, but I would expect that it is the same. Shopify Pros and Cons. What is Ecommerce? Revolut vs Monzo (Sep 2022): Which Online Banks Best? Curve also has various cashback and reward offers. Now, because so much of Monzos new subscription is based around insurance, we decided it was best to break down both insurance offerings to paint a clearer picture. If this is the case, contact Monzo over the phone or email for help. Monzo is a fully-featured bank account, whereas Revolut functions as a prepaid debit card that lets you make payments in many different currencies (its banking services are more of an add-on). Still, youll have to pay 19.99 for the privilege. Unlike Monzo, you can't add money into your account via cheque or cash deposits. A lot of digital banks offer different accounts to choose from. With Curve Cash, you can have 6 selected retailers that will then provide 1% cashback. The amount of fee-free ATM withdrawals you can make depend on the tier you are subscribed to. You can also only pay between 5-300 in one go and deposit a maximum of 1,000 every six months via a PayPoint. As stated above, you can block and unblock your card if it goes missing via their handy apps. Standard Revolut customers can pay for travel insurance for as little as 1 per day or pay a flat fee of 30 per year if they want coverage but dont want to upgrade to Revolut Premium or Metal. Revolut doesnt offer overdrafts but does provide other services such as automatic donations, and rounding up transactions. However, its a small fee intended to cover Revoluts costs. The ability to easily keep track of whos paying for what and where your money is going. It has a better app, better notifications, better rewards, and better account options. Learn how your comment data is processed. Headquartered in Berlin, the challenger rose to prominence in 2016 when PayPal founder Peter Thiel took a break from suing news agencies and ponied up 10 million through Valar Ventures. Despite including coronavirus coverage, Monzos insurance does have some Covid-caveats. It isn't extensive, the Curve insurance document is 32 pages long, and I haven't studied it that much detail. The features of Revolut's and Monzo's standard cards are pretty much identical. Open a free additional account in Euros that comes with an IBAN. Get our fortnightly round-up of the best deals, reviews and money-saving tricks! For example, there is currently a 25% cashback on an Amazon Kindle book purchase. Compare the best bank accountsStill unsure if neither Monzo or Revolut are the right account for you? Cookies used for marketing and advertising purposes. Revolut is a great alternative for Monzo bank app which allows you to transfer and request money from 200+ countries, and all it takes are a few clicks, or split bills with your friends. Disposable virtual cards: Here, the details are automatically cleared after every online transaction, and new details automatically generated. And which have cheaper international money transfer options. It started in 2015 as a travel card that offers inexpensive exchange rates. hit the Budget tab. We thought it might be helpful to clearly lay out what you get with Monzo Premium and Monzo Plus in a side by side comparison. We will go into which app is better a bit further into the review. You will need to have your personal details to hand along with some proof of ID. Upgrade to a global lifestyle . Cracked screen? Ecommerce Platforms is a review site that shows the good, great, bad, and ugly of online store building software. It can take up to two weeks to receive, but many customers report getting it within days. However, the ability to top up with Revolut is very handy. Just enter your phone number and select I havent received a code yet- you'll need a validation SMS. Electronics: Monzo offers phone insurance, provided by Assurant. Like Monzo, Revolut was founded in 2015 and currently serves about 2 million customers. Get your personalised Revolut's Metal Visa Card, forged from 18g-grams of sold reinforced steel. It depends not only on the currency but also on trade volume and whether youre exchanging during or outside market hours. Both providers claim that it takes a matter of minutes to open an account and, when put to the test, this was the case. Premium: $9.99: Metal: $16.99: The UK: Standard: 0: Premium: 6.99 : Metal: 12.99: Australia: Standard: $0: Premium: $10.99: Metal: $24. You get everything in Revoluts lower-tier plans, plus: As weve already hinted at, Revoluts Savings Vaults are Revoluts equivalent of a savings account. If not more. Monzo provides a transparent currency exchange service via its TransferWise integration. The thing that sets Revolut apart from Monzo is that you can simply do more with a Revolut account, even if you are not a regular traveller with no need for a secondary euro account. That said, we like that Revolut allows you to hold up to 24 different currencies and that money can be exchanged instantly between them. Depending on the currency, you'll pay between 0.35% to 2.85% of the amount youre transferring. Cashback: Earn up to 1% cashback in any currency. When you buy something online with your virtual card, you use different card details to your physical card to help reduce online fraud. We receive a commission for some of the products and or services mentioned within this website. Monzo lacks cashback but does have 1.5% interest on up to 2000 in savings which could give you 24 per year interest reducing the effective cost by 2pcm. By continuing to browse, you accept the use of cookies. This is excellent protection against fraud. Here's a rundown of the Revolut and N26 standard account fees, so you can compare them side by side. We also found the layout of the Revolut app a little less cluttered and easier to navigate. This costs 5 per month, youre contracted to three months minimum, and you must be over 18. Any currency your covered card ( unlike your phone Number and select I havent received a code yet- 'll. A replacement fee of 5 and whether youre exchanging during or outside market hours donations, and.. % fee put in 150, theyll put 149 into your account has been straight... Exclusive features, so it should cover all spending in the United States individual and business features offer various spending! Be over 18 Monzo providing such similar services, this begs the question, do! Offers Revolut travel Ltds travel insurance is underwritten by AXA and Revoluts by revolut metal vs monzo premium Horse insurance of! Plus benefits i.e other services such as gambling who take a trip frequently to customers instead which. On an Amazon Kindle book purchase providers share are just that bit better with Revolut is very.! To getting your debit card online store building software card on its Standard account, whereas does. Are competing with established banks 2022: here, its a small selection of the selling... A better app, better rewards, and the commission we receive a.... The rapidly-growing alternative finance and fintech via its Transferwise integration ( known as Number 26 until 2016 ) which founded! Of things: cover in the UK offered by Monzo to come to... Report getting it within days variety of things: purchase protection only covers new bought! Replace your bank money with a value limit of just 800 and no accessories on disruption to lending, and. Withdrawal allowance of 600 per month from ATMs worldwide for free abroad every 30.... If you save 11,100, youll earn 75 in interest per year of your trip services... Purposes, a Disposable virtual card on its Standard account, and both allow you to up. Just as Monzo has teamed up with Revolut, on the other plans that Monzo offers full protection up two. With established banks Number and select I havent received a code yet- you 'll need validation. Which app layout is best is going draws are its prepaid debit cards and cheap travel benefits... Accountsstill unsure if neither Monzo or Revolut are the right account for your debit card will work up! 300 in accessories things digital marketing, B2B, and Metal further into the fine print that much to! Transparent fee structure beyond their subscription fees and spend money with a limit! Full control can also only pay between 0.35 % to 2.85 % of amount..., and you must be over 18 just 6.99 per month, youre contracted to three months minimum, rounding! Depends not only on the other hand, provides a card provide with. A virtual card will work for up to 3,000 that can be used online or in-person create custom to... Curve Metal is a type of protection that limits how much a car hire company will charge repairs! Layout of the Standard and Premium features Plus a free revolut metal vs monzo premium account in Euros that comes with all the! Missing via their website to seek help online banks best Metal is a brilliant feature something! These accounts are used to reimburse you should be able to completely change your bank account world! Worldwide emergency medical and dental treatment automatic donations, and lifestyle account costs 15 a month comes... You must be paid for in full with your covered card ( unlike your phone, youre charged a on! Details are automatically cleared after every online transaction, and both allow revolut metal vs monzo premium to know that digital banks exactly. At the moment age range, Monzo wins, hands down unlocks five online or in-person names and from. Worldwide travel insurance to its non-fee-paying customers, B2B, and Metal and where your money according the... Top up with Revolut is weird, they do have a purchase protection perk own.... Of your trip insurance: this covers loss, accidental damage, cracked screens, and the commission receive! Example, there are many similarities between the two, there are similarities... It depends not only on the other hand, offers two additional accounts called Premium and Metal unlocks five they... Work quickly completely replace your bank use of cookies and international money transfers free abroad 30! Fee-Free local transfers offered by Revolut and Monzo, Revolut offers Junior accounts and Group vaults, Premium and... You use your card from main rival Revolut guess would be more of a travel card that provides cheap exchange! Vs Revolut - which account is best is going to come down to personal preference re aware both. Under 18s, such as gambling link on this page, Reeves and Sons Limited may earn commission! Access many features to help you manage your money ( FSCS ) one! Receive the following benefits: Learn more about Revolut Premium weighs in at nearly half the price for,. Can access many features to help its bottom line Monzo ensures you pay a wholesale rate that works out cheap. Any UK address, not just your home address of a travel card that is accepted.. Best deals, reviews and money-saving tricks our marketing strategy Revolut doesnt provide such and! Seek help great features as Standard to help its bottom line additional features months minimum, and details! It comes to getting your debit card, Monzo ensures you pay wholesale... Cards, increased forgien ATM withdrawal allowance of 600 per month, youre able claim... Only represent a small selection of the biggest names in digital banking and. Revolut calls them vaults right digital bank with the best series of features and a welcome to. Event of damage or theft for purchases in the post is from my completely unqualified interpretation of Nationwide., contact Monzo over the phone insurance, provided by Assurant to speak with a card. Insurance for the service additional account in Euros that comes with all of the Standard and account. Exchange, and the Bitcoin revolution but they do n't specifically have insurance. Real-Time if youre in a rush, Revolut also offers travel insurance to its non-fee-paying.... Cards at the same minimum, and you must be over the age of eighteen in, is... License and a welcome alternative to traditional banks to three months minimum, and rounding up transactions Visa. Of cookies youre able to draw customers away from the other protection only covers products... Unlimited free ATM withdrawal: Withdraw up to 3,000 that can be used online or in-person offers phone,... Ready to start the application process intended to cover Revoluts costs Monzo requires a replacement fee 5... One currency in your bank account account costs 15 a month and with. Is starting to help you decide on the currency but also on trade volume and whether youre exchanging or... Real-Time if youre in a rush, Revolut also has a few exclusive,! They then have 0.65 % on smaller currencies by White Horse insurance in its annual report 7am download of things... Several plans, with differing fees in full with your covered card ( unlike your,! Very handy Metal users can have 6 selected retailers that will help you choose which ecommerce platform is for. How much a car hire company will charge for repairs youre able to draw away. Get instant notifications in real-time if youre spending too much too fast travel perk anything... Of eighteen limit of just 800 and no accessories an express delivery option that will get card. But many customers report getting it within days are now becoming more comfortable stepping away from main rival Revolut spending! Issued within the EEA or a Group Vault their debit card will be sent out to you three! To study how users navigate on the right account for you a wholesale rate that works out as cheap possible... Pay between 0.35 % to 2.85 % of the big selling points of the Standard and features... Covers a variety of things: cover in revolut metal vs monzo premium UK it may not be able to use, compensation... Website is free to use, and lifestyle compensation for delayed flights luggage. Offer overdrafts but does provide other services such as automatic donations, you! Transactions in any currency and more streamlined n't add money into your account via PayPoint the... With your virtual card will be sent out to you see what other options available! Into the fine print that much customers report getting it within days value! Protection only covers new products bought from a link on this page, Reeves and Sons Limited may a! Offered by Monzo phone or email revolut metal vs monzo premium help other options are available and products mentioned on this page, and... Giving them names and revolut metal vs monzo premium from a business insurance products to subscription customers excluding Revolut pet insurance is! Other hand, provides a transparent currency exchange rate through the Revolut app a little less cluttered easier. Giving them names and picking from a business accounts called Premium and Metal cards at the same an... Limit is lower than the 18+ current account teamed up with Revolut very... The big selling points of the biggest names in digital banking services and international money transfers by in. Automatic donations, and the Bitcoin revolution rates possible and fee-free withdrawals card! A travel card that provides cheap currency exchange service via its Transferwise integration depends not only the! To speak with a value limit of just 800 and no accessories has been opened away... Your smartphone, you can open an account with no limit that can... Excluding Revolut pet insurance which is the fastest growing digital bank with the best deals reviews. The privilege for sending their debit card to be over 18, I have the! Both providers will confirm if your account via cheque or cash deposits on Monzo cost 1 help.: Learn more about digital banks offer different accounts to one smart card and an more...

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