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Revolut vs Monzo: Choosing the Right Online Bank for Digital Nomads in 2024

Should I switch to an online bank? And if so, which one? We’re comparing two top choices to help you decide– Revolt vs Monzo.

When it comes to managing finances on the go, digital nomads need a banking solution that’s as flexible as their lifestyle. This is where the debate of Revolut vs Monzo comes into play, offering cutting-edge online banking solutions tailored for those who live and work on the move. Both Revolut and Monzo have redefined the banking experience, but choosing between them can be as tricky as picking your next destination.

Why are digital nomads and remote workers increasingly leaning towards these online banking powerhouses? It’s simple: traditional banking doesn’t always cut it when you’re managing finances across different time zones and currencies. Revolut and Monzo step in offering ease, efficiency, and a suite of features that align with the nomadic lifestyle.

From international money transfers to fee structures, and customer support to unique perks, this Revolut vs Monzo comparison is your guide to understanding which bank might be the best financial ally in your nomadic journey.

Whether you’re a freelancer hopping from country to country or a remote worker who loves the flexibility of online banking, we’re here to help you navigate through the myriad of features, benefits, and even the small print to help you choose which bank is best for your needs.

In our comparison of Revolut vs Monzo, we’ll explore how these banks measure up against each other, focusing on the features that matter most to digital nomads and remote workers.

Head-to-Head Comparison: Revolut vs Monzo

In this detailed comparison of Revolut vs Monzo, we’ll explore how each of these popular online banks meets the unique demands of nomadic life. From account types to international features, and customer support to security, we’re diving deep to see which bank could be the perfect fit for your adventurous and mobile way of life.

Account Types: Revolut vs Monzo

Revolut

Monzo

Account Type Revolut Monzo
Standard/Basic
No monthly fees
No monthly fees
Premium/Plus
£6.99/month
£5/month
Metal/Premium
£12.99/month
£15/month

Fees and Charges: Revolut vs Monzo

Revolut

For budget-savvy digital nomads, keeping an eye on fees is essential. Revolut’s Standard account comes with the benefit of no monthly fees. However, if you opt for their Premium or Metal accounts, you’re looking at monthly fees of £6.99 and £12.99 respectively. While international transactions are fee-free, ATM withdrawals above a certain limit (usually £200 per month for the Standard account) incur fees. Also, watch out for weekend currency exchange rates which might be slightly higher.

Monzo

Monzo keeps its fee structure straightforward. The Basic account is free of monthly charges, while the Plus and Premium accounts come with monthly fees of £5 and £15. Monzo shines with its fee-free spending in foreign currencies, which is a huge win for international nomads. However, there is a £200 per month fee-free limit on foreign ATM withdrawals, after which a 3% charge applies. One notable perk is that Monzo doesn’t charge for receiving money from abroad.

 
Feature Revolut Monzo
ATM Withdrawals
No fee £200/month, then fees apply
No fee £200/month, then 3% charge
International Transactions
No fee
No fee
Weekend Currency Exchange
Higher rates may apply
N/A
Receiving Money from Abroad
N/A
Available

International Features: Revolut vs Monzo

For digital nomads, international features of a banking service are often the deal-breaker. Here’s how Revolut and Monzo stack up in this crucial aspect:

Revolut

  • Currency Exchange: Offers real-time exchange in over 30 currencies.
  • ATM Withdrawals Abroad: Fee-free limit, then charges apply.
  • International Money Transfers: Easy transfers with competitive rates.
  • Multi-Currency Accounts: Hold, exchange, and send money in multiple currencies.
  • Travel Insurance: Included in certain premium accounts.

Monzo

  • Currency Exchange: Spend in foreign currencies at no extra cost.
  • ATM Withdrawals Abroad: £200/month fee-free, followed by a 3% fee.
  • International Money Transfers: Partners with TransferWise for easy and cost-effective transfers.
  • Multi-Currency Features: Limited compared to Revolut.
  • Travel Insurance: Available with the Premium account.

Revolut tends to offer more comprehensive international features, making it a strong contender for those who frequently travel or deal in multiple currencies. Monzo, while more limited in its multi-currency capabilities, still provides essential features for international spending and transfers at competitive rates.

Revolut vs Monzo - international features

Savings and Investments: Revolut vs Monzo

Managing savings and investments wisely is a critical part of financial health, especially for those with a nomadic lifestyle. Here’s how Revolut and Monzo support your savings and investment goals:

Revolut

  • Savings Vaults: Offers Savings Vaults where you can earn interest on your deposits.
  • Interest Rates: Competitive rates, especially on higher-tier accounts.
  • Investment Options: Provides access to stock and cryptocurrency trading.
  • Financial Management Tools: Features tools for budgeting and financial analytics.

Monozo

  • Savings Pots: Allows you to set aside money in separate pots, some of which earn interest.
  • Interest Rates: Competitive, with various options depending on the savings product.
  • Investment Options: Limited compared to Revolut; focuses more on savings.
  • Financial Management Tools: Effective budgeting tools and spending categorization.

Both Revolut and Monzo offer robust tools for saving money, but Revolut takes the lead in investment options, offering more avenues like stocks and crypto trading. Monzo, while more focused on savings, provides an intuitive platform for budgeting and tracking expenses, which is great for keeping financial goals on track.

Revolut vs Monzo - savings and investments

Customer Support and Security: Revolut vs Monzo

In the digital age, especially for those living a nomadic lifestyle, reliable customer support and trusted security are non-negotiable. Let’s compare how Revolut and Monzo stack up in these areas:

Revolut

  • Customer Support: Accessible through the app, offering chat support. Premium account holders benefit from priority customer service.
  • Security Features: Includes features like card freeze/unfreeze, location-based security, and disposable virtual cards for online purchases.
  • Regulatory Compliance: Regulated by the Financial Conduct Authority in the UK, ensuring a high standard of financial safety and consumer protection.

Monzo

  • Customer Support: Known for its responsive customer service, accessible via the app and phone. Offers extensive online help resources.
  • Security Features: Provides instant notifications for transactions, the ability to freeze/unfreeze your card, and customizable withdrawal limits.
  • Regulatory Compliance: Also regulated by the Financial Conduct Authority in the UK and offers FSCS protection up to £85,000, adding an extra layer of security for your deposits.

Both Revolut and Monzo take customer support and security seriously, offering features that cater to the needs of remote workers and digital nomads. While Revolut offers advanced security features, Monzo is recognized for its effective customer support and additional FSCS protection.

 
Revolut vs Monzo - screenshot of app

Exclusive Features: Revolut vs Monzo

When comparing Revolut and Monzo, it’s worth noting the unique offerings each has that could sway your decision, depending on what you value most in your banking experience.

Revolut’s Unique Offerings

Monzo’s Unique Advantages

Each of these features addresses different aspects of financial management and lifestyle needs. For those heavily involved in the digital currency market, Revolut’s cryptocurrency and stock trading features are invaluable. Meanwhile, Monzo’s overdrafts, loans, and joint account features cater well to those who might need financial flexibility or are managing shared expenses.

Revolut vs Monzo - monzo card

Revolut vs Monzo – Which Suits You Best?

Navigating the choice between Revolut and Monzo comes down to understanding your specific needs as a digital nomad or remote worker. Both banks offer innovative features designed to make your financial management seamless, no matter where you are in the world.

Choose Revolut if you’re looking for a banking service with a strong focus on international features like currency exchange and global spending, as well as investment options in cryptocurrencies and stocks. Its travel insurance and disposable virtual cards also make it a good fit for frequent travelers concerned about security and convenience.

Opt for Monzo if your priority is effective everyday banking with an easy-to-use interface and robust customer support. If you’re interested in features like overdrafts, loans, and joint accounts, or you find value in tools for budgeting and expense management, Monzo could be more suitable for your lifestyle.

Ultimately, the choice between Revolut and Monzo will depend on your individual banking habits, travel frequency, and financial goals. Whether you prioritize investment options, international spending, or customer service, both banks offer distinct advantages that cater to the diverse needs of the modern digital nomad and remote worker.

Whichever you choose, know that you are in good hands with either of these online banks. Be sure to check out the Finance section of our resources page for more information about our favorite banks, payment apps, credit cards, ATM cards, and more.

Max quit her corporate job in 2013 to take a chance building businesses online while traveling the world. Armed with an adventurous spirit and a can-do attitude, Max has traveled to more than 50 countries, embracing slow travel as a digital nomad and long-term living in places such as Thailand, India, Nepal, and Indonesia. Max currently resides in Bali where she oversees content creation for DNG as our resident travel aficionado.
Max Pankow
Max Pankow
Max quit her corporate job in 2013 to take a chance building businesses online while traveling the world. Armed with an adventurous spirit and a can-do attitude, Max has traveled to more than 50 countries, embracing slow travel as a digital nomad and long-term living in places such as Thailand, India, Nepal, and Indonesia. Max currently resides in Bali where she oversees content creation for DNG as our resident travel aficionado.

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