Monzo vs Revolut: which is better for travel, investing and daily banking?

Affiliate disclosure: this post contains a Monzo referral link. If you use it, we both get a mystery reward of £20, £50, or £100. It doesn't change anything about your account.

Monzo and Revolut are the two biggest app-based banks in the UK, and they're both genuinely good, but for different reasons. Monzo is a budgeting-first bank account. Revolut is a financial super-app that happens to include banking.

Comparing them as a single question doesn't work well because the answer changes depending on what you need. This comparison breaks it into three use cases: everyday banking, travel and spending abroad, and investing and trading. Each section has a clear verdict.

Both are now fully FSCS-protected (Revolut received its full UK banking licence in March 2026), so the safety gap that used to exist has closed.

Quick comparison

Part 1: Everyday banking

For the basics (receiving salary, paying bills, managing spending), Monzo and Revolut take different approaches.

Budgeting and money management

Monzo is built around budgeting. Pots let you separate money for bills, savings, holidays and spending. Salary Sort automatically distributes your pay the moment it arrives. Spending targets warn you when you're overspending in a category. Round-ups move spare change into savings. The whole app is designed to help you stay on top of your money without thinking too hard about it.

Revolut offers Vaults (similar to pots) and spending analytics, but the budgeting tools are shallower. There's no salary-sorting feature, no spending targets per category, and the analytics feel more like a reporting dashboard than an active management tool. Revolut's strength is breadth (it does many things), but the budgeting depth isn't one of them.

If your primary goal is keeping your spending under control and your bills organised, Monzo's budgeting tools are materially better.

Direct Debits and bill management

Both handle Direct Debits and standing orders without issues. Monzo has a slight edge here: its Committed Spending feature shows all upcoming bills in one view, tracks what's been paid, and warns you if your balance won't cover an upcoming Direct Debit. Revolut shows recurring payments but doesn't offer the same predictive bill-tracking.

Overdrafts and borrowing

Monzo offers an arranged overdraft (39.9% EAR) and Monzo Flex: a buy-now-pay-later product with 3-month interest-free instalments and Section 75 protection. (See our Monzo Flex review for the full breakdown.)

Revolut has launched Pay Later features, but availability and terms vary by plan and region. On the free Standard plan, borrowing options are limited. Revolut also doesn't offer a traditional overdraft on the Standard account.

If you need short-term borrowing flexibility, Monzo is the more developed option.

Customer support

Both rely on in-app chat. Neither has phone support or branches. Monzo's support is generally adequate for simple issues but can be slow for complex ones. Revolut's support has historically been a weak point (long waits and bot-first routing), though it has improved significantly since gaining its UK banking licence.

Everyday banking verdict

Monzo wins for daily money management. The budgeting tools, salary sorting, committed spending view and overdraft availability make it the better primary bank account for anyone who wants active control over their finances. Revolut is functional for everyday banking but doesn't match Monzo's depth.

Part 2: Travel and spending abroad

This is where the comparison gets more nuanced, and where Revolut has traditionally been strongest.

Card spending abroad

Both Monzo and Revolut offer no foreign transaction fees on card payments abroad, using the Mastercard exchange rate. For card-only spending on holiday, there's no meaningful difference.

The catch with Revolut's free plan: the Standard account has a £1,000/month fair-use exchange limit. Once you exceed it, Revolut charges a 1% fee on additional currency exchanges. For most holidays, £1,000 of card spending is plenty. For longer trips, business travel, or high-spending travellers, you'd either pay the 1% fee or need to upgrade to Premium (£7.99/month) for unlimited fee-free exchange.

Monzo has no exchange limit. Every card payment abroad uses the Mastercard rate with no fee, regardless of how much you spend.

ATM withdrawals abroad

Outside the EEA, both offer £200/month free, but Revolut's overage fee is cheaper (2% vs 3%). For light ATM use, the difference is marginal. For heavy cash withdrawal (common in parts of Asia, Africa and South America), Revolut's 2% beats Monzo's 3%.

On Revolut's paid plans, ATM limits increase significantly: Premium gives £400/month free, Metal gives £800.

Multi-currency accounts

This is Revolut's clear advantage. Revolut lets you hold balances in 30+ currencies directly in the app. You can exchange between currencies at the interbank rate (within your plan's monthly limit), time your conversions, and spend from a foreign-currency balance without any conversion at the point of sale.

Monzo operates in GBP only. Every foreign payment is converted from GBP at the Mastercard rate in real time. You can't hold euros, dollars or any other currency.

For frequent travellers or anyone with regular expenses in foreign currencies (an overseas subscription, family abroad, a side income in USD), Revolut's multi-currency accounts are a genuine differentiator that Monzo can't match.

Weekend exchange rates

Revolut previously charged a markup on weekend currency exchanges (when FX markets are closed). This has largely been removed for major currencies on paid plans, but Standard users should check the current policy: weekend markups can still apply on less liquid currencies.

Monzo uses the Mastercard rate regardless of the day of the week, with no weekend surcharge.

Travel verdict

Revolut wins for frequent or multi-currency travellers. The ability to hold foreign currencies, time conversions, and spend from local-currency balances is a meaningful advantage. The lower ATM overage fee (2% vs 3%) also edges it for cash-heavy destinations.

Monzo wins for simplicity. No exchange limits, no fair-use fees, no plan upgrades needed. For the average UK holidaymaker taking one or two trips a year and spending under £1,000 on the card, Monzo is easier and effectively identical in cost.

Part 3: Investing and trading

This is where the two banks diverge most sharply.

Revolut's investment features

Revolut offers stock trading, cryptocurrency trading and commodity exposure directly in the app.

Stocks: you can buy fractional shares of US and UK stocks commission-free (on Premium and above; Standard users get 3 free trades/month, then pay £1 per trade). The selection is limited compared to a dedicated broker like Freetrade, Hargreaves Lansdown or Interactive Investor, but for casual investors it covers the major names.

Crypto: Revolut supports trading in 200+ cryptocurrencies. Fees range from 0% to 1.49% depending on your plan and monthly trading volume. Standard users pay the highest fees (1.49%); Metal and Ultra users pay significantly less. Revolut X (their dedicated crypto exchange) offers tighter pricing for active traders.

Savings: Revolut's savings rates vary by plan. The Ultra plan (£55/month) offers 4% AER. Lower plans offer less competitive rates. Standard users should check current rates; they're typically below what Monzo and Chase offer.

Monzo's investment features

Monzo recently launched Monzo Investments, but the offering is still early and limited compared to Revolut's breadth. Monzo also offers savings pots at 2.75% AER (3.25% on paid plans), which are simple and competitive for cash savings but not a substitute for an investment platform.

Monzo does not offer crypto trading.

Investing verdict

Revolut wins clearly. If you want stocks, crypto and multi-currency holdings in one app alongside your bank account, Revolut is the only option of the two. Monzo's investment offering is nascent.

That said, neither Monzo nor Revolut replaces a dedicated investment platform for serious portfolios. For ISA wrappers, pension contributions or large diversified portfolios, a specialist broker is still the better choice.

The FSCS question (resolved)

Until March 2026, one of the biggest arguments against Revolut was that it wasn't a fully licensed UK bank. Customer deposits sat in a Lithuanian e-money institution, and FSCS protection didn't apply.

This has changed. Revolut received its full UK banking licence from the PRA in March 2026. UK customer deposits are now FSCS-protected up to £120,000 (the new UK standard since December 2025). Monzo's FSCS limit is the same £120,000. Both banks now offer identical deposit protection.

This was a genuine dealbreaker for many people. It no longer is.

Pricing: free vs free (with caveats)

Both offer free accounts, but the feature unlocks on paid plans are worth understanding.

For most people, the free tiers of both are sufficient for everyday use. The decision to upgrade depends on which premium features you'd actually use. Monzo's paid plans are better for budgeting perks and Billsback; Revolut's are better for travel, FX and trading.

The verdict: Monzo as primary, Revolut as a travel and investing tool

Revolut wins specific rounds: multi-currency wallet, fractional stock trading, crypto, lower non-EEA ATM overage fee. But Monzo wins the round that actually matters for a primary current account: it's a bank built around managing your money day-to-day, not a super-app where banking is one of fifteen tabs. Salary sorting, committed-spending forecasting, deeper budgeting tools and an overdraft are all things you'd actually use weekly. Holding euros in-app is something you'd use a few times a year.

The honest framing is that Monzo and Revolut aren't really competing for the same job. Monzo is your main bank. Revolut is the card you preload before a trip to Tokyo, or the place you keep a small stocks-and-crypto bet you don't want bouncing through a dedicated broker. After Revolut's full UK licence landed in March 2026, the FSCS gap is closed and you can hold meaningful balances there without worrying.

If you travel regularly or hold foreign-currency exposure, run both. (See Best second UK bank account to pair with Monzo for the full pair-and-where guide.) If you don't, Monzo on its own is enough.

Monzo vs Revolut FAQs

Is Revolut a proper bank now?

Yes. Revolut received its full UK banking licence from the PRA in March 2026. UK customer deposits are now FSCS-protected up to £120,000.

Which is better for travel?

Revolut edges it for frequent travellers thanks to multi-currency accounts and lower ATM overage fees (2% vs 3%). Monzo is simpler and has no exchange limit on the free plan. For one or two holidays a year, there's little practical difference.

Does Monzo offer crypto trading?

No. Monzo does not offer cryptocurrency trading. Revolut supports 200+ cryptocurrencies with fees from 0% to 1.49% depending on your plan.

Which has better savings rates?

Monzo's free account pays 2.75% AER on instant access savings. Revolut's savings rates vary by plan. Standard rates are typically lower, while Ultra (£55/month) pays 4% AER. For most people on free plans, Monzo offers the better savings rate.

Can I use Revolut as my main bank account?

Yes, now that Revolut has a full UK banking licence with FSCS protection. However, Monzo's budgeting tools (salary sorting, spending targets, committed spending) make it a stronger primary account for anyone who wants active money management.

Do both work fee-free abroad?

Both offer no foreign transaction fees on card payments. Revolut's free plan has a £1,000/month exchange limit (1% fee beyond that); Monzo has no limit. Both charge for ATM withdrawals beyond their free monthly allowances.

Which has the better app?

Both apps are highly rated. Monzo's app is deeper on budgeting and money management. Revolut's app is broader: banking, FX, stocks, crypto, insurance and more in one place. "Better" depends on whether you want depth or breadth.

Is there a Revolut referral bonus?

Revolut periodically offers referral bonuses, but terms change frequently. Monzo's referral programme offers a consistent mystery reward of £20, £50 or £100 when you join via a referral link and make a card payment within 30 days.

The bottom line

Monzo is the bank account. Revolut is the travel-and-investing tool.

These aren't really substitutes. Revolut's multi-currency wallet, fractional stocks and crypto are real features Monzo can't match, but they're features you'd reach for occasionally, not weekly. Monzo's budgeting depth and committed-spending forecasting are features you'd reach for every time you check your balance.

If you travel outside the EEA more than twice a year, hold foreign-currency exposure, or want stocks and crypto inside a banking app, open both. Otherwise stay on Monzo and don't bother juggling two apps for a "super-app" promise you won't cash in.

You might also like

• Best second UK bank account to pair with Monzo
• Monzo vs Chase: cashback or better budgeting?
• Best UK bank account for travelling abroad

Useful links (official resources)

• FCA Financial Services Register: https://register.fca.org.uk/s/
• FSCS deposit protection: https://www.fscs.org.uk/

If you're opening a Monzo account, using a Monzo referral code gets you a mystery reward of £20, £50 or £100 when you make your first card payment.