Last Updated on November 20, 2025 by Joy Kyalo
Online banking has made it easier for businesses to transact and manage their cash flow at their own convenience. Revolut and Monzo are among the financial institutions that offer online banking solutions through an app.
When looking for online banking solutions, they consider convenience, integration, services, and fees, among others. This article will serve as a guide to entrepreneurs and business owners who are looking to accept online payments and are choosing Revolut vs Monzo for their financial needs.
Key Takeaways
- Monzo is a fully regulated bank, while Revolut is still transitioning to full banking status.
- Monzo offers FSCS protection up to £85,000, but Revolut e-money accounts are not covered.
- Revolut excels in multi-currency and global payments, while Monzo offers more traditional banking features.
- BusinAssist can help open accounts with both banks and offers up to £50 cashback for new referrals.
Revolut vs Monzo: Understanding their characteristics
Revolut is a fintech company that is regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011. It offers in-app services to businesses and individuals. Revolut is in the process of becoming a bank in July 2025 after the banking license was granted in July 2024.
They have an app that can be downloaded from Google Play or Apple Store. The account is also linked to Apple and Google Pay to ease making payments online and in person.
Once you open an account with Revolut, they will offer a free debit card and ATM withdrawals (within limits). A delivery fee for the debit card will apply. It also offers a multi-currency account that can hold up to 36 currencies and transfer to more than 160 countries. Transferring money to another Revolut account is free.
Monzo is an FCA fully regulated bank authorised by the Prudential Regulation Authority (PRA). It is a mobile banking that offers personal, business, and various accounts that can be linked to Google and Apple Pay. Those who need a personal account can open a Monzo current account for free.
They offer a physical Mastercard debit card for withdrawals and purchases. The app provides digital banking features such as real-time updates of every withdrawal, spending insights, virtual pots to separate funds for different purposes, and a salary sorter. Virtual pots enable users to save money, and they can effortlessly transfer funds between them and the primary account.
Revolut vs Monzo: What are the differences?
Money Protection
In financial institutions, money is protected under the Financial Services Compensation Scheme (FSCS) which offers a limit of £85,000 per person. Monzo is protected by FSCS, whereas, Revolut e-money accounts are not protected.
Banking functionality
Monzo offers all the day-to-day banking services of a current account, including loans, savings accounts, overdrafts, and investments, among others. All these are accessible through their mobile banking app.
Whereas, Revolut primarily offers accounts that focus on payment and transactions. The core banking features it offers include money transfers, ATM withdrawals, card payments, currency exchange, and online banking. It lacks investment, overdraft, and loan features.
Fees for a business account
Fees are the main factor business owners look for when searching for a bank or a financial institution to open a business account. Compared to traditional banks, Monzo and Revolut offer competitive rates, however, Monzo has a simplified fee structure, unlike Revolut, which has multiple paid plans.
Monzo business account fee structure:
| Features | Monzo | Revolut |
| Opening a business account | Free | Free |
| Card transactions | Incur Stripe standard fees apply of 1.5% + £0.20 for UK cards.
Higher fees for premium, EEA, and international cards |
UK Visa/Mastercard: 1% + £0.20
UK Amex: 1.7% + £0.20 Non-UK and commercial cards: 2.8% + £0.20 |
| Receive internationally | Free GBP transfer
1% fee for other currency transfers of up to £1,000 max. |
Free for GBP, EUR, USD, and CHF currencies.
£5 fee for every other currency. |
| International transfer | Charges range from 0.33%, depending on the currency. | £5 per transfer |
| Local transfers | Free | Free to receive local payments
Sending local payments incurs £0.20 per transfer outside the plan allowance |
| Monthly fees | Lite: Free
Pro: £9/month Team: £25/month |
Basic: Free
Grow: from £19 Scale: from £79 Enterprise: Custom |
Business account
Business bank accounts should have features to help business owners manage finances. Monzo and Revolut offer business accounts but offer different features.
| Features | Monzo | Revolut |
| Payment processing | has payment links and invoicing for payments. | Offers payment gateway for online checkout. |
| Multi-currency account | Doesn’t offer | Has a multi-currency account that can hold up to 40 currencies and you can send to over 150 countries. |
| Global payments | Facilitates outbound and inbound international payments. | Users can send money to over 150 countries and manage multiple currencies. |
| Expense management | Users can manage their expenses using budgeting, digital receipts, and categorised spending. | Has expense cards and payment approvals. |
| Cheque and cash deposits | Available in UK post offices | Doesn’t support |
| Savings | Depending on the account the user holds, it offers 3.6% to 4.1 AER | Offers 4% to 5% AER depending on the user’s plan |
App functionality
The two banks, Revolut and Monzo, are app-based financial institutions, meaning users spend most of their time on the app to manage transactions and cash flow. Accounts in both financial institutions are linked to Google and Apple Pay to manage finances and payments seamlessly.
They both have user-friendly apps for day-to-day banking solutions with features such as budgeting tools. However, between the two, Monzo is the only bank that offers an overdraft management feature in their app.
Pro Tip: Choosing Between Monzo and Revolut
If you want a full banking experience with FSCS protection, simpler fees, and strong UK support, Monzo is the safer choice. But if your priority is international payments, multi-currency accounts, and global features, Revolut may suit you better. Choose based on how and where you operate your business.
Customer support
Customer support is essential in online banking especially when the software application is not working. Revolut and Monzo offer customer support to their users however, they have differences.
Monzo’s customer support is on the app and phone support where users can talk to real person. However, Revolut does not offer phone support limiting users to speak to someone directly in urgent situations. They have available chat support that works across different time zones.
Perks
Banks partner with several businesses to offer their users rewards and perks when they purchase or make payments with their accounts. Monzo provides cashback rewards of 2% and 10% on purchases made with selected retailers on their app.
Whereas, Revolut has partnered with hotels and retailers offering RevPoint of up to 10% cashback on accommodation and money spent.
Conclusion:
Revolut vs Monzo, which is suitable for my business? Choosing between the two depends on your business goals and needs. If your business accepts online payments, both are right for you, however, you can weigh your options by differentiating their features to settle on the right one.
For instance, if your business deals with multiple currencies, then Revolut is the best for your business since it offers a multi-currency account. If you are looking for money protection, then Monzo is the right account for your business’s deposits of up to £85,000 are protected by FSCS. It all depends on the features your business needs for online banking.
No matter which bank you choose, BusinAssist can help you open a business account with either of them. We have partnered with Monzo and Revolut to help our clients open a business bank account seamlessly for free. Companies that open an account with our referral can get up to £50 cashback, helping them save more in this tight economy.
To open a business account with Monzo or Revolut, contact us at info@businassist.com.
FAQs
Q: Can HMRC see my Revolut account in the UK?
Ans: No, HMRC cannot see your Revolut account. However, in case they suspect you are evading taxes, they can request your account access which will be granted by Revolut.
Q: Can I receive a salary on Revolut UK?
Ans: You can receive your salary on your Revolut bank account by asking your employer to deposit directly into your account. Revolut also has an ‘Add money’ feature where you can transfer money from bank accounts.
Q: Can you move money from Revolut to a bank account?
Ans: Yes, you can move money from Revolut to your bank account. The fintech company has a feature that can easily let you send money to your bank account in their app.
Q: Can you use your Revolut card abroad?
Ans: Revolut card can be used abroad to make payments and withdrawals in 160 countries and over 150 currencies. It also offers a multi-currency account, making it easy to handle international transactions.
Q: Can I transfer money internationally with Monzo?
Ans: You can transfer money with your Monzo account internationally but you must have a Wise account. Monzo uses Wise for international transactions. If you have a Monzo account, they can help you open a Wise account to manage your international transactions.
Q: Can I use Monzo as a business account?
Ans: Yes, you can use Monzo as a business account. They have accounts specifically tailored for small businesses.
Q: Can I use my Monzo card for online payments?
Ans: Monzo cards can be used for online payments whether for online shopping or paying for your travel.
Q: Can I use my Monzo account abroad?
Ans: You can use your Monzo account abroad. It does not charge a fee for foreign transactions when you spend in foreign currencies, however, you will be charged Mastercard’s exchange rate.
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Joy is a content writer at BusinAssist with 6+ years of experience in content marketing and social media strategy. She specialises in company formation and virtual operations, guiding entrepreneurs through global markets with clarity, drawing on her marketing and PR background. Business Assist with BusinAssist – your business success partner.