Is Monzo safer than Revolut?

Monzo is a fully regulated bank meaning it has to adhere to the most stringent safety standards. However, Revolut Bank UAB is licensed by the European Central Bank and regulated by the Bank of Lithuania, so it's standards are fairly similar, although it doesn't get FSCS Protection.

Which is better Revolut or Monzo?

Revolut has a slightly higher score of 4.3 out of 5, compared to 4.1 for Monzo. Consumers praise the Revolut app for being simple to use and having very low costs for money transfers and exchange. For Monzo, customers said the app is flexible and reliable and that customer support is excellent.

Is my money safe with Monzo?

We're a fully regulated UK bank, follow the same rules and offer the same protections as the high street banks. This means your eligible deposits in Monzo are protected up to £85,000 per person by the Financial Services Compensation Scheme (FSCS).

Is Revolut completely safe?

Is Revolut safe and legit? Revolut is a totally legitimate and fully authorized financial institution. Since 2015, they've established themselves as a reliable, forward-thinking service supplier. It gives its consumers the security of a regulated service and the convenience of a mobile financial app.

Is Monzo a good bank or bad?

Monzo Bank Customer Reviews

Most of its reviews, 77%, rate the challenger bank as excellent, citing a good user experience and helpful budgeting features. However, 14% of reviewers rate it as bad, citing poor experiences with its live chat customer service and issues with accounts being closed.

Revolut vs Monzo: Which is Better? (2024)

What are the cons of Monzo?

Why is Monzo so popular?

Monzo offers customers a simple, intuitive and 'always available' way to manage their money. Although it doesn't have physical branches (which might put some people off), in many ways it works far harder than a traditional high street bank.

What is the downside of Revolut?

While Revolut doesn't offer a full banking service (no overdraft or credit, and you can't pay in cash or cheques) it will suit those who need an account for travel and foreign exchange services at decent rates, but who don't need to use it as a day-to-day bank account.

What happens if Revolut goes bust?

If an e-money institution (like Revolut) fails, the customers' claims will be paid from the safeguarding account. This is because the e-money institution cannot lend the money it has received from one person to another, so it should have enough money in its safeguarding accounts to cover its debts to its customers.

What happens to my stocks if Revolut goes bust?

After your Orders have been accepted and executed, your Instruments will be executed by the Third Party Broker, who will arrange for your instruments to be held in accordance with applicable law.

Why is Monzo closing accounts?

A spokesperson for Monzo said: “Like all banks, we are occasionally required to close a small number of accounts where customers don't comply with our T&Cs or do not meet our risk requirements, including those relating to financial crime.

Will Monzo give money back if scammed?

Of Britain's biggest 14 banks, Monzo customers are most likely to be victims of fraud but least likely to receive a full refund. The online bank pays out in full to just 6 per cent of victims.

Is Monzo fake or real?

Check that a call from Monzo is really us, in the app

Head to 'Privacy & security' in Settings by tapping your profile in the top left of the Home screen. The 'Monzo Call Status' will show if we're on the phone to you. If it says we're not talking to you, hang up and report it to us.

How is Revolut different from Monzo?

Monzo does not charge for foreign transactions, providing commission-free FX services. Revolut offers free or low-cost transactions up to £1,000 per month, then applies a 2% fee.

Can I use Revolut in USA?

Can I use my Revolut card in the USA? Yes, you can use your UK-issued Revolut card in the USA. It should work everywhere that Visa and Mastercard payments are accepted¹, including stores and shopping malls, gas stations, restaurants, bars, hotels and online too.

Is Revolut still the best?

Revolut is great for spending while abroad. The competitive exchange rates help you save when paying in different currencies, and you can hold a range of currencies on your account. Check our currency converter to learn more about exchange rates. Additionally, you can transfer money internationally in 70+ currencies.

Why is Revolut declining?

You're not the owner of the card. Your card is frozen or blocked. Online payments are disabled in your selected card's settings. Contactless payments are disabled in your selected card's settings.

Is Revolut being hacked?

Revolut data breach exposes information of 50,000 customers

The data breach was caused by a social engineering attack. Malicious actors accessed data including names, addresses, email addresses and partial payment card information during the cyber attack, although Revolut has stated that card details were hashed.

Does Revolut get hacked?

In the case of Revolut, the process exploit was not the only cyber breach experienced by the company. In 2022, Revolut also suffered an unauthorized entry attack that resulted in the theft of the personal data of over 50,000 customers.

What countries are not supported by Revolut?

We do not currently support transfers from the following countries (this list may change at any time): Afghanistan, Algeria, Bahamas, Belarus, Bolivia, Burkina Faso, Burundi, Central African Republic, Congo (the Democratic Republic of), Côte d'Ivoire, Cuba, Egypt, Eritrea, Eswatini, Ethiopia, Guinea, Guinea-Bissau, ...

Is Revolut losing money?

Its losses mounted as a result of an increase in administrative costs, including staff wages, which followed a hiring spree that doubled Revolut's global headcount to 6,000 last year. That number has since grown beyond 8,000, including more than 1,000 in the UK.

How much money is safe with Revolut?

The bank is the deposit taker, not the trustee or Revolut. We've partnered solely with banks that are part of the Financial Services Compensation Scheme (FSCS). This means that, if you are eligible, your Savings Accounts deposits are protected up to £85,000 per person, per bank, by the FSCS.

Which bank is behind Monzo?

Monzo Bank was founded as Mondo in 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon and Gary Dolman. The team originally met whilst working at Starling Bank.

Is Monzo good in the US?

Your Monzo card should work anywhere that accepts Mastercard, and it does work in the vast majority of cases, but some customers do report occasional issues.

Is there a monthly fee for Monzo?

We have a few options to choose from when you sign up for a Monzo personal account. There's our original Monzo account (free), Monzo Plus (£5 a month) and Monzo Premium (£15 a month). 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.