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Both Monese and Revolut are digital banking services that provide a number of benefits for both business and personal banking. They also make travel easier with rapid currency exchange and payment security.
Not to mention the ease with which payments may be sent and managed using their Smartphone app (available on both Android and iOS). But, with so much in common, how do these services differ? What are your best options for a company or personal account?
Monese vs Revolut: Products and Fees
Both Monese and Revolut provide free personal accounts with a variety of easy digital banking options.
Both free accounts (Monese Starter and Revolut Standard) provide free transfers to other app users and domestic accounts, as well as a virtual debit card for mobile and online transactions.
Revolut, on the other hand, provides a finance tracker to assist you in budgeting. This similar feature will alert you when you are approaching your spending limit. You may also manage subscriptions straight from the Revolut app. They also provide points and rebates for specific products.
Similarly, Monese has a simple budgeting tool. You may establish savings goals and receive alerts when you spend. Monese also allows you to create savings accounts into which you may transfer transactions and deposit spare coins.
Monese vs Revolut: Account Options and Pricing
It is straightforward to open a digital banking account with Monese or Revolut.
You may establish an account with Monese in minutes. You are not required to provide proof of address or income, nor are you subjected to a credit check. Simply download the app and provide your name, phone number, and passport number.
Similarly, Revolut’s sign-up process is straightforward. When you download the app, you will be prompted to provide your name, address, and contact information. A passport will also be required for identification. After that, you may begin making deposits.
However, if you want a more comprehensive banking plan, you may be requested for more information. Having said that, both Monese and Revolut provide a variety of accounts to select from.
Monese vs Revolut: Investment Options
Aside from the savings/vault alternatives provided by both banks, Monese and Revolut approach investing and trading money in significantly different ways. We’re especially talking about cryptocurrency, equities, and commodities.
In the case of Monese, you cannot utilize your account to finance transactions involving quasi-cash services such as gambling, cryptocurrency, and POI (payment on invoice). Furthermore, you will not be eligible for a business account if your organization falls into any of the following categories:
- Cryptocurrency trading currencies
- Foreign exchange trading on the stock exchange
- Brokers of insurance
- Providers of loans
- Companies that send money
Revolut allows you to invest in cryptocurrencies, equities, and commodities.
Monese vs Revolut: Top-up
With Monese and Revolut, you may top up your account balance in a variety of methods.
Monese allows you to top up your account with cash via a UK or EU bank transfer or debit card. Revolut allows you to top up your account via bank transfer, make one-time and recurring transfers, and round up your spare change to the nearest whole number.
Revolut will store the difference in your Vault for you. You may also top up using a debit or credit card, however you may be charged if you use an EEA-issued card or a commercial card.
Monese vs Revolut: Which is better?
Monese and Revolut both provide a wide range of functions. So, if you want to avoid using a regular bank, they’re both worth considering.
However, let’s say you’re seeking for a full-service bank with investing choices. In that situation, Revolut might be a good option for you. However, before venturing into uncharted area, be careful to consider the expenses and hazards associated.
Both have free personal accounts, and the fees for premium accounts are comparable. However, Revolut’s charge structure appears to be more complicated than Monese’s.
It is also simple to open an account with either bank. Monese is a suitable choice for someone who has recently arrived in a nation because it does not need proof of residency.
In terms of customer service, Monese provides assistance through in-app chat, call centers, and an email address. Revolut, on the other hand, provides live in-app chat and access to an online Revolut user community.
Overall, Monese will be more recommended if you want a simple and speedy banking solution. However, if you want something more complicated, such as trading options, Revolut is the way to go.
It’s a difficult decision. The most crucial item to consider, though, is what your requirements are today and what they are likely to be in the future. Then, compare prices and assess the degree of help you may require, particularly if you intend to use either bank internationally.
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Idris Yau is an entrepreneur and a seasoned finance and marketing content writer. He brings you unbiased reviews about products and answers to your finance questions.