Both Monzo and Revolut were founded in 2015. The 2 digital providers offer a suite of personal and business bank accounts, with slightly different features and fee structures.
Here, we’ve compared Monzo’s free Lite business account with Revolut’s Basic business account, so that you can work out which is more suitable for your business.
Neither Monzo nor Revolut have bank branches, so you’ll need to manage your account via their respective apps. The Revolut account comes with a slick black debit card and the Monzo account also comes with a black card, with the text written in its distinctive coral colour. Both accounts also offer fee-free spending overseas.
As Monzo has a UK banking licence, your deposits are protected up to £85,000 per person through the Financial Services Compensation Scheme. However, while Revolut has been granted authorisation to become a bank in the UK, it isn’t operating as one yet. As a result, you won’t have FSCS protection with Revolut.
There are a lot of similarities between the Revolut and Monzo accounts. Both let you freeze and unfreeze your card in the app and both enable you to send money overseas. Monzo permits international transfers through its partnership with Wise, although as of 17 February 2025, you will no longer need a Wise account to make transfers in euros, US dollars, Indian rupees, Australian dollars and Romanian leu, as you can do this directly through Monzo.
However, while Revolut’s account offers integrated accounting and additional cards for employees, you won’t get either of these options with Monzo unless you upgrade your account for a fee.
On the other hand, Revolut customers won’t be able to cash in cheques or pay cash deposits into their business account, while Monzo permits both. You’ll be able to pay in cash at any Post Office branch or at any UK PayPoint, and cheques can be paid in through the app or by post.
Winner: Monzo. Being able to pay in cash and cheques is important with a basic business account.
Round 2: Account costs
Monthly account charge
Free
£10
Fee for cash deposits
£1 per deposit to pay in cash at any PayPoint or Post Office branch
You won’t have to stump up a monthly account fee with Monzo, though Revolut has a monthly fee for its Basic account. There are no fees for payments in or out of these accounts, or for direct debits.
Revolut, as we’ve mentioned, doesn’t accept cash deposits, but Monzo charges £1 for each cash deposit made at a PayPoint or Post Office branch. You can only deposit between £5 and £300 each time, with a limit of £1,000 every 6 months.
In terms of international transfer fees, Revolut charges a fixed £5 per transfer. Monzo’s fee (when using a Wise account) is variable and starts at 0.33% depending on the currency. On a £2,000 transfer, that means paying at least £6.60. If you’re transferring directly through Monzo, you’ll pay a fixed amount of between 50p and £2.68, depending on the currency, and a variable amount on top (usually between 0.64% and 0.82%).
Winner: Monzo. No monthly fee is a big selling point.
You won’t be charged any fees if you spend on your Revolut or Monzo card in the UK and you can also use contactless payments. The contactless limit is the UK standard of £100.
When it comes to withdrawing cash at an ATM, Monzo doesn’t charge any fees but Revolut adds a fee of 2%.
Winner: Monzo as it won’t charge you for cash withdrawals.
Round 4: Using the card abroad
Free foreign transactions
Unlimited
Unlimited
Free foreign ATM withdrawals
Unlimited within EEA. £200 in any rolling 30-day period outside EEA. 3% fee after.
Similarly, if you use either the Revolut or Monzo card for overseas business trips, you won’t be charged a foreign transaction fee on your spending.
If you withdraw cash abroad, Revolut still charges a 2% fee for each transaction. Monzo offers unlimited fee-free withdrawals within the EEA, but outside the EEA, you can only withdraw £200 fee-free every 30 days. A 3% fee applies if you exceed this limit.
Winner: Monzo, but only just thanks to its fee-free cash withdrawals in the EEA.
Round 5: Signing up
Apply through the app
Quick application
Credit check
Card delivery fee
Free
Free (pay delivery fee)
Card delivery timescale
2-5 working days
Up to 10 days
Replacement card fee
2 free replacement Monzo cards per account per year for any reason then charged £5
You should find it quick and easy to sign up to either the Revolut or Monzo account. Both accounts can be opened via their respective apps and you’ll need to provide proof of ID, such as a passport or driving licence, and details about your business. Monzo also asks for proof of your business address.
Neither account requires a credit check and once your application is complete, your card will be sent out in the post. Unlike Monzo, Revolut may charge a delivery fee – the amount will be shown in the app when you order your card. Your Monzo card should arrive within 2 to 5 working days, while your Revolut card can take up to 10 days to be delivered.
Should you lose your card, Monzo provides 2 free replacement cards per year before charging £5. Revolut doesn’t provide any free replacements so you’ll pay £4.99 for each replacement.
Winner: Monzo wins here as it charges no delivery fee and offers 2 free replacement cards per year. Delivery is faster too.
If you’re looking to switch your existing business account, only Monzo is signed up to the Current Account Switch Service. You’ll need to transfer your account manually with Revolut.
However, both providers offer 24/7 in-app customer support and can be contacted by email.
Winner: Monzo takes the lead here as you can switch with the Current Account Switch Service.
Round 7: Customer reviews
Monzo doesn’t have a dedicated page for business reviews, but overall, it scored 4.5 out of 5 on Trustpilot from more than 46,000 reviews (March 2025). Customers praised the intuitive app, although some commented on the poor customer support.
Revolut’s overall score was 4.4 out of 5 from almost 187,000 reviews (March 2025). Customers said the app was easy to use and loved the lack of fees for spending abroad, but a few said customer support wasn’t great.
Winner: Monzo.
Overall winner: Is Monzo better than Revolut Business?
Although there are a lot of similarities between the Monzo and Revolut business accounts, Monzo pips Revolut to the post in this review, winning in all of the categories.
Overall, Monzo charges fewer card fees, and customers can also benefit from cash deposits, FSCS protection and being able to switch using the Current Account Switch Service.
Having said that, Revolut’s account is still a solid offering and stands out for its transparent international transfer fees as well as accountancy software integration. If these features are more important to your business, the Revolut account will be the better choice.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
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