When it comes to business banking, digital banks have revolutionized the industry by offering convenient and feature-rich solutions for entrepreneurs and small business owners. Two popular names in the UK market are Revolut vs Monzo.
In this article, we will compare these two fintech giants in terms of their business banking offerings, highlighting their features, pros and cons, fees, and unique standout features. By the end of this comparison, you will have a clearer understanding of which bank might be the better fit for your business needs.
Revolut vs Monzo
| Features | Revolut for Business | Monzo Business |
|---|---|---|
| Account Type | Business | Business |
| Mobile App | Yes | Yes |
| Account Management | Real-time | Real-time |
| Payments | International | UK Only |
| Multi-currency | Yes | No |
| Expense Management | Yes | Yes |
| Invoicing | Yes | Yes |
| Integrations | 100+ | 20+ |
| Debit Card | Physical & Virtual | Physical & Virtual |
| Free ATM Withdrawals | Up to £200 per month | Up to £200 per month |
| Customer Support | 24/7 | Mon-Fri |
 | Tide Business Bank Accounts ✓ Free, Plus, or Pro Account ✓ iOS & Android Mobile App ✓ Upload & Auto-Match Receipts Pricing Trial period Contact | |
 | Card One Money ✓ No Credit Checks ✓ Simple Fees ✓ Up To 3.5% Cashback Pricing Trial period Contact | |
 | ANNA Money ✓ Apply In 10 Minutes ✓ Bookkeeping & Payroll Tools ✓ User-Friendly Mobile App Pricing Trial period Contact | |
 | HSBC Business Banking ✓ Business Current Account ✓ In-Branch, Online & App Banking ✓ FSCS Protected Pricing Trial period Contact | |
 | Metro Business Banking ✓ Business Current Account ✓ High Street Presence ✓ FSCS Protected Pricing Trial period Contact | |
 | Mettle Business Banking ✓ Business Bank Account ✓ Online & App ✓ Quick & Easy Application Process Pricing Trial period Contact | |
 | Monzo Business Banking ✓ Business Current Account ✓ Dedicated mobile app experience ✓ FSCS Protected Pricing Trial period Contact | |
 | Virgin Money ✓ Business M Account ✓ In-Store, Online & App Banking ✓ Insights & Forecasting Platform Pricing Trial period Contact |
Revolut
Revolut for Business has gained significant traction in the business banking sphere. It offers a range of features designed to simplify financial operations for businesses of all sizes. Its mobile app, real-time account management, and international payment capabilities make it an attractive option for businesses with global aspirations.
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Pros
- Multi-currency accounts: With Revolut, businesses can hold and exchange multiple currencies at competitive rates, reducing foreign exchange fees.
- Extensive integrations: Revolut offers seamless integration with popular accounting software and expense management tools, streamlining financial processes.
- Real-time account management: Businesses can monitor their finances in real-time, receive instant notifications, and control expenses efficiently.
- Expense management: The platform provides easy-to-use tools for tracking and categorizing expenses, simplifying the expense management process.
Cons
- Limited customer support: Although Revolut offers 24/7 customer support, some users have reported difficulties in reaching a live representative promptly during peak times.
- Complex fee structure: Revolut’s fee structure can be intricate, with different pricing tiers and charges for various services.
Table of fees and charges
| Services | Fees and Charges |
|---|---|
| Account Creation | Free |
| UK Transfers | Free |
| International Transfers | Varies by currency and destination |
| ATM Withdrawals | Free up to £200 per month, 2% fee thereafter |
| Card Payments | Free |
| Virtual Card Payments | Free |
| Additional Physical Card | £4.99 |
| International Spending | Free |
| Foreign Exchange | Interbank rate during weekdays, 0.5% fee on weekends |
| Invoicing | Free |
Unique and standout features
- Business perks: Revolut offers various perks, such as discounts on popular business tools, which can help businesses save money and enhance productivity.
- Multi-currency cards: Revolut provides businesses with physical and virtual debit cards that can hold multiple currencies, enabling easy spending across different countries.
- Open API: Revolut offers an open API, allowing businesses to build custom integrations and automate financial processes.
Monzo
Monzo, known for its consumer-focused banking services, has also expanded its offerings to cater to the needs of small businesses. Monzo Business provides a user-friendly platform with essential business banking features, making it an attractive option for UK-based businesses.
Pros
- Seamless integration with personal accounts: Monzo allows easy integration between personal and business accounts, simplifying financial management for sole traders and freelancers.
- User-friendly interface: The intuitive mobile app and web interface make it easy for businesses to navigate and manage their finances efficiently.
- Free ATM withdrawals: Monzo offers free ATM withdrawals up to £200 per month, providing flexibility and cost savings for businesses.
- Expense management: The platform categorizes transactions automatically, making it easier for businesses to track and analyze their expenses.
Cons
- Limited international payment capabilities: Unlike Revolut, Monzo Business only supports UK payments, which might not be suitable for businesses with extensive international transactions.
- Fewer integrations: Monzo offers a smaller selection of integrations compared to Revolut, limiting the options for businesses looking to streamline their financial processes.
Table of fees and charges
| Services | Fees and Charges |
|---|---|
| Account Creation | Free |
| UK Transfers | Free |
| ATM Withdrawals | Free up to £200 per month, 3% fee thereafter |
| Card Payments | Free |
| International Payments | Not available |
| Invoicing | Free |
Unique and standout features
- Monzo Business Marketplace: Monzo offers a marketplace where businesses can access a variety of third-party services, such as accounting software and insurance, enhancing their overall business operations.
- Shared pots: Monzo allows businesses to create shared pots, which can be used for specific purposes like tax savings or team expenses, providing flexibility and better financial organization.
Conclusion
Choosing between Revolut and Monzo for business banking depends on the specific needs of your business.
Revolut excels in its international capabilities, multi-currency accounts, and extensive integrations.
On the other hand, Monzo Business offers a seamless integration with personal accounts, a user-friendly interface, and access to a marketplace for additional services.
Consider Revolut if your business has global aspirations, deals with multiple currencies, and requires a wide range of integrations.
Opt for Monzo Business if you prioritise simplicity, seamless personal-business account integration, and access to additional services through their marketplace.
Ultimately, evaluating the features, pros and cons, fees, and standout features of both banks will help you make an informed decision that aligns with your business requirements and goals.
FAQ
Yes, both Revolut and Monzo allow you to have separate business accounts while also holding a personal account with them.
Both banks have certain transaction limits in place, which may vary based on factors such as the type of transaction, account verification level, and customer profile. It is advisable to review the specific limits set by each bank for your business needs.
Neither Revolut nor Monzo currently offer cash deposit facilities. These banks primarily focus on digital banking solutions and do not have physical branch locations for cash handling.
While the comparison tables highlight the main fees and charges, it is important to review the banks’ official websites or contact their customer support to get the most up-to-date and detailed information on any additional fees that may apply to specific services or scenarios.