Time to switch from Revolut to Monzo?

adonis10

I have been on the Monzo website which looks very much like Revolut's, and the service appears to be rather similar. The main point is that the monthly, fee free withdrawal limits are much higher (no doubt that will change soon, as Revolut's did). Is there anything else that makes Monzo more attractive?

worried_jim

I switched this year for the same reason. Monzo has been great and they are launching a current account very soon. I still keep Revolut as a back up, but with both in your pocket you are golden for international travel.

benjus

If you're eligible I think I'd still make my primary choice the Barclaycard Platinum card with no fees for use abroad and no interest on overseas cash withdrawals until the statement date. No fees at all to worry about and if anything goes wrong there's a proper bank behind it.

Gloomendoom

I tried to get a Barclaycard travel card but they wouldn't let me have one as I have two other Barclaycards already. Swapping one wasn't an option either.

alwaysskint96

I use both Monzo and Revolut- doesnt need to be one or the other

eDicky

No need to switch, just use both. And/or any others that cost nothing, such as Loot, Starling Bank, Metro Bank (Europe).

Having already paid for a Revolut MasterCard it costs nothing more to keep and use it when appropriate, and has the additional facilities of free international transfers, ability to receive and convert euro payments, etc.

Neil49

Once Monzo have got the current account fully up and running they will be withdrawing the prepaid card option.

Quite whether this means that the existing benefits of Monzo will remain unchanged or not isn't clear. I am a prepaid card holder and read their regular blogs on progress of the current account and am not sure what is happening.

All I know is that in due course my prepaid card will change to a debit card.

WAYT

https://ftalphaville.ft.com/2017/07/04/2190964/monzo-accounts-show-growth-losses-and-a-little-bit-of-hand-holding/

It seems they are considering levying some kind of fee for ATM withdrawals in the near future. Perhaps for withdrawals outside of the SEPA area.

ozaz

I can't answer the original question, but I'd like to add a related comment and question of my own. I've been using Monzo since the end of last year and I've been very happy with it. Spending tracking and an unwillingness to use my primary bank account for contactless payments was my main reason for signing up. No charges for spending abroad is a bonus. I also opened a Revolut account about a month ago. Can't remember why; probably just out of curiosity. And I haven't got round to trying it yet.

I'd be very interested in hearing from those who have used both on which they prefer overall and why? If you continue to carry both, under which circumstances do you use one over the other?

Thanks

eDicky

ozaz wrote: »

I'd be very interested in hearing from those who have used both on which they prefer overall and why? If you continue to carry both, under which circumstances do you use one over the other?

At the moment, with the value of the pound so low, instead of Monzo and others I use my Revolut, which holds other currencies that I converted to previously. (I sent the pounds back to my UK bank sccount.)

pantaiema

eDicky wrote: »

No need to switch, just use both. And/or any others that cost nothing, such as Loot, Starling Bank, Metro Bank (Europe).

Having already paid for a Revolut MasterCard it costs nothing more to keep and use it when appropriate, and has the additional facilities of free international transfers, ability to receive and convert euro payments, etc.

I also share the same opinion. Why people wanted to close one of them, just used it until minimum balance and keep it.

It costs nothing to keep it eventhough you are not using it. Moreover it is a prepaid card so it does not have any impact on creditfile.