Revolut Competitors

Revolut vs. Monzo, N26, and Starling Bank

When it comes to digital banking, Revolut faces stiff competition from other popular fintech companies like Monzo, N26, and Starling Bank. Each of these apps offers unique features and benefits, catering to different customer needs. Here, we compare Revolut with these competitors, highlighting the key differences in features, fees, customer service, and target markets.

Features

Revolut:

• Multi-Currency Accounts: Supports over 30 currencies with fee-free currency exchange at interbank rates.

• International Money Transfers: Competitive rates and quick transfers to over 150 countries.

• Spending Analytics and Budgeting Tools: Real-time spending notifications and detailed analytics.

• Cryptocurrency and Investments: Offers trading for cryptocurrencies, stocks, and precious metals.

• Additional Services: Travel insurance, disposable virtual cards, and junior accounts for children.

Monzo:

• Personal and Business Accounts: Simple and transparent banking with no hidden fees.

• Spending Insights: Categorizes transactions and provides detailed spending reports.

• Savings Pots: Allows users to set aside money for specific goals, with interest on savings.

• Overdraft and Loans: Easy access to overdraft facilities and personal loans.

• Bill Splitting and Shared Tabs: Conveniently split bills and manage shared expenses with friends.

N26:

• Multi-Currency Management: Supports multiple currencies but primarily focuses on the Eurozone.

• International Transfers: Partners with TransferWise for competitive international money transfers.

• Spaces: Sub-accounts for saving money, similar to Monzo’s Pots.

• Insurance and Travel Benefits: Comprehensive insurance packages, including travel and phone insurance.

• Real-Time Notifications: Instant notifications for every transaction.

Starling Bank:

• Personal, Business, and Joint Accounts: Wide range of account types with various features.

• Spending Insights and Budgeting Tools: Detailed insights into spending habits and budgeting.

• Marketplace Integrations: Integrates with various financial products and services for added convenience.

• Overdraft and Loans: Flexible overdraft options and personal loans.

• Euro Account: Separate account for holding and managing Euros.

Fees

Revolut:

• Basic Account: Free with standard features.

• Premium and Metal Accounts: Monthly fees for additional benefits such as higher withdrawal limits, travel insurance, and concierge services.

• Currency Exchange: Fee-free up to a certain limit; a small fee applies beyond that limit.

Monzo:

• Basic Account: Free with standard features.

• Monzo Plus and Monzo Premium: Monthly fees for added features like higher interest rates on savings, travel insurance, and exclusive card designs.

• Overdraft Fees: Charges apply for overdraft usage.

N26:

• N26 Standard: Free basic account.

• N26 You and N26 Metal: Monthly fees for premium features, including travel insurance and premium customer support.

• ATM Withdrawals: Free withdrawals up to a limit, then a fee applies.

Starling Bank:

• Personal and Joint Accounts: Free with standard features.

• Business Accounts: Free for small businesses, with a fee for larger businesses.

• Overdraft Fees: Charges apply for overdraft usage.

• Currency Exchange: Fees apply for currency exchange services.

Customer Service

Revolut:

• Live Chat Support: Available within the app, with 24/7 support for premium users.

• In-App Help Center: Comprehensive FAQs and tutorials.

• Community Engagement: Active on social media and online forums.

Monzo:

• 24/7 Customer Support: Available via in-app chat and email.

• Customer Service Reputation: Generally positive, with quick response times.

• User Community: Active online community for support and feedback.

N26:

• Customer Support: Available via in-app chat and email.

• Localized Support: Offers support in multiple languages for its international user base.

• Help Center: Detailed online resources and guides.

Starling Bank:

• 24/7 Customer Support: Available via in-app chat, phone, and email.

• Customer Service Reputation: High ratings for responsive and helpful support.

• User Forums: Active user community for sharing experiences and tips.

Target Markets

Revolut:

• Target Market: Primarily tech-savvy individuals, frequent travelers, and cryptocurrency enthusiasts. Appeals to users seeking a global financial solution.

• Geographical Reach: Operates in over 30 countries, with a strong presence in Europe and expanding globally.

Monzo:

• Target Market: UK residents looking for transparent and straightforward banking services. Popular among millennials and young professionals.

• Geographical Reach: Focused on the UK market, with plans for international expansion.

N26:

• Target Market: European residents, especially those in the Eurozone. Appeals to digital natives and frequent travelers.

• Geographical Reach: Strong presence in Europe, with limited availability in the US.

Starling Bank:

• Target Market: UK residents, including personal users, small businesses, and freelancers. Known for its comprehensive business banking services.

• Geographical Reach: Primarily UK-focused, with plans to expand into Europe.

Conclusion

While Revolut, Monzo, N26, and Starling Bank each offer unique features and benefits, the best choice depends on individual needs and preferences. Revolut stands out for its extensive multi-currency capabilities and cryptocurrency trading, making it ideal for global travelers and tech enthusiasts. Monzo and Starling Bank are excellent choices for UK residents seeking user-friendly banking with robust customer support. N26 is a strong contender for European users, particularly those in the Eurozone. By understanding the strengths and focus areas of each platform, users can make an informed decision about which digital banking app best suits their financial needs.