Revolut vs Monzo for business banking

Updated on 7 August 2023

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.

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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.

Video: Choosing a business bank account

Revolut vs Monzo

FeaturesRevolut for BusinessMonzo Business
Account TypeBusinessBusiness
Mobile AppYesYes
Account ManagementReal-timeReal-time
PaymentsInternationalUK Only
Multi-currencyYesNo
Expense ManagementYesYes
InvoicingYesYes
Integrations100+20+
Debit CardPhysical & VirtualPhysical & Virtual
Free ATM WithdrawalsUp to £200 per monthUp to £200 per month
Customer Support24/7Mon-Fri
Revolut vs Monzo

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

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

  1. Multi-currency accounts: With Revolut, businesses can hold and exchange multiple currencies at competitive rates, reducing foreign exchange fees.
  2. Extensive integrations: Revolut offers seamless integration with popular accounting software and expense management tools, streamlining financial processes.
  3. Real-time account management: Businesses can monitor their finances in real-time, receive instant notifications, and control expenses efficiently.
  4. Expense management: The platform provides easy-to-use tools for tracking and categorizing expenses, simplifying the expense management process.

Cons

  1. Limited customer support: Although Revolut offers 24/7 customer support, some users have reported difficulties in reaching a live representative promptly during peak times.
  2. Complex fee structure: Revolut’s fee structure can be intricate, with different pricing tiers and charges for various services.

Table of fees and charges

ServicesFees and Charges
Account CreationFree
UK TransfersFree
International TransfersVaries by currency and destination
ATM WithdrawalsFree up to £200 per month, 2% fee thereafter
Card PaymentsFree
Virtual Card PaymentsFree
Additional Physical Card£4.99
International SpendingFree
Foreign ExchangeInterbank rate during weekdays, 0.5% fee on weekends
InvoicingFree
Revolut fees and charges

Unique and standout features

  1. Business perks: Revolut offers various perks, such as discounts on popular business tools, which can help businesses save money and enhance productivity.
  2. Multi-currency cards: Revolut provides businesses with physical and virtual debit cards that can hold multiple currencies, enabling easy spending across different countries.
  3. 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

ServicesFees and Charges
Account CreationFree
UK TransfersFree
ATM WithdrawalsFree up to £200 per month, 3% fee thereafter
Card PaymentsFree
International PaymentsNot available
InvoicingFree
Monzo fees and charges

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

Can I use Revolut or Monzo for business if I already have a personal account with them?

Yes, both Revolut and Monzo allow you to have separate business accounts while also holding a personal account with them.

Are there any transaction limits on Revolut and Monzo Business accounts?

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.

Can I deposit cash into my Revolut or Monzo Business account?

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.

Are there any additional fees or charges not mentioned in the comparison tables?

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.

Reviewed by , Managing Director

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