Revolut vs Monese for business banking

Updated on 7 August 2023

Choosing the right business banking solution is crucial for any UK business, and with the rise of digital banking, options like Revolut and Monese have gained significant popularity. Both Revolut vs Monese offer convenient mobile banking services tailored specifically for businesses.

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In this article, we will compare the features, pros and cons, fees and charges, as well as unique standout features of both banks to help you make an informed decision for your business banking needs.

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Revolut vs Monese

FeaturesRevolutMonese
Account TypeBusiness Current AccountBusiness Account
Multicurrency SupportYesYes
Virtual CardsYesNo
Physical CardsYesYes
Payment ServicesInvoicing, Transfers, QR codesTransfers, Direct Debits
Expense ManagementYesYes
IntegrationXero, Slack, QuickBooksQuickBooks, Xero, FreeAgent
WithdrawalsFree in base currencyFree in base currency
International TransfersLow feesVariable fees
Mobile AppiOS, AndroidiOS, Android
Customer SupportIn-app chat, phone, emailIn-app chat, email
Revolut vs Monese

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
Pricing Trial period Contact

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 is a popular digital banking platform that offers a comprehensive range of business banking services. With its user-friendly interface and advanced features, Revolut has become a go-to option for many businesses.

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Pros

  • Multi-currency Support: Revolut allows businesses to hold and transact in multiple currencies, making it ideal for businesses with international operations.
  • Virtual and Physical Cards: Businesses can easily issue virtual and physical debit cards for employees, enabling efficient expense management and control.
  • Payment Services: Revolut offers convenient payment services, including invoicing, transfers, and QR codes, simplifying financial transactions for businesses.
  • Integration: Revolut integrates seamlessly with popular accounting software such as Xero, Slack, and QuickBooks, streamlining financial management processes.

Cons

  1. Limited Direct Debit Support: Currently, Revolut does not support direct debit functionality, which may be a limitation for businesses requiring automated recurring payments.
  2. Limited Customer Support: Although Revolut offers various customer support channels, some users have reported delays and challenges in accessing timely assistance.

Table of fees and charges

ServiceFees
Monthly Fee£25
Inbound TransfersFree
Outbound Transfers (UK)Free
Outbound Transfers (International)Varies
ATM Withdrawals (Monthly Limit)£300
Currency Conversion (Weekend Rates)0.5% – 1.5%
Additional ServicesAdditional fees may apply
Revolut fees and charges

Unique and standout features

Revolut’s unique standout features include:

  1. Expense Management: Revolut offers powerful expense management tools, allowing businesses to track, categorise, and manage expenses efficiently.
  2. Budgeting and Analytics: The platform provides real-time insights into business spending, enabling better financial planning and budgeting.
  3. Team Access and Permissions: Revolut allows businesses to provide different levels of access and permissions to team members, enhancing security and control.

Monese

Monese is a digital banking platform that offers flexible and straightforward business account solutions. With its intuitive mobile app and inclusive features, Monese has gained popularity among businesses of all sizes.

Pros

  • Seamless Account Setup: Setting up a business account with Monese is quick and hassle-free, with minimal documentation requirements, making it ideal for startups and small businesses.
  • Integration with Accounting Software: Monese integrates with popular accounting software such as QuickBooks, Xero, and FreeAgent, enabling smooth financial management.
  • International Transfers: Monese allows businesses to make international transfers at competitive rates, which can be advantageous for businesses with global partners.
  • Customer Support: Monese provides responsive customer support through in-app chat and email, ensuring timely assistance when needed.

Cons

  • No Virtual Cards: Unlike Revolut, Monese currently does not offer virtual card functionality, which may limit flexibility in managing online transactions.
  • Variable International Transfer Fees: The fees for international transfers with Monese can vary based on the destination country and currency, potentially leading to higher costs.

Table of fees and charges

ServiceFees
Monthly Fee£14.95
Inbound TransfersFree
Outbound Transfers (UK)Free
Outbound Transfers (International)Varies
ATM Withdrawals (Monthly Limit)£800
Currency Conversion (Weekend Rates)2% – 2.75%
Additional ServicesAdditional fees may apply
Monese fees and charges

Unique and standout features

Monese’s unique standout features include:

  1. Quick and Easy Account Setup: Businesses can set up an account with Monese within minutes, without the need for a UK address or credit history.
  2. Budgeting Tools: Monese provides tools to help businesses manage and allocate budgets effectively, enabling better financial control.
  3. Business Debit Cards: Monese offers physical business debit cards that can be used for seamless transactions both online and offline.

Conclusion – Revolut vs Monese

Revolut and Monese both offer compelling business banking solutions tailored to the needs of UK businesses.

Revolut excels in its multicurrency support, extensive integrations, and robust expense management tools.

On the other hand, Monese stands out with its quick account setup, integration with popular accounting software, and competitive international transfer rates.

When choosing between the two, consider your business’s specific requirements, such as international transactions, budgeting needs, and preferred features, to make the best decision for your business banking needs.

FAQ

Can I use Revolut and Monese for personal banking as well?

Yes, both Revolut and Monese offer personal banking services alongside their business banking solutions.

Are there any limits on transaction volumes with Revolut and Monese?

Both banks have certain limits on transaction volumes, which can vary based on your account type and activity. It’s advisable to check their respective websites for specific details.

Can I deposit cash into my Revolut or Monese business account?

Neither Revolut nor Monese currently support cash deposits into their business accounts. However, you can deposit funds via bank transfers or other supported methods.

Are there any additional fees for using Revolut or Monese beyond the monthly fees?

Yes, there may be additional fees for certain services such as international transfers, ATM withdrawals beyond the monthly limit, and currency conversions. Refer to the respective fees and charges tables for specific details.

Do Revolut and Monese provide business loans or credit facilities?

As of now, neither Revolut nor Monese offer business loans or credit facilities. They primarily focus on providing digital banking solutions.

Can I access my business account on a web browser or is it only available through the mobile app?

Both Revolut and Monese offer mobile apps for convenient access to your business account.

Reviewed by , Managing Director

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