Monzo vs Cash App
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Cash App |
|---|---|---|
| Score | 4.4 / 5 | 4.0 / 5 |
| Best for | Everyday UK banking and budgeting | Simple everyday banking and payments |
| Monthly fee | Free → Plus/Premium plans | Free |
| Exchange rate | Mastercard rate, no Monzo markup | N/A |
| Send / receive | Free UK transfers | Free standard P2P; instant ~0.5–1.75% |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Standard free; instant-to-debit fee |
| Card | Yes — debit Mastercard | Yes — Cash Card (Visa debit) |
| Availability | UK (US in rollout) | United States & United Kingdom |
| Currencies | GBP (spends abroad at Mastercard rate) | USD (US), GBP (UK) |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | FinCEN (MSB), US state licences; Block, Inc. |
| Founded | 2015 | 2013 |
Monzo
Monzo is a fully licensed UK app bank with FSCS-protected deposits, best known for its budgeting tools (Pots, spending categories) and fee-free card spending abroad at the Mastercard rate. It is one of the most polished everyday banking apps in the UK, with overseas ATM limits and premium perks reserved for paid tiers.
Pros
- Full UK bank, FSCS-protected deposits
- Excellent budgeting with Pots and categories
- No FX markup on card spending
Cons
- GBP-only current account
- Overseas ATM limits on the free plan
- Best perks on paid tiers
Cash App
Cash App blends peer-to-peer payments with light banking, a free debit card, and built-in Bitcoin and stock investing. Standard transfers are free while instant cash-outs and crypto carry fees, and availability is limited to the US and UK. A strong all-in-one choice for US users who want payments and investing in one place.
Pros
- Free P2P and a free customizable Cash Card
- Built-in Bitcoin & stock investing
- Direct deposit and banking-style features
Cons
- Limited to US and UK
- Instant transfers & credit-card sends cost extra
- Bitcoin buys carry a 2–3% spread
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 4.0 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.