Monzo vs MuchBetter
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | MuchBetter |
|---|---|---|
| Score | 4.4 / 5 | 3.7 / 5 |
| Best for | Everyday UK banking and budgeting | Mobile deposits & withdrawals |
| Monthly fee | Free → Plus/Premium plans | No standard monthly fee |
| Exchange rate | Mastercard rate, no Monzo markup | ~0.99% on major currencies |
| Send / receive | Free UK transfers | Free P2P; free SEPA/bank top-ups |
| Withdrawals | Free in UK; overseas cap then fee on free plan | ~2% to bank; ~0.99% ATM |
| Card | Yes — debit Mastercard | Yes — Mastercard plus contactless wearables |
| Availability | UK (US in rollout) | Most countries (excl. US) |
| Currencies | GBP (spends abroad at Mastercard rate) | Multiple major currencies |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | UK FCA (e-money institution) |
| Founded | 2015 | 2017 |
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
MuchBetter
MuchBetter is an FCA-regulated, mobile-first e-wallet built around fast mobile deposits and withdrawals, with a slick app, low ~0.99% FX and novel contactless wearables. Free SEPA top-ups and P2P keep costs down, though card-funding fees can climb toward 5% in some markets and it is unavailable in the US. A strong pick for mobile-centric users.
Pros
- Mobile-first app with dynamic security code
- Low ~0.99% FX on major currencies
- Free SEPA top-ups and P2P transfers
Cons
- Card deposit fees can reach ~1.5–5%
- Not available in the US
- Narrower coverage than Skrill
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 3.7 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.