Monzo vs Neteller
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Neteller |
|---|---|---|
| Score | 4.4 / 5 | 3.5 / 5 |
| Best for | Everyday UK banking and budgeting | Online deposits & international transfers |
| Monthly fee | Free → Plus/Premium plans | Free 12 mo; then $5/mo inactivity |
| Exchange rate | Mastercard rate, no Monzo markup | Up to 3.99% |
| Send / receive | Free UK transfers | Free to other Neteller members |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Varies by method |
| Card | Yes — debit Mastercard | Yes — Net+ prepaid Mastercard (EEA only) |
| Availability | UK (US in rollout) | Most countries (excl. US) |
| Currencies | GBP (spends abroad at Mastercard rate) | ~28 currencies |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | UK FCA / Isle of Man (Paysafe Group) |
| Founded | 2015 | 1999 |
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
Neteller
Neteller is Skrill's Paysafe-owned sibling, widely used for funding trading and online accounts and offering a Knect rewards programme plus in-wallet crypto. Its fee profile mirrors Skrill's — up to 3.99% FX and a $5/month inactivity charge after a year — and its Net+ prepaid card is restricted to EEA residents. Dependable and well-accepted, but not the cheapest way to move money.
Pros
- Sister product to Skrill, broad acceptance
- Knect loyalty programme earns points
- ~28 currencies plus in-wallet crypto
Cons
- Net+ card limited to EEA residents
- FX markup up to 3.99%
- $5/mo inactivity fee after 12 months
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 3.5 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.