Monzo vs Payz
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Payz |
|---|---|---|
| Score | 4.4 / 5 | 3.5 / 5 |
| Best for | Everyday UK banking and budgeting | Established multi-currency wallet for gaming |
| Monthly fee | Free → Plus/Premium plans | No standard monthly fee |
| Exchange rate | Mastercard rate, no Monzo markup | ~2.99% standard tier |
| Send / receive | Free UK transfers | Free P2P from Gold VIP up |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Varies by method & VIP tier |
| Card | Yes — debit Mastercard | Yes — Mastercard (Silver VIP tier and above) |
| Availability | UK (US in rollout) | 180+ countries |
| Currencies | GBP (spends abroad at Mastercard rate) | 45+ currencies |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | UK FCA (PSI-Pay Ltd) |
| Founded | 2015 | 2000 |
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
Payz
Payz is the rebrand of ecoPayz, one of the oldest e-wallets (since 2000), run by FCA-regulated PSI-Pay and offering 45+ currencies worldwide with a Mastercard and a tiered VIP programme. Its standout is a ~2.99% FX rate, undercutting Skrill and Neteller, though the best perks and the card are gated behind VIP tiers. A dependable, slightly cheaper alternative for everyday multi-currency use.
Pros
- Long track record (ecoPayz since 2000)
- Lower ~2.99% FX than Skrill/Neteller
- Supports 45+ currencies worldwide
Cons
- Best rates & card gated behind VIP tiers
- Card requires Silver VIP+ status
- Rebrand from ecoPayz still confuses users
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.