Monzo vs Revolut: which UK app handles foreign money better?
Monzo and Revolut are both UK banks now, both offer a free plan with paid upgrades, and both are popular with people who travel. They are not built the same way, though. Monzo is a sterling current account that adds no fee to card spending abroad. Revolut is a multi-currency app that holds dozens of currencies and exchanges them without its own fee on weekdays, up to a monthly allowance on the free plan.
Both changed their international transfer pricing in autumn 2026: Revolut moved to fixed fees on 14 October and Monzo does the same on 1 November. Here is how the two compare for UK customers, with worked examples based on each bank’s published fee documents.
At a glance (UK customers)
| Monzo | Revolut | |
|---|---|---|
| Monthly plans | Free · Extra £3 · Perks £9 · Max from £19 | Standard free · Plus £3.99 · Premium £8.99 · Metal £16.99 · Ultra £60 |
| Card spending abroad | No Monzo fee on any plan, Mastercard rate | No fee on weekdays up to £1,000 a month (Standard); 1% above that and 1% extra at weekends |
| Free cash abroad (free plan) | Outside the EEA: £200 per rolling 30 days, then 3% | 5 withdrawals or £200 per rolling month, then 2% (min £1) |
| Holding other currencies | Pounds only; incoming foreign payments converted with a 1% fee | 36 currencies in the app |
| International transfers | Fixed fee from 1 November 2026: under £0.80 for most currencies, up to £11 | Fixed fees since 14 October 2026, e.g. £0.75 to USD, £0.00 to EUR |
| Protection | FSCS up to £120,000 | FSCS up to £120,000 once your account has moved to Revolut Bank UK |
Spending abroad: unlimited versus allowance-based
Monzo passes on Mastercard’s exchange rate with no fee of its own, on every plan and with no monthly cap. It is the simpler option if you spend a lot abroad and do not want to watch limits.
Revolut Standard lets you spend or exchange up to £1,000 a month without its fair-usage fee, on weekdays. Above that you pay 1% (0.5% on Plus, whose allowance is £3,000). From Friday 5pm to Sunday 6pm New York time, Standard pays an extra 1% and Plus 0.5%. Premium, Metal and Ultra have no limit and no weekend fee.
Worked example: €1,500 on a two-week trip in Italy
Monzo, any plan: £0 in Monzo fees.
Revolut Standard: €1,500 is roughly £1,255 at the rate on our check date. The first £1,000 is free on weekdays, and the remaining £255 pays 1%, about £2.55. If €400 of the spending fell on weekends, add about £3.35 (1% of roughly £335). On Premium (£8.99 a month) the total would be £0.
Cash withdrawals by plan
| Plan | Free cash allowance | Fee above it |
|---|---|---|
| Monzo free (main bank) | UK/EEA free; outside the EEA £200 per rolling 30 days | 3% |
| Monzo free (not main bank) | UK/EEA £400 per rolling 30 days; outside the EEA £200 | 3% |
| Monzo Extra | UK/EEA free; outside the EEA £200 | 3% |
| Monzo Perks / Max | UK/EEA free; outside the EEA £600 | 3% |
| Revolut Standard | 5 withdrawals or £200 per rolling month | 2%, minimum £1 |
| Revolut Plus / Premium / Metal / Ultra | £200 / £400 / £800 / £2,000 per rolling month | 2%, minimum £1 |
Monzo treats you as using it as your main bank if, for example, you pay in £500+ over a rolling 35 days and have an active Direct Debit. ATM operators may add their own fees.
Worked example: $600 in cash during a US trip
$600 is about £450 at the rates on our check date. Monzo free plan: £200 free, then 3% on about £250, so roughly £7.50. Revolut Standard: £200 free, then 2% on about £250, so roughly £5.00, with no exchange fee if it is a weekday and you are within your £1,000 allowance. Monzo Perks (£600 allowance) would cost nothing; Revolut Premium (£400 allowance) about £1.
Holding currencies and getting paid from abroad
Revolut lets UK customers hold and exchange 36 currencies in the app, which suits people who keep euros or dollars aside or are paid in them. Transfers to other Revolut users are free worldwide.
Monzo’s UK account holds pounds. When someone sends you euros or dollars, a third party converts the money into pounds and Monzo charges a 1% conversion fee. On a €2,000 payment that is €20.
Sending money abroad after the autumn 2026 changes
Revolut (since 14 October 2026): a fixed fee by currency route. From a GBP account, sending US dollars costs £0.75 and sending euros £0.00. If you send in a currency that is not local to the recipient’s country, a flat minimum of £3 (USD, GBP, EUR, CHF) or £5 (other currencies) applies. Premium gets 20% off these fees, Metal 40%, and Ultra pays none. The exchange itself follows your plan’s allowance and weekend rules.
Monzo (from 1 November 2026): Monzo’s own international payments service covers more than 40 currencies. The fee becomes a fixed amount that Monzo says is under £0.80 for most currencies and up to £11 for some. Until 31 October it is a fixed fee of up to £9 plus 0% to 1.80%. The exchange rate is shown in the app before you send.
Worked example: £500 to a US bank account on a weekday
Revolut Standard: £0.75 fixed fee, with no exchange fee if you are within your £1,000 monthly allowance. Monzo: a fixed fee under £0.80 for most currencies from 1 November. On fees alone they are close, so the exchange rate shown in each app decides it. Intermediary banks may deduct their own charges with either.
Protection and availability
Monzo Bank Limited (FRN 730427) and Revolut Bank UK Ltd (FRN 981170) are both authorised by the PRA and regulated by the FCA and PRA, and eligible deposits are protected by the FSCS up to £120,000 per person. Revolut is moving UK customers to its bank in phases: until your account has moved, your money is held as safeguarded e-money rather than FSCS-protected deposits, and Revolut gives notice before the move. Crypto, commodities and stocks are not FSCS-protected at Revolut.
Monzo serves UK residents, plus Ireland and Spain through Monzo Bank Europe DAC; it closed its US accounts on 8 June 2026. Revolut is available across the UK, the EEA, the US and several other countries, which helps if you might move abroad.
Is a paid plan worth it?
On travel and currency fees alone, here is when each upgrade pays for itself. Paid plans also include extras, such as insurance and perks, that we do not price here.
- Revolut Plus (£3.99): cuts the fee above the allowance from 1% to 0.5% and lifts the allowance to £3,000. On weekday exchanges it covers its price once you exchange about £1,400 a month.
- Revolut Premium (£8.99): no allowance and no weekend fee. Against Standard it breaks even at roughly £1,900 of weekday exchanges a month, or sooner if you often spend at weekends.
- Monzo Perks (£9): lifts free cash outside the EEA from £200 to £600. The most it saves is 3% of £400, so £12 a month; it pays off from about £500 of cash a month outside Europe.
- Monzo Extra (£3): the same £200 cash allowance outside the EEA as the free plan, so it is not a travel-fee upgrade.
For most occasional travellers, the free plans are enough: Monzo for unlimited card spending, Revolut Standard if you stay within £1,000 a month on weekdays. When a card machine or ATM offers to charge you in pounds, decline it and pay in the local currency.
Verdict by use case
| If you… | Better choice | Why |
|---|---|---|
| Spend more than £1,000 a month abroad on a free plan | Monzo | No allowance and no weekend fee on card spending. |
| Hold or receive euros and dollars | Revolut | 36 currencies in the app; Monzo converts incoming foreign money with a 1% fee. |
| Withdraw cash outside Europe on a free plan | Revolut (slightly) | £200 free at both, but Revolut charges 2% above it and Monzo 3%. |
| Want the most cash allowance from a mid-priced plan | Monzo Perks (£9) | £600 outside the EEA, against £400 on Revolut Premium (£8.99). |
| Send money abroad often | Either; compare the rate | Both now charge low fixed fees (Revolut since 14 October, Monzo from 1 November 2026). |
| Might move outside the UK | Revolut | Available across the EEA, the US and more; Monzo outside the UK covers only Ireland and Spain. |
Our view: Monzo is the easier everyday UK account if most of your foreign spending is by card. Revolut is the better multi-currency tool if you hold other currencies, receive money from abroad or might relocate, provided you keep within its allowances or pay for Premium.
Frequently asked questions
Does Monzo charge for using the card abroad?
No. Monzo charges no fee on card payments in foreign currencies on any plan and passes on the Mastercard exchange rate. Cash withdrawals outside the EEA are free up to £200 per rolling 30 days on the free plan, then 3%.
What is Revolut’s monthly exchange limit?
On the UK Standard plan you can exchange up to £1,000 a month without the fair-usage fee; above that it is 1%. Plus allows £3,000 with a 0.5% fee above it. Premium, Metal and Ultra have no limit.
Which is cheaper for sending money abroad?
Since 14 October 2026 Revolut charges fixed fees, for example £0.75 to send USD from a GBP account. From 1 November 2026 Monzo charges a fixed fee under £0.80 for most currencies. Compare the exchange rate each app shows, as the fees are now similar.
Can I hold euros in Monzo?
Not in a UK Monzo account. Foreign-currency payments are converted to pounds with a 1% fee. Revolut lets you hold 36 currencies.
Are Monzo and Revolut covered by the FSCS?
Monzo Bank deposits are covered up to £120,000. Revolut Bank UK deposits are covered up to £120,000 once your account has moved to the UK bank; before that, money is safeguarded e-money.
Do I pay extra at weekends with Revolut?
On Standard and Plus, yes: 1% and 0.5% on exchanges and card payments between Friday 5pm and Sunday 6pm New York time. Premium and above pay no weekend fee.
Sources
Every fee on this page was checked against these official provider pages on .
- Monzo — fee information (personal account)
- Monzo — plan fee information (Extra, Perks, Max)
- Monzo — current account plans
- Monzo — travel features
- Monzo — sending money abroad
- Monzo Help — receiving money from outside the UK
- Monzo Help — deposit protection (FSCS)
- Monzo — Ireland
- Monzo — US accounts closure notice
- Revolut — Standard plan fees (UK)
- Revolut — Plus plan fees (UK)
- Revolut — Premium plan fees (UK)
- Revolut — Metal plan fees (UK)
- Revolut — Ultra plan fees (UK)
- Revolut — pricing plans (UK)
- Revolut — international payment fees (UK)
- Revolut — currency converter (UK)
- Revolut Help — paying in a foreign currency and weekend fees
- Revolut Help — UK bank licence and FSCS protection
- Revolut Help — supported countries
Fees, limits and availability change and can differ by country and account type. Worked examples apply each provider's published fee rules to round amounts; exchange rates move constantly, so confirm the final price in the provider's app before you pay. How we check fees is explained on our methodology page.