Monzo vs Skrill
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Skrill |
|---|---|---|
| Score | 4.4 / 5 | 3.6 / 5 |
| Best for | Everyday UK banking and budgeting | International online payments |
| Monthly fee | Free → Plus/Premium plans | Free; EUR 5/mo inactivity after 12 months |
| Exchange rate | Mastercard rate, no Monzo markup | Up to 3.99% |
| Send / receive | Free UK transfers | Free to other Skrill users |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Varies by method |
| Card | Yes — debit Mastercard | Yes — prepaid Mastercard (region-dependent) |
| Availability | UK (US in rollout) | 120+ countries |
| Currencies | GBP (spends abroad at Mastercard rate) | 40+ currencies |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | UK FCA (Paysafe Group) |
| Founded | 2015 | 2001 |
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
Skrill
Skrill is a long-established Paysafe-owned e-wallet popular for online payments, trading and cross-border transfers, holding 40+ currencies with optional crypto and a prepaid Mastercard. It scores well on acceptance and features but its FX markup (up to 3.99%) and assorted withdrawal/inactivity fees make it pricier than newer neobanks. A solid choice where merchant acceptance matters more than cost.
Pros
- Widely accepted by online merchants and trading platforms
- Buy/sell crypto in-wallet
- Holds 40+ currencies
Cons
- FX markup up to 3.99% is high vs neobanks
- EUR 5/mo inactivity fee after 12 months
- Withdrawal fees vary and add up
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 3.6 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.