Monzo vs Venmo
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Venmo |
|---|---|---|
| Score | 4.4 / 5 | 4.1 / 5 |
| Best for | Everyday UK banking and budgeting | Splitting bills with US friends |
| Monthly fee | Free → Plus/Premium plans | Free |
| Exchange rate | Mastercard rate, no Monzo markup | N/A (US-only) |
| Send / receive | Free UK transfers | Free from balance/bank/debit; instant 1.75% |
| Withdrawals | Free in UK; overseas cap then fee on free plan | Standard free; instant 1.75% |
| Card | Yes — debit Mastercard | Yes — Venmo Visa debit (and a Visa credit card) |
| Availability | UK (US in rollout) | United States only |
| Currencies | GBP (spends abroad at Mastercard rate) | USD |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | FinCEN (MSB), US state licences; PayPal-owned |
| Founded | 2015 | 2009 |
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
Venmo
Venmo is the dominant US peer-to-peer payment app, ideal for splitting bills and casual transfers with its signature social feed. Standard transfers are free, but instant cash-outs and credit-card funding carry fees, and it is strictly US-only. Best suited to American users who want a quick, familiar way to pay friends.
Pros
- Free standard P2P transfers within the US
- Social feed makes splitting & requesting easy
- Free Venmo debit card, no-fee MoneyPass ATMs
Cons
- US-only; no international use
- Instant transfers cost 1.75%
- 3% fee when funding with a credit card
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 4.1 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.