Monzo vs Volet
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Volet |
|---|---|---|
| Score | 4.4 / 5 | 3.5 / 5 |
| Best for | Everyday UK banking and budgeting | Multi-currency wallet with prepaid cards |
| Monthly fee | Free → Plus/Premium plans | Free |
| Exchange rate | Mastercard rate, no Monzo markup | Spread on conversions |
| Send / receive | Free UK transfers | Free wallet-to-wallet; external 0.5–3.5% |
| Withdrawals | Free in UK; overseas cap then fee on free plan | SEPA ~EUR 1 flat; card/SWIFT vary |
| Card | Yes — debit Mastercard | Yes — Visa/Mastercard prepaid (virtual & physical) |
| Availability | UK (US in rollout) | 150+ countries |
| Currencies | GBP (spends abroad at Mastercard rate) | 20+ fiat + major crypto |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | EEA registrations; lightly regulated globally |
| Founded | 2015 | 2014 |
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
Volet
Volet (formerly AdvCash) is a versatile multi-currency e-wallet that blends fiat and crypto with prepaid cards and free internal transfers. It suits crypto-savvy users in 150+ countries, though external fees and a relatively light regulatory profile are worth weighing.
Pros
- Free internal wallet-to-wallet transfers
- Holds 20+ fiat currencies plus native crypto
- Prepaid cards for spending crypto/fiat
Cons
- Light/unclear regulatory oversight
- High physical card issuance fee (~$90)
- External transfer fees up to 3.5%
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.