Differences between Monzo and other similar products?


(Alex Brown) #1

I am interested to know as to what makes monzo different to other similar products and companies. Specifically revolut?


(Alex Sherwood) #2

Here’s my thoughts on the main difference between Revolut & Monzo -

we’ve also collated pretty much everything we know in this thread about Monzo’s competitors here -

I’m not sure it’s worth doing a feature comparison at this point, as none of the challengers are anywhere near completing their products so if you’re thinking long term, you’re really making a bet on whose approach is best.
And if you’re wondering which product to go for now, I’d recommend simply comparing the different challenger’s websites - as I mentioned, it’s early days so there’s not that many features to compare. Monzo’s blog is the best place to find out about their features though & this twitter account is the best place to go to see which features Monzo users value the most.


Change PIN in app
(Smithy) #3

Great to see you looking at what is happening elsewhere and also keeping your supporters informed.
I haven’t verified anything that I have read through other sources but I don’t feel I need to yet.
I feel like I trust you.


#4

Personally I feel Revolut is more comparable to WeSwap whereas Monzo more comparable to Starling.


(Jack Gillett) #5

I use monzo as my main ‘me money’ card, I think its the best at what it does in terms of giving clarity of where your money is being spent.I have however been exploring some of the competitors in the similar space. I always recommend Monzo to friends and many sign up, however I’ve found that the ones who don’t see the need for what Monzo offers are more likely to sign up to revolut when you tell them about the commission free foreign exchange.

I know that Monzo has this too but there’s less visibility of it as a feature and Revolut sing it at the top of their lungs.

I find the Revolut app a little buggy but I do love the ability to swap currencies in real time. I made 55p on swapping between GBP and USD, I don’t like how they charge me £5 for a card but I do like the look of their premium cards. I can also see in their app their future plans such as ‘wealth’ as a ‘coming soon’ product. I’m quite excited about the eventual P2P lending side of these challenger banks.

Loot is another competitor worth looking at, they’re app is really slick but I haven’t had a chance to use the card yet.

The sign up for atom is one of the best I’ve had but the security is a bit frustrating. It doesn’t recognise my face anymore or my voice, fingerprint is definitely my favourite way of getting into secure apps. Also their fixed rate saver is one of the best cash saving accounts on the market, but ultimately I have no use for what Atom are currently offering. I also may get a bit bored of their visuals, they already look a bit dated to me.


(system) #6

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