Hey there,
Is making a transfer with Monzo through Transferwise less or more expensive then doing the same anmount with Revolut? Also, how about using the card abroad?
Not sure on the first points, but, using the card abroad - Monzo uses the MasterCard rate and adds no fees. Revolut uses the interbank rate and adds fees at weekends, between 0.5%-2% depending on the currency.
The two rates can vary day to day - but to the tune of pennies on a £100 spend. I guess depends on the day and currency though.
Basically - about the same Monday to Friday, Revolut will likely come out more pricey at weekends.
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Meaning, there is no real difference between the MasterCard rate and the interbank rate?
I looked into some USD/GBP rates a bit ago - basically if you spent $1000 the difference in rates was maybe 40p tops.
So generally it’s going to be marginal differences - with one sometimes being better than the other. But with no major inpact I would say.
That’s been my experience when looking to convert to Euros.
Generally (from all of the comparisons I’ve seen) - Monzo is around €1.20 less for every £100 you want to send (I’ve only looked at Euro transfers).
So right now - I get the following.
Monzo to Euro - £100 sent. Recipient receives €113.44 (includes the fee).
Revolut to Euro - £100 converts to €114.77 - From there you can do a fee free Euro to Euro transfer.
So if you are doing small amounts, or one off payments, it’s probably worth using Monzo so that your money is in one place (and you have a history of the transfers).
If you are sending large amounts, or regular amounts, Revolut is probably the way to go.
Note the Revolut weekend fees make it more expensive, so only convert between Monday and Friday.
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