What’s the key differences between Monzo, Transferwise and Revolut?
In a nutshell…
Monzo is the best current account anywhere in the world.
Transferwise is for transferring money between different countries.
Revolut are a travel card, with a few other bits bolted on.
Monzo is a bank so any money held in there is protected by FSCS up to 85k (and more in exceptional circumstances).
The other providers you mention are merely e-money institutions and aren’t covered by such protections.
Monzo is a bank account. Transferwise and Revolut provide foreign currency exchange services.
If I want to transfer €500 to my Italian bank account, I use Revolut as Monzo doesn’t offer this service. I could also use Transferwise, but they are a bit more expensive.
TransferWise, on the other hand, have disrupted the exchange market by providing excellent service (much like Monzo).
Revolut, from what I can see, don’t give two sh*ts about customer experience. You get what you pay for.