Primarily I think they are fundamentally different products: Monzo is a current account. Revolut is a multi currency prepaid card.
As such I don’t think they are competition. They are working in entirely different areas.
I would say this, though: Monzo offers working support. I have used Revolut, and boy is their support crap:
First you have to convince “RITA” (their bot) to let us pass as she doesn’t understand what you are saying. Then you have to wait 4 hours in the queue to speak to an actual human, who doesn’t understand your issue either. So you need to explain it over and over again. Then at 5pm sharp (or is it 6?) their support time ends. They’ll shut off your chat and boot you off their system in the middle of the conversation. You’ll need to start the whole shebang from the beginning the next morning (RITA and all).
They’ll suspend your account if there is the slightest hint of something not being quite right. Since getting hold of support can take a while, and you will likely need several attempts as you are booted off their service at close of day, you will likely need days (if not weeks) to figure out why your account was suspended, or how to un-suspend it.
Look at the shambles when the introduced EUR IBANs. Money lost in black holes for days on end (sometimes 1000s of euros) and Revolut just doesn’t care.
At some stage they considered the AUD (that’s the Australian Dolllar) as “illiquid currency” incurring the extra charge. (In general there are lots of complaints on their forum about exchange rates being much worse than they should be.)
I could go on and on and on.
I think, in a way, Revolut and Monzo embody the “you get what you pay for” thing: Monzo is not the cheapest, but they try offer you something in exchange (a working product, a working support). Revolut are cheap. You are their guinea pig. They don’t care about their customer at all. The moment the customer needs support he is no longer commercially viable, so they are not interested.
So, if you
- enjoy being a guinea pig for potentially exciting features
- Think 3% fees for ATM withdrawals over £200 is too much (a judgement call that I think you are fully entitled to)
- don’t think you’ll need support
- don’t need to do any foreign currency transactions (including POS) on a weekend
- don’t need “illiquid currencies” (with the caveat that what they consider “illiquid” might well differ from what just about everybody else does)
- or need any of the features that only Revolut can offer (multicurrency accounts)
By all means: go for them. But I have tried them, and wouldn’t trust them with a single pound of mine any more.