Trying to decide on Revolut vs Monese? When it comes to business banking, digital solutions have gained immense popularity in recent years. Revolut and Monese are two prominent players in the UK market that offer business banking services with a focus on convenience, flexibility, and cost-effectiveness.
In this article, we will compare Revolut vs Monese, exploring their pros, cons, key differences, costs, and other essential considerations, to help you make an informed decision for your business.
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Revolut vs Monese
| Features | Revolut for Business | Monese for Business |
|---|---|---|
| Multi-Currency Accounts | Yes | Limited to GBP and EUR |
| Currency Exchange Rates | Interbank Rates | Different rates (may include a fee) |
| Expense Management | Robust features, receipt scanning, categorization | Core expense management features |
| Integrations | Xero, FreeAgent, and more | Xero and other accounting software |
| Team Management | Issuing corporate cards, spending limits | N/A |
| Global Payments | Yes | Yes |
| Account Opening Process | Stringent verification, may cause delays | Quick and easy, entirely online |
| Customer Support | Some reported challenges accessing support | Responsive and reputed for good customer support |
| Account Tiers | Free and paid plans available | Different plans with varying pricing and limits |
| ATM Withdrawals | Free up to specified limit | Limited free withdrawals, charges after limit |
| Business Type Restrictions | Supports various business types | Suitable for small to medium-sized businesses |
Please note that the information in the table is based on general features and may be subject to change or updates by the respective providers. It’s always recommended to visit the official websites of Revolut and Monese for the most up-to-date information on their business banking offerings.
Statistics
- Revolut:
- As of 2021, Revolut has over 16 million personal customers and over 500,000 business customers worldwide.
- In 2020, Revolut reported a 57% increase in business customer accounts, indicating its growing popularity among businesses.
- Revolut’s business customers collectively transacted over $150 billion in 2020, highlighting the platform’s scale and usage.
- Monese:
- Monese has served over 4 million customers since its inception in 2015, with a significant portion being small businesses and freelancers.
- In 2020, Monese reported a 100% increase in business accounts opened, indicating a surge in demand for its business banking services.
- Monese has processed over £15 billion in transactions on its platform, showcasing its active user base and transaction volume.
Pros of Revolut for Business
- Multi-currency accounts: Revolut offers multi-currency accounts, allowing businesses to send, receive, and hold funds in multiple currencies with competitive exchange rates.
- Extensive integrations: Revolut integrates with popular accounting software such as Xero and FreeAgent, making financial management seamless.
- Expense management: The platform provides robust expense management features, including receipt scanning and automatic categorization, simplifying expense tracking and reconciliation.
- Team management: Revolut enables businesses to issue corporate cards to employees, set spending limits, and monitor transactions, providing greater control over company expenses.
- Global payments: With Revolut, businesses can make international payments swiftly and cost-effectively using interbank exchange rates.
Cons of Revolut for Business
- Limited customer support: Some users have reported challenges in accessing timely customer support, especially during peak times.
- Account verification process: Revolut’s onboarding process can be stringent, requiring extensive documentation and multiple verification steps, which may cause delays.
Pros of Monese for Business
- Quick setup: Monese offers a straightforward and speedy account opening process, which can be completed entirely online within minutes.
- UK and European accounts: Monese provides both UK and European business accounts, catering to businesses operating in different regions.
- Seamless mobile banking: The Monese app offers a user-friendly interface, making it easy to manage business finances on the go.
- Integration with accounting software: Similar to Revolut, Monese integrates with accounting software like Xero, enabling efficient bookkeeping.
- Customer support: Monese has a reputation for responsive customer support, providing assistance when needed.
Cons of Monese for Business
- Limited currency options: Unlike Revolut, Monese primarily supports transactions in GBP and EUR, which may be a limitation for businesses requiring multi-currency capabilities.
- Transaction fees: Monese imposes fees on certain transactions, such as international transfers, which can increase costs for businesses with significant cross-border operations.
Revolut vs Monese – Key differences
- Account types: Revolut offers a free business account with additional paid plans, while Monese provides a range of account tiers with different pricing and features.
- Currency exchange rates: Revolut offers interbank exchange rates for currency conversions, while Monese uses a different rate and may include a fee.
- ATM withdrawals: Revolut offers free ATM withdrawals up to a specified limit, while Monese imposes a charge after exceeding a certain number of withdrawals.
- Business type restrictions: Revolut supports a wide range of business types, including freelancers, startups, and large corporations, whereas Monese is more suitable for small and medium-sized businesses.
Revolut vs Monese – Costs and pricing
Revolut offers a free business account with paid plans starting from £25 per month, providing additional features such as priority support and higher monthly transaction limits.
Monese offers various pricing plans, including the Starter (£9.95/month), Plus (£19.95/month), and Premium (£29.95/month) plans, each with different transaction and withdrawal limits.
Revolut vs Monese – Other considerations
Before choosing between Revolut and Monese for your business banking needs, consider factors such as your business size, international operations, desired features, currency requirements, and budget. Here are a few additional considerations to help you make an informed decision:
Business size and needs
Assess the specific requirements of your business. Revolut offers more extensive features and is suitable for businesses of all sizes, including startups and large corporations. Monese, on the other hand, is particularly suitable for small to medium-sized businesses with simpler banking needs.
International operations
If your business conducts frequent international transactions or operates in multiple currencies, Revolut’s multi-currency accounts and competitive exchange rates may be advantageous. Monese, while supporting GBP and EUR, has more limited currency options.
User experience
Both Revolut and Monese offer user-friendly mobile apps and intuitive interfaces. Consider trying out their demos or reading user reviews to determine which platform aligns better with your preferences and ease of use.
Additional services
Beyond basic banking services, consider any additional services or features that may be important to your business. For example, Revolut offers perks like business insurance, access to cryptocurrency trading, and virtual cards, while Monese focuses primarily on core banking services.
Customer feedback and reputation
Research customer reviews and experiences to gain insights into the reliability, responsiveness, and overall satisfaction of users with each platform. This can help you gauge the quality of customer support and address any potential concerns.
Conclusion
In conclusion, both Revolut and Monese offer compelling options for business banking in the UK. Revolut excels in its multi-currency capabilities, expense management features, and broader business account offerings. Monese, on the other hand, stands out for its quick setup, responsive customer support, and simplicity, particularly for smaller businesses.
Evaluate your specific business needs, preferences, and budget constraints carefully to determine which platform aligns best with your requirements. Remember, it is always a good idea to consult with a financial advisor or accountant to ensure you choose the most suitable banking solution for your business.
Revolut vs Monese – FAQ
Yes, both Revolut and Monese are regulated financial institutions. Revolut is authorised by the Financial Conduct Authority (FCA) in the UK, and Monese is also regulated by the FCA as an Electronic Money Institution.
Yes, both Revolut and Monese offer personal banking services in addition to their business banking offerings. You can have separate accounts for personal and business use or use the same account for both purposes, depending on your needs.
While Revolut and Monese generally have more lenient eligibility requirements compared to traditional banks, they still perform identity and credit checks during the account application process. If you have a poor credit history, it may impact your chances of approval.
Yes, both Revolut and Monese offer integrations with popular accounting software such as Xero. These integrations help streamline financial management by synchronising transactions and data between the banking platform and accounting software.
Yes, both Revolut and Monese have transaction limits on their business accounts. The specific limits vary depending on the account type and pricing plan you choose. Make sure to review the account terms and conditions or contact their customer support for detailed information on transaction limits.
Yes, both Revolut and Monese allow international transfers. They offer competitive exchange rates and provide options for businesses to send and receive funds internationally. However, it’s important to review their fee structures, as there may be charges associated with certain types of international transfers.
Both Revolut and Monese may have additional fees beyond their basic account offerings. These fees could include charges for certain types of transactions, international transfers, ATM withdrawals, or premium features available in higher-tier plans. It’s advisable to carefully review their fee schedules to understand any potential costs.
Remember to visit the official websites of Revolut and Monese or reach out to their customer support for the most accurate and up-to-date information regarding their business banking services, fees, and terms.