Is Monzo or Revolut Better Abroad
Introduction to “Is Monzo or Revolut Better Abroad”
Travelers and digital nomads often debate which financial provider suits overseas spending best: Monzo or Revolut. While both have revolutionized the way people manage money internationally, subtle differences make each card unique in global usage. If you are wondering “is Monzo or Revolut better abroad,” this detailed analysis will help clarify important distinctions and help guide your choice.
Why Consider Monzo and Revolut for Abroad Use?
Modern travelers want more than just convenience—they demand transparency, low fees, and robust security features. Monzo and Revolut are digital banks designed for cross-border financial freedom, offering app-based management, quick notifications, and multi-currency support. This makes the question “is Monzo or Revolut better abroad” especially relevant for anyone who frequently crosses borders.
Key Features of Using Monzo Abroad
Currency Exchange Rates
Monzo uses the Mastercard exchange rate for international transactions, with no markup during weekdays. This means you often get some of the most competitive rates available when making purchases or withdrawing cash overseas.
ATM Withdrawals
Monzo offers free ATM withdrawals abroad up to a specific limit, after which a small percentage fee applies. Currently, the free allowance is often around £200 per month. For most casual travelers, this is sufficient, but heavy cash users may quickly hit that ceiling.
Card Security and App Controls
Monzo’s in-app security features let users freeze or unfreeze the card instantly, set spending limits, and get real-time notifications of purchases. This can help prevent fraud while traveling.
Customer Service
Monzo is known for friendly in-app support and responsive customer service, especially valued for resolving problems in foreign countries.
Key Features of Using Revolut Abroad
Multi-Currency Accounts
Revolut stands out with its wide selection of supported currencies—over 30—which can be held, exchanged, and spent directly in the app. For frequent travelers dealing with a variety of currencies, Revolut is often a top contender.
Exchange Rates and Fees
Revolut offers interbank exchange rates for many currencies during weekdays, with a small markup on weekends. For regular users, this often equals or exceeds the value Monzo provides, especially for exotic currencies not directly supported by other cards.
ATM Withdrawals
Revolut’s free ATM withdrawal limit varies according to your plan. On the standard (free) plan, it is around £200 per month, after which a percentage fee is applied. Higher-tier plans grant more generous limits and extra perks.
Additional Features
Revolut’s extras include travel insurance, disposable virtual cards, and cryptocurrency support, adding flexibility for those who desire more than standard travel banking.
Comparing Monzo and Revolut Abroad
Transparency and Fees
If you prioritize no hidden fees and easy-to-understand charges, Monzo excels with straightforward policies. Revolut, on the other hand, may have fees for premium features or currency exchanges outside certain times, so it requires more careful monitoring.
Ease of Use Across Borders
Both cards are accepted almost everywhere Mastercard and Visa are taken. Revolut has a slight edge with its broader reach of currencies and the ability to pre-purchase and hold them in-app—potentially protecting you from rate fluctuations.
Security While Traveling
Monzo’s real-time notifications and freeze/unfreeze function are mirrored in Revolut, so both cards are reliable in the event of loss or theft. Revolut’s disposable virtual card, though, can come in handy for extra online security.
Customer Service and Support
While both banks provide app-based customer service, Monzo frequently receives praise for its personable assistance. Revolut, serving a more international base, offers support in several languages and can be quick to resolve technical issues.
Potential Drawbacks of Monzo and Revolut Abroad
- Both cards can sometimes flag or block transactions perceived as suspicious, which can be inconvenient overseas.
- Limits on free ATM withdrawals exist for both.
- Some international merchants may only accept traditional bank cards, though this is increasingly rare.
- Revolut’s premium features require a fee, while Monzo’s top benefits are mostly available in the free account.
FAQs on Is Monzo or Revolut Better Abroad
Is Monzo or Revolut more widely accepted abroad?
Both are accepted wherever Mastercard or Visa is enabled. Revolut’s international base may give it a slight advantage in multi-currency regions.
Does Monzo or Revolut offer better security against fraud abroad?
Both offer robust in-app security features. Revolut’s disposable cards add a unique layer for online purchases.
Are there any hidden costs when using Monzo or Revolut abroad?
Monzo’s costs are easy to understand and rarely include hidden fees. Revolut may add fees for conversion on weekends or for premium accounts.
Can you withdraw large sums of cash abroad with either card?
Both have limits on free withdrawals—with fees applied beyond those limits. For extensive cash needs, advance planning or considering higher-tier accounts may help.
Which is better for managing multiple currencies?
Revolut stands out for holding and exchanging many currencies directly in the app, ideal for frequent or business travelers.
Conclusion: Is Monzo or Revolut Better Abroad?
Ultimately, the answer to “is Monzo or Revolut better abroad” depends on your priorities. Monzo offers simplicity, transparency, and excellent customer support—ideal for leisurely travelers and those wanting to avoid surprises. Revolut, by contrast, is great for people who move between multiple currencies or want extra features like travel insurance or cryptocurrencies. Both provide strong security, but Revolut’s edge in multi-currency management may win over regular international travelers. Evaluate your travel habits, ATM withdrawal needs, and desire for premium extras to make the best choice for your next trip abroad.