Compare Monese and Monzo

How do Monese and Monzo compare?

Monese and Monzo are two popular mobile banks offering similar features, but with some differences. Both banks offer easy account opening, with no credit checks required and with the ability to manage accounts using mobile apps.

Monese offers personal and business accounts with no monthly fees, but charges for some transactions and services such as ATM withdrawals and international transfers. They also offer a Premium account with additional features such as higher ATM withdrawal limits and multi-currency accounts.

Monzo offers a free current account with no monthly fees and offers budgeting tools and spending insights to help users manage their money. They also offer Premium and Plus accounts with additional features, such as higher ATM withdrawal limits, travel insurance, and interest on balances.

One key difference between the two banks is their focus on international banking. Monese offers multi-currency accounts and low fees for international transfers, making it a good option for people who frequently travel or send money abroad. Monzo, on the other hand, offers a more localized banking experience, with a focus on budgeting and saving tools for UK customers.

Overall, both Monese and Monzo offer competitive mobile banking options, with each having their own strengths and weaknesses. The choice between the two will depend on individual needs and preferences.