This is the time of digital banking which are alternatively called challenger banks. If you are in the UK, then you must have heard about Revolut, Monzo, and Starling. All three challenger banks offer some of the best features to make consumers’ life easy. A single-click app on your smartphone can change your life. Today, in this article we’ll compare Revolout vs Monzo vs Starling features. It will help you to decide which one is best for you.
During this decade, we have seen a rapid increase in the number of digital banks. All these banks have been successful in redefining the customer experience. Through this innovation, digital banks have succeeded in getting millions of customers and have raised millions of dollars. As per the figures from Sensor Tower, Revolut has got more popularity in 2020 than Monzo and Starling as it was downloaded by 5.8 million times.
Revolut Vs Monzo Vs Starling:
Now we’ll look at the features of the three digital banks.
The features of Revolut are best designed for travelers and business persons. Like others, it is considered one of the most popular debit cards in the world. You can use its debit card anywhere around the world in any currency. It was first launched in 2015, with Standard, Premium, and Metal accounts. According to estimates, it has 7 million customers worldwide and is one of the fastest-growing fintech companies in Europe. The company’s total worth is estimated to be $1.7 billion.
You get a contactless MasterCard or Visa debit card which you can use in more than 150 countries. The layout of the app is easy to use and navigate.
With the app you can:
- Send money to anywhere
- Request money
- Block your debit card
- Maintain your budget
- View exchange rates
- Open additional accounts
- Manage your Premium and Metal accounts
- Manage your card settings and account information
- Check transaction history
- Check your account balance
- Offers three types of accounts: Standard, Premium, & Metal accounts
- Account opening facility for 18+
However, there are some drawbacks as well
- You have a limit on cash withdrawals
- Transfers are quick if you have Premium or Metal account otherwise it may take upto 3-5 working days.
- You cannot apply for an overdraft
Monzo has a customer base of around 4 million customers. It was launched in 2015 as a prepaid Mastercard by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon, and Gary Dolman. Some of the features of the Monzo are as under:
- It is easy to set up
- Budgeting is easy
- Free UK ATM withdrawals
- You can top-up the account with bank transfer, standing order, or your salary
- With Monzo pots, you can categorise your spending and manage effectively
- No charges if you want to pay for goods and services abroad
- Free cash withdrawals for £200, after that it charges 3% interest
- Overdraft facility upto £3000, and loan facility upto £15,000
- Business account available
- Facility to open Joint account
- Account opening facility for 16+
- Support Google Pay & Apple Pay
- Transfer money through bank transfer, another Monzo account, Google Pay, Apple Pay, Contactless, Chip and Pin.
- You can use your app to freeze your card
- 24/7 customer support through the app
The features of the Monzo are best designed for young generations. Although, it is good and popular there have been instances when Monzo had some problems. One such incident took place in August 2019, when Monzo urged 480,000 customers to change their pins. The reason was a bug that allowed unauthorized staff to access their accounts for 6 months. There were some other incidents when customers were unable to access their accounts. However, it updates its app and blog regularly to resolve these issues.
Starling bank is one of the most popular challenger bans in the UK. It has simplified the management of finances of its customers through the use of modern technology. Anne Boden is the founder of the Starling bank. It supports Google Pay and Apple Pay.
- Payments through Apple Pay, Google Pay, bank transfers, Chip & Pin, Paypal, Fitbit Pay, Garmin Pay
- Free UK ATM withdrawals
- You can top-up your card from any post office, bank transfer, standing order, or through your salary
- You can freeze your card through your app
- No fees or charges when you travel
- Overdraft facility upto £5,000
- Provides business account, was voted best Business Banking provider in 2020
- 24/7 cusotmer support through email, phone, and app
- Won Best British Bank and Best Current Account 2020
- Account opening facility for 6+ : KITE for 6-16 and Starling Teen for 16+
Some of the cons of the Starling bank are as under:
- Only UK citizens are allowed to open the bank account
- It offers low withdrawal limits
- Offers high interest rates for loans
After comparing Revolut vs Monzo vs Starling, all challenger banks offer some of the unique features that help customers better manage their finance. It is therefore important for customers to assess their needs first. Then they will be in a better position to make a good decision. The ultimate goal of every customer is to get the best service. Therefore, it is important to analyze all these features before making any decision.