Which is better — Revolut or Wise?

It depends on your use case. Wise is better for international money transfers and holding multiple currencies — it offers true interbank exchange rates with transparent, low fees. Revolut is better as a day-to-day digital bank with broader features including savings vaults, crypto, and stock trading. For pure international transfers, most experts prefer Wise. For an all-in-one digital banking experience, Revolut edges ahead — but note that Revolut is not yet fully FSCS protected in the UK (as of early 2025).

Is Monzo or Revolut better for savings?

Monzo is generally better for savings in the UK. It is fully FSCS protected with a UK banking licence, offers competitive savings pot rates (around 4.60% AER in early 2025), and its savings are held directly in a regulated bank. Revolut offers higher headline savings rates via its Savings Vault, but is not yet fully FSCS insured as it is in a banking licence transition period. For savings security, Monzo is the safer choice in 2025.

Is Wise FSCS protected?

No — Wise operates as an e-money institution in the UK, not a fully licensed bank. Your money is safeguarded (held separately from Wise's own assets in accounts at major banks) but is not covered by the FSCS. This means Wise is appropriate for shorter-term holding and transfers, but not recommended as a primary savings account for large balances.

Which is cheapest for spending abroad — Revolut, Wise or Monzo?

All three offer competitive foreign spending compared to traditional banks. Revolut (on the free plan) offers interbank rates on weekdays up to a monthly limit, with a 1% markup on weekends. Wise charges a small transparent fee on every transaction (typically 0.4–0.7%) with interbank rates. Monzo (free plan) charges no foreign transaction fees but applies the Mastercard rate. For highest volume international spending, Revolut Premium or Wise typically offer the best value.

Revolut vs Wise vs Monzo -

The Three Platforms at a Glance

Before comparing them feature-by-feature, it helps to understand what each platform was actually built for — because despite all three having evolved into multi-feature apps, their DNA is very different.

🔵

Revolut

All-in-one financial super-app. Banking, FX, crypto, stocks, savings — everything in one place.

Best For: All-in-one banking

45M+ global customers

🌿

Wise

Built for international money movement. Best-in-class FX rates. Multi-currency accounts. Transparent fees.

Best For: International transfers

16M+ global customers

🔴

Monzo

UK's most-loved digital bank. Full current account. Savings pots. Overdrafts. FSCS protected.

Best For: UK everyday banking

9M+ UK customers

Revolut wins for breadth of features and international lifestyle. Wise wins for international money transfers and multi-currency holding. Monzo wins for UK everyday banking with full regulatory protection. The "best" depends entirely on what you primarily need — and for many people, using two of them together makes more sense than trying to find one winner.

Safety First — Regulatory Status in 2025

This is the most important section of this comparison — more important than which app has a better interface or which has lower fees. Where your money is protected determines how much of it is actually safe to keep there.

🛡️ FSCS & Regulatory Status — January 2025

Monzo

Fully FSCS Protected

Full UK banking licence since 2017. Deposits protected by FSCS up to £85,000 — identical to Barclays or HSBC. Safest choice for keeping significant savings.

Revolut

Transitioning — Safeguarded

Received UK banking licence in July 2024. Currently in mobilisation phase — not yet fully FSCS protected. Funds are safeguarded (ring-fenced) but not government-guaranteed. Full FSCS protection expected in 2025.

Wise

Safeguarded — Not FSCS

E-money institution. NOT FSCS protected. Funds are safeguarded — held separately from Wise's own assets in accounts at major banks. Safe for transfers and short-term holding. Not recommended for large savings balances.

⚠️ What Safeguarding vs FSCS Actually Means

FSCS is a government guarantee — if the bank fails, you get paid within days, up to £85,000, no questions asked. Safeguarding means your funds are separated from the company's own money — protecting you if the company goes insolvent. It's meaningful protection, but the process of recovering funds through safeguarding in an insolvency is less certain and typically slower than an FSCS payout. For funds above a few thousand pounds, Monzo is the significantly safer choice until Revolut's full banking authorisation is confirmed.

Full Feature Comparison — January 2025

Feature	🔵 Revolut	🌿 Wise	🔴 Monzo
UK Regulation	Banking licence (transitioning)	E-money institution	Full UK bank (FCA)
FSCS Protection	Not yet (expected 2025)	No — safeguarded only	✅ £85,000
Free Plan Available	Yes	Yes	Yes
Monthly Fee (Paid)	£3.99–£45/month	$0 account fee (transfer fees apply)	£5–£17/month
UK Current Account	Yes (transitioning to full bank)	No — multi-currency account	Full current account
UK Savings Rate	Up to 4.75% (Savings Vault)	Interest on balances (select countries)	4.60% AER (Savings Pot)
FX Rate (weekdays)	Interbank rate (limits apply free)	Mid-market rate	Mastercard rate (good)
FX Rate (weekends)	+1% markup	Same rate 7 days/week	Mastercard rate (no markup)
International Transfers	Good — 29 currencies	Excellent — 40+ currencies	Limited options
Multi-currency Account	Yes — 30+ currencies	Yes — 40+ currencies	No — GBP only
Debit Card	Yes — Visa/Mastercard	Yes — Mastercard	Yes — Mastercard
Overdraft	No	No	Yes — up to £3,000
Crypto Trading	Yes	No	No
Stock Trading	Yes (commission-free)	No	No
Joint Account	No	No	Yes
Business Account	Yes (Revolut Business)	Yes (Wise Business)	Yes (Monzo Business)
ATM Free Withdrawals	£200/month free (standard)	2 withdrawals free/month	£400/month fee-free (UK)
Customer Service	In-app chat only	In-app + email	In-app + phone (paid)

⚠️ Features and fees change frequently. Verify current terms directly with each provider before making any decisions. Information accurate as of January 2025.

Deep Dive — Each Platform Explained

Select each platform to see its full profile, pricing plans, and honest assessment.

Exchange Rate Calculator — See the Real Cost Difference

The exchange rate markup is where the real cost difference between these platforms shows up. Enter an amount and currency pair to see what you'd receive after fees with each provider.

💱 Foreign Exchange Cost Comparison

Estimate what you'd receive in each scenario. Educational illustration — actual rates vary.

Amount to Send (GBP)

Destination Currency

Sending Method

Revolut

—

Wise

—

Monzo

—

⚠️ Illustrative estimates using approximate fee structures. Actual amounts depend on live exchange rates and current fee schedules at each provider. Always check the exact amount in-app before confirming any transfer. This is educational information only.

Category Winners — Who Wins at What

International Money Transfers

Wise

Mid-market rate every day of the week. Transparent fees upfront. 40+ currencies. Local bank details in 9 countries. No other provider comes close for pure transfer value.

Runner-up: Revolut (on Premium plan, weekdays)

UK Everyday Banking

Monzo

Full UK current account, FSCS protection, overdraft, joint accounts, excellent budgeting tools, salary sorter. The complete banking experience — not just a spending card.

Runner-up: Revolut (improving, but not yet full bank)

Safety & Deposit Protection

Monzo

Only fully FSCS-protected option of the three. Up to £85,000 government guaranteed. Neither Revolut nor Wise offer this protection as of early 2025.

Note: Revolut expected to gain full FSCS in 2025

Savings Rate

Revolut

Savings Vault offers up to 4.75% — slightly above Monzo's 4.60% AER. However, Revolut savings are not FSCS protected. For safety-first savers, Monzo's 4.60% with FSCS protection is the better deal.

Caution: Higher rate + lower protection = consider Monzo instead

Travel & Spending Abroad

Revolut (Premium+)

Unlimited interbank FX with no weekend markup on Premium plans. For frequent international travellers spending large amounts abroad, Premium pays for itself quickly. Free plan has £1,000/month limit and weekend markup.

Budget option: Monzo (no fees, good Mastercard rate)

Features & Investment Tools

Revolut

No competition here. Revolut offers crypto trading, commission-free stock investing, commodities, and more — all within one app. Neither Wise nor Monzo offer investment products.

Wise and Monzo: Not in this category

Multi-Currency Account

Wise

40+ currencies held simultaneously. Local bank details in 9 countries. Convert between currencies at mid-market rate. If you live internationally or receive foreign income, Wise is unmatched.

Runner-up: Revolut (30+ currencies, good but slightly inferior rates)

Free Plan Value

Monzo

Free Monzo gives you a complete current account with savings pots, budgeting tools, and £400/month fee-free ATM — all with FSCS protection. More comprehensive than Revolut's limited free plan.

Runner-up: Wise (no monthly fee, pay-per-transfer model)

Who Should Use Which — Personalised Recommendations

🏡

UK Resident — Primary Bank Account

You want a digital bank to replace your Barclays/Lloyds account. You need direct debits, salary payments, savings, and an overdraft. Security matters.

Best Pick

Monzo

✈️

Frequent International Traveller

You travel 5+ times per year, spend significant amounts abroad, and want to avoid foreign transaction fees and poor exchange rates.

Best Pick

Revolut Premium

🌍

International Money Transfers

You regularly send money abroad — to family, for work, or paying overseas suppliers. You want the best possible rate with transparent fees.

Best Pick

Wise

💼

Freelancer / Remote Worker Paid in Multiple Currencies

You receive income in USD, EUR, or AUD. You need to hold multiple currencies, convert efficiently, and withdraw in your local currency without heavy fees.

Best Pick

Wise

📊

Investor / Crypto Enthusiast

You want to manage everyday banking alongside crypto purchases and stock trades — all in one app without switching between platforms.

Best Pick

Revolut

💰

Safety-First Saver (UK)

You want to earn competitive interest on your savings but won't accept anything less than full FSCS protection. Security above rate.

Best Pick

Monzo

🤝

Couples Managing Money Together

You and your partner want a joint account, shared pots, and visibility of household spending in one place.

Best Pick

Monzo

🌐

Most People — Optimal Combination

For most UK residents with any international activity, using two apps together is the smartest setup rather than trying to use one for everything.

Best Pick

Monzo + Wise

✅ The Optimal Setup for Most UK Residents

Monzo as your primary bank — full current account, FSCS protection, savings pots, overdraft, joint account if needed. Wise as your international layer — send money abroad, receive foreign currencies, hold multi-currency balances. Add Revolut Premium only if you travel internationally very frequently and the unlimited FX benefit justifies the £9.99/month. This combination covers virtually every financial need at minimal cost.

Frequently Asked Questions

Yes — there's no restriction on holding accounts with all three simultaneously. Many financially savvy people do exactly this, using each for what it does best: Monzo for UK day-to-day banking and savings, Wise for international transfers and multi-currency holding, and Revolut for travel spending or crypto access. The main risk is spreading your attention and potentially forgetting about accounts — set up a simple system to review all three periodically.

Wise is almost always the best choice for international transfers. It uses the mid-market exchange rate (the real rate, not a marked-up one) and shows you the exact fee upfront before you confirm. For a £1,000 transfer to the US, Wise typically delivers $10–$25 more than Revolut's free plan and significantly more than traditional banks. Revolut's Premium plan is competitive for large transfers on weekdays, but Wise charges the same rate 7 days a week with no monthly subscription needed.

In early 2025, we'd advise caution about keeping large sums in Revolut — specifically amounts you'd be uncomfortable losing access to for an extended period. Your funds are safeguarded (ring-fenced from Revolut's own assets), which provides meaningful protection. But safeguarding is not the same as FSCS insurance. Until Revolut completes its full banking authorisation (expected in 2025), Monzo is a meaningfully safer option for keeping significant savings. Revolut is fine for spending money and day-to-day balances.

Yes — Wise charges a small fee on every transfer and currency conversion. However, this fee is transparent, shown upfront before you confirm, and typically much smaller than the hidden markup embedded in the exchange rates of traditional banks. A typical Wise fee on a £1,000 GBP to USD transfer is around £4–£7 (0.4–0.7%). Compare this to a high-street bank adding a 2.5–3% spread to the exchange rate on the same amount — a £25–£30 hidden charge you never see explicitly. Wise's transparent small fee is almost always cheaper than the hidden alternative.

All three have well-regarded apps that consistently score highly on the App Store and Google Play — significantly better than any traditional bank's app. Monzo's app is particularly praised for its financial insights, spending categorisation, and salary sorter. Revolut's app is the most feature-complete but can feel overwhelming. Wise's app is clean and focused on its core purpose. In consumer surveys, Monzo and Wise typically score slightly higher on satisfaction than Revolut, with Revolut occasionally drawing complaints about customer service response times. Ultimately, trying the free version of each costs nothing.

Important: All features, fees, and regulatory statuses quoted are as of January 2025 and change frequently. Regulatory status — particularly Revolut's banking authorisation — is expected to evolve during 2025. WiseInvestorPath does not recommend specific financial products or providers. Always verify current terms, fees, and protection status directly with each provider. This article is for educational purposes only. Read our full Disclaimer.