Searching for the best Monzo alternatives in the UK for 2023? But confused about what could be the digital banking platform for you? Your search stops here.
Monzo Bank is rapidly replacing the conventional banking system by enhancing the consumer experience and making things quick and convenient. It has become the largest and one of the most trusted digital banking platforms, with over 6 million users.
It takes a few hassle-free minutes and some taps on our mobile screen to get every service from the comfort of our home through the Monzo app. But there are disadvantages with Monzo that get hard to overlook.
Like the one pound it charges every time you deposit money, the low savings rate Monzo offers, or their monthly limit on how much you can withdraw abroad. There are absolutely better alternatives to Monzo out there.
In this article, we provide you with answers to every question. Starting with Monzo, followed by its best alternatives in today’s date. We’ll dive deeper into the various benefits they provide, helping you choose the best one for you.
What Is Monzo Banking App?
As one of the first digital banks in the UK, Monzo is attempting to replace conventional banking methods and improve the customer experience. It was founded as Mondo in 2015 by Tom Blomfield and his team, that met whilst working at Starling Bank.
As of July 2023, 5.8 million used and trusted their services. The Monzo app is simple to start up, offers free international money transfers, end-to-end security, competitive interest rates on savings accounts, and offers loans of up to €25,000, but it has disadvantages. It helps you record expenses, set financial targets, and track progress.
5 Best Alternatives For Monzo Bank App
Here we have done the required research and found the 5 best alternatives for Monzo bank app that will best suit your needs. So, let’s get started!
1) Revolut – Send, Spend & Save, Smarter Using This Alternative For Monzo Bank!
Revolut is a great alternative for Monzo bank app which allows you to transfer and request money from 200+ countries, and all it takes are a few clicks, or split bills with your friends. You get exclusive rewards for spending through their classy, elegant debit cards or the mobile app that gets all your bank accounts in one place.
- Get 10% cashback when you reserve vacation lodging anywhere in the world. There is no requirement to pay individually for travel cards, lodging, or even insurance at different locations.
- Revolut covers you for everything, and it’s Premium and Metal plans offer discounted access to more than 1,000 airports worldwide. You can spend at the real exchange rate by converting currencies immediately and making payments, purchases, international transfers, or currency exchanges without paying any hidden fees or charges.
- Without zero commission, you can trade 1500+ global stocks, buy gold and silver, and invest in crypto, and all you have to do is to register through their app. All it takes to start your investing journey is one single pound. Get 1.67% annual interest by keeping your money in your Revolut account.
- With a single tap, you can send gift cards to your friends and donate to the causes you believe in; all it takes is a single tap on your screen.
- Your money is secure end-to-end. Anytime and anywhere, you can easily access your digital account on the mobile app, and all details are completely transparent. You can immediately block the card through their mobile app if the card is lost or stolen.
- Poor customer service
- Few services can’t be accessed without premium subscriptions
- Additional money transfer fee on weekends
2) Starling Bank – Say Goodbye to Your Bank By Using This Alternative For Monzo Bank!
There is nothing better than having a joint account where you and your partner can save money for your future goals, and setting up a joint account only takes a few minutes. With Starling, you can make multi-currency transactions at the real exchange rate without paying additional fees on your personal or business account and that makes it a great alternatives for Monzo bank app.
- Staring Bank helps you with your personal finance management and business by providing digital receipts, spending analytics, and Bills manager.
- Teaching our children the importance of financial education has become a must these days, but it’s impossible to hand them your credit card immediately. With Starling, you can give your kids a linked account; don’t worry. It is entirely in your control.
- Through their smartphone app, which takes a few minutes to register, you can set savings goals, split payments, and do much more. You can develop your money management skills by using Starling’s monthly expenditures analytics. Without using an ATM or paying transaction fees, you can spend money globally while traveling.
- Digitally sign into your Starling account, get 24-by-7 customer support (only for the UK), and you also get instant notifications when a transaction is made. The Financial Services Compensation Scheme secures your money. With your Starlink bank, you will forget about your bank! Because with this, everything, literally all services that you want, is delivered to your fingertips. Say goodbye to standing in a long queue to withdraw or deposit money.
- No worries if you are already linked to another bank account. All it takes is a 7-day, no-hassle, fully convenient transition taken care of by Starling themselves.
- High-interest rates on loans
- Restricted transactions per day
3) Monese – A Great Alternatives For Monzo Bank App
Who does not want a simple, straightforward, and hassle-free banking experience? Monese is a great alternative for Monzo bank app which offers you just that. It is damn easier to stick to your financial goals with their Spending Overview Tool providing you with your monthly and weekly spending budgeting and getting an instant notification whenever you make a transaction.
With Monese, you can request and transfer money from all over the country with their UK Faster Payments network, and no charges are required, irrespective of which currency you transacted in. You can also make international money transfers at the best exchange rates.
- You can link any UK bank account via their Open Banking technology which can be done through very simple steps, and Voila! You can track all your bank accounts in one place and protect the expenses and purchases you make with your Monese account
- They provide you with their classy and beautifully crafted cards you can use online, in physical stores, or in ATMs. You can add your Apple pay or Google pay account to your Monese card for easier transactions.
- Improve your credit score and get access to better credit cards and loans using their Credit Builder. On top of all that, you can rest assured that your money is secure thanks to features like biometric login and 3D security.
- Monthly limit on ATM withdrawals
- No banking license
4) Wise – Effortlessly Transfer Your Money With This Great Alternative For Monzo Bank App
What gives WISE its differentiation is that, unlike other platforms, you can transfer and receive money without an account number using a mobile number. Another cool feature that makes this a great alternative for Monzo bank app is that you can also use this to transfer money to your friends and family who live in a different country with very little interest.
- WISE charges up to 0.5% for all major currencies for international payments. You can access their conversion calculator on their homepage, which will tell you exactly how much money you’ll receive, and no hidden charges can be applied.
- Wise manages accounts in multiple countries. That means zero charges for having as many accounts in several countries, and last but not least, Wise is highly secure and transparent.
- High transfer fee
- Finite customer support
5) N26 – Carry Bank In Your Pocket Using This Alternative For Monzo Bank App
It takes minutes to initiate your N26 digital account and start spending even before your physical card arrives at your doorstep. Discover the smartest in-built features that help you track your spending and efficiently manage your finances.
Right after opening your account, which takes not any more than 8 minutes, you get a virtual Mastercard, and it is damn easy to connect your N26 account with apps like Google Play or Apple Pay and start spending. Amazing, isn’t it?
- With fingerprint identification and advanced 3D technology, you can relax knowing that your money is safe using this great alternative for Monzo bank app. With instant push notifications, stay tuned to every transaction that takes place via your account.
- And if you need help figuring out where all your money is going, or it is hard to keep records of your spending and track your finances, N26 helps you better manage money. In real time you can track regular expenses and spot saving opportunities.
- N26 bank helps you bring your financial goals into reality. You can personalize your financial goals and set targets for savings, and all that can be done with a few taps on your screen.
- Poor customer support
- Available only in one currency, Euro
We appreciate you taking the time to read this article. Here we talked about different digital banking platforms transforming the entire traditional banking experience in innovative ways. We began by talking about Monzo, a famous platform in the UK, followed by its five competitors and alternatives, including Revolut, Monese, Wise, Starling Bank, and N26.
Every one of them has its unique competitive advantages. Make sure to check out which platform best suits your requirements and choose accordingly.