Monzo vs Revolut: Business Bank Account Comparison

In our experience, Monzo suits a business that wants banking to stay simple and free until it's genuinely outgrown, rather than one already trading heavily across currencies. A closer look at how Monzo holds up against another fintech-only rival is in our Tide vs Starling comparison, useful background if you're weighing more than these two.

What Revolut Is Designed For

Revolut Business is built for companies that regularly send, receive or hold money in more than one currency and are willing to pay a subscription for it.

Key Characteristics of Revolut

• Hold and exchange 25-plus currencies from one account, with a monthly fee-free FX allowance at the interbank rate

• Four paid tiers, Basic, Grow, Scale and Enterprise, each unlocking higher transfer and FX allowances

• Built-in invoicing, payment links and card payment acceptance across every plan

• Accounting integrations with Xero, Sage and QuickBooks on every plan, including Basic, an edge over Monzo which reserves Sage for its paid tiers

• Corporate cards with individual spending controls, up to 50 virtual cards per team member

• A savings account paying up to 3.3% AER (variable) on Scale, none on Basic

• FSCS protection to £120,000 since Revolut Bank UK Ltd received its full UK banking licence in March 2026

• A Trustpilot rating of around 4.7 out of 5 from more than 370,000 reviews as of August 2026, though this spans Revolut's whole personal and business customer base rather than isolating business feedback

Trade-Offs to Consider

• No free tier, and no sole trader eligibility at all. Sole traders are directed to the separate Revolut Pro product instead

• No overdraft facility on any plan

• No cash or cheque deposits

• ATM withdrawals carry a 2% fee on every plan, with no free allowance

• FX allowances are modest on Basic, at £1,000 a month before a 0.6% fee applies (1% outside market hours), which a business converting real volume can exceed within days

We looked into what this means for a mid-volume business. A company converting £5,000 a month into supplier currencies on Basic would exceed the £1,000 FX allowance in the first week, at which point Grow's £30 a month, with its £15,000 allowance, usually works out cheaper once the overage fees are accounted for.

For a wider look at what genuinely free UK business banking covers, our free business bank accounts guide breaks down the usual catches.

How They Charge

Monzo Pricing

Lite costs nothing and includes free UK transfers, a debit card, Savings Pots and MTD-ready tax filing for sole traders. Pro costs £9 a month, with the first month free, and adds invoicing, accounting integrations (Xero, QuickBooks, FreeAgent, Sage) and Tax Pots. Team starts from £25 a month and adds multi-user access for up to 15 people, employee expense cards, bulk payments and payment approval limits. Cash deposits at the Post Office or PayPoint cost £1 per deposit. An arranged overdraft carries an annual arrangement fee of £20 to £100 depending on the limit band, with representative rates of 19%, 29% or 39% EAR depending on risk assessment.

A business making 100 UK transfers a month pays nothing extra on Monzo. One relying heavily on an overdraft or holding several currencies will find the free account's limits more noticeable.

Revolut Pricing

Revolut Business has no free plan. Basic costs £10 a month and includes 10 free UK transfers, a £1,000 monthly FX allowance at the interbank rate, and no free international transfers. Grow costs from £30 a month (or less paid annually) and raises the FX allowance to £15,000, adds 100 free local transfers and 5 free international ones, and unlocks bulk payments and a savings rate of 2.15% AER. Scale, from £90 a month, pushes the FX allowance to £60,000, gives 1,000 free local transfers and 25 international ones, and pays 2.65% AER on savings. ATM withdrawals cost 2% on every tier, and card payment acceptance starts from 0.8% plus 2p per transaction.

A business converting £5,000 a month into other currencies will exceed Basic's £1,000 FX allowance within the first week and start paying the 0.6% overage fee, which usually makes Grow the more economical choice once international volume is regular.

Monzo vs Revolut: Pros and Cons Compared

Feature Comparison: Monzo vs Revolut

Everyday Banking

Payments and transfers: Monzo's UK transfers are free at any volume on every plan. Revolut gives a free monthly allowance that scales by plan, then charges 20p per local transfer.

Account access: Both are app-first with a UK sort code and account number, alongside desktop access, and neither has a branch network.

Business debit cards: Both include a debit card as standard, with Revolut adding virtual and metal card options and granular per-card spending controls, and Monzo issuing a standard Mastercard debit card with expense cards reserved for the Team plan.

Invoicing and Admin

Monzo: Invoicing arrives with Pro at £9 a month, alongside Tax Pots for setting aside money for tax as it comes in.

Revolut: Invoicing and payment links are included on every plan from Basic upwards, though payment acceptance carries a separate fee from 0.8% plus 2p per transaction.

Accounting Support

Monzo: Direct integrations with Xero, QuickBooks, FreeAgent and Sage, but only on Pro and Team, not on the free Lite plan.

Revolut: Integrations with Xero, Sage and QuickBooks on every plan, including Basic, giving it the edge for a business whose accountant works in Sage from day one.

International Payments

Monzo: No dedicated multi-currency account. Card spending in a foreign currency attracts a fee of around 1%, and international transfers route through Wise for unsupported currencies.

Revolut: Holds and exchanges 25-plus currencies natively, with a monthly interbank-rate allowance that rises from £1,000 on Basic to £60,000 on Scale, built specifically for businesses trading across borders.

Savings

Monzo: A Business Saver account, with rates around 2.50% AER (variable). Confirm the current rate at monzo.com before relying on it.

Revolut: No savings account on Basic. Grow pays 2.15% AER, Scale 2.65% AER and Enterprise 3.3% AER, all variable.

For more on how multi-currency accounts compare across providers more broadly, our guide to business bank accounts with accounting covers the wider software side of the decision too.

Regulation and Protection

Monzo and Revolut are both fully licensed UK banks today, though they arrived there on different timelines, and that history is worth understanding.

Monzo Bank Limited has held a full UK banking licence since its founding, regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Services Register number 730427. Eligible deposits are FSCS-protected up to £120,000.

Revolut operated for years as an e-money institution before Revolut Bank UK Ltd received its full UK banking licence in March 2026. Business deposits are now FSCS-protected up to £120,000, but only where the account sits with Revolut Bank UK Ltd rather than an e-money entity within the wider Revolut group. If deposit protection is a deciding factor, it's worth confirming directly in the app which entity your account is held with.

Common Misconceptions About Monzo and Revolut

"Revolut is a bank account for sole traders." It isn't. Revolut Business excludes sole traders entirely; they're directed instead to Revolut Pro, a separate product. Monzo accepts sole traders on its standard business account.

"Monzo and Revolut are free banks." Monzo's Lite plan has no monthly fee. Revolut Business has no free tier at all; its cheapest plan, Basic, costs £10 a month.

"Revolut and Monzo offer overdrafts." Monzo offers one, though only to eligible sole traders and limited companies. Revolut doesn't offer an overdraft on any plan.

"FSCS protection is the same for Revolut and Monzo." Both cover eligible deposits to £120,000, but Revolut's protection depends on the account sitting with its banking entity, Revolut Bank UK Ltd, rather than an e-money entity elsewhere in the group. Monzo's cover applies straightforwardly as a directly licensed bank.

"Revolut's FX allowance is unlimited." It's a monthly allowance at the interbank rate, not unlimited free exchange. Basic's £1,000 allowance is used up quickly by any business converting real volume, after which a 0.6% fee applies.

What Real Customers Say About Monzo and Revolut

Monzo's brand-wide Trustpilot rating sits at 4.6 out of 5 from more than 68,000 reviews as of August 2026, though this blends personal and business customers rather than isolating business feedback specifically. Recurring praise covers the speed and clarity of the app, alongside a fast onboarding experience. The main recurring complaint concerns account restrictions during identity or compliance checks, a pattern common across regulated digital banks rather than unique to Monzo.

Revolut's headline Trustpilot rating of around 4.7 out of 5 from over 370,000 reviews similarly spans the whole Revolut brand and is dominated by personal account customers, so it shouldn't be read as a business-account-specific score. Business-focused review samples point to similar themes: praise for fast international transfers, the multi-currency dashboard and card controls, set against recurring complaints about account freezes during compliance reviews and reliance on chat-only support for urgent issues.

Reddit sentiment for both broadly echoes this pattern in our experience researching the space: satisfaction with day-to-day use, and occasional frustration when an account is restricted mid-transaction during a routine check.

Who Should Consider Monzo?

Monzo may be a good fit if your business:

• Wants free UK banking with no subscription and no transfer fees

• Is a sole trader or UK limited company

• Might need an overdraft as an eligible business

• Deals mostly in GBP, with only occasional need to spend abroad

• Would rather pay a flat £9 a month for invoicing than a per-transaction commission

If you're a new business, our startup business bank accounts guide covers other free-banking options worth comparing alongside Monzo.

Who Should Consider Revolut?

Revolut may be better suited if you:

• Regularly send, receive or hold multiple currencies

• Want FX at interbank rates rather than a card provider's markup

• Need granular card controls across a growing team

• Already use Sage and want a direct integration from day one

• Are an incorporated company, since sole traders aren't eligible

FAQs About Monzo and Revolut

Is Monzo or Revolut better for a limited company?

Both accept UK limited companies. Monzo suits companies that want free banking and the option of an overdraft, while Revolut suits companies with regular multi-currency activity who are prepared to pay a monthly subscription for it.

Can sole traders use Monzo or Revolut?

Sole traders can open a Monzo business account. Revolut Business doesn't accept sole traders at all; they're directed to the separate Revolut Pro product instead.

Can I get an overdraft with Monzo or Revolut?

Monzo offers an arranged overdraft to eligible sole traders (up to £3,000) and some limited companies (up to £5,000). Revolut doesn't offer an overdraft on any business plan.

Are Monzo and Revolut accounts FSCS protected?

Both are, to £120,000. Monzo's protection applies across its business account as a directly licensed bank. Revolut's applies when the account is held with Revolut Bank UK Ltd, its banking entity since March 2026, rather than an e-money entity elsewhere in the group.

Do Monzo and Revolut offer free invoicing?

Revolut includes invoicing at no extra software cost on every plan. Monzo only includes invoicing from Pro upwards, at £9 a month.

Does Revolut or Monzo have better accounting software?

Revolut connects to Xero, Sage and QuickBooks on every plan, including its cheapest. Monzo connects to Xero, QuickBooks, FreeAgent and Sage, but only on Pro and Team, not on the free Lite plan.

Are Revolut business accounts free to open?

Opening an account itself doesn't cost anything, but there's no free ongoing plan. The cheapest tier, Basic, costs £10 a month regardless of usage.

Alternatives to Monzo and Revolut

You may want to explore other business accounts if you:

• Are a sole trader who wants Revolut's multi-currency tools, since Revolut Pro rather than Revolut Business is the relevant product

• Want free banking with built-in invoicing on every plan and don't need a full banking licence, worth comparing against Tide

• Need a permanently free account with bundled accounting software, worth comparing against Mettle

• Trade heavily in cash and want fee-free deposits at a branch network

In these cases, it's worth comparing other business bank account providers, or seeing how Monzo stacks up against a broader admin-first rival in our Monzo vs ANNA comparison.

If you're switching from an existing account, our switching guide covers how the Current Account Switch Service works, noting that Revolut doesn't currently participate in it.

Our Verdict: Monzo or Revolut?

If your business runs mainly in sterling and wants free UK banking with no subscription, an available overdraft and the option of a straightforward £9-a-month upgrade for invoicing, Monzo is the more sensible starting point, and in our experience it holds up well for exactly that use case.

If your business regularly pays overseas suppliers, gets paid in foreign currency, or simply wants FX at interbank rates rather than a card provider's markup, Revolut is the right choice. The FX savings alone tend to outweigh the £30-to-£90 monthly cost once international volume becomes routine, something we've seen play out consistently when we've looked into real transaction patterns.

Neither is the right pick for a sole trader wanting multi-currency tools, since Revolut Business excludes sole traders outright, directing them instead to Revolut Pro. And neither suits a business that wants to bank in cash regularly, since Monzo's Post Office deposits carry a fee and Revolut doesn't accept cash at all.