Monzo Business vs Revolut Business: UK banking or multi-currency?

The short verdict

Choose Revolut Business if you pay or get paid in foreign currency often. It is designed around holding and exchanging several currencies, and its paid plans include large monthly FX allowances. For an importer, an exporter or an agency with overseas clients, that can save more than the subscription costs.

Choose Monzo Business if your business runs mainly in pounds. It is a bank, so deposits are FSCS-protected. It has a free plan for companies and sole traders, takes cash for £1 per deposit, and offers Tax Pots and a Team plan with approvals and bulk payments.

Some companies use both: Monzo as the UK operating account and Revolut for currency. Pick based on how much of your money moves across borders.

Side by side

Monzo figures are from Monzo’s fee sheet and plan pages. Revolut figures are from its business plans page and Basic plan fee document, read in a browser on 9 October 2026 because Revolut blocks scripted requests. Fees on Grow and Scale differ from Basic.

Eligibility criteria apply. The £50 is for people who have never had a Monzo account and complete the steps within 30 days.

Bank vs e-money: protection

Monzo Business is FSCS-protected; Revolut Business balances are safeguarded, not covered by the FSCS on the evidence available.

Monzo Business accounts are held with Monzo Bank Limited (FRN 730427), authorised by the Prudential Regulation Authority and regulated by the FCA and the PRA. Eligible deposits are protected up to £120,000.

Revolut’s page on how it keeps business money safe says main balances are safeguarded under the Electronic Money Regulations. Safeguarding means Revolut must keep customer money separate from its own, in segregated accounts or backed by insurance, so it should be returned if the firm fails. It is not a guarantee: if there is a shortfall or delay, there is no compensation scheme behind it. Revolut Bank UK is licensed, but we found no primary Revolut page confirming FSCS cover for business balances. Check Revolut’s current position before relying on it.

For money you are holding for tax or reserves, that difference matters. Our guide to FSCS protection and e-money safeguarding explains it in full.

Plans: no free Revolut plan for companies

Monzo starts free; Revolut starts at £10 a month.

On billing, Revolut says: Annual billing saves up to 14% (Grow) or 28% (Scale). For UK transfers, Basic gives you 10 free a month, then £0.20 each; Monzo charges nothing for UK transfers on any plan, including Lite.

So a UK company comparing like for like is choosing between Monzo Lite (free), Monzo Pro at £9 a month, and Revolut Basic at £10. Over a year, Revolut Basic is £120 and Grow £360, against £108 for Monzo Pro. The full set of Monzo tiers is explained in Monzo Business Lite vs Pro vs Team.

Sole traders and Revolut Pro

Revolut sends most freelancers to Revolut Pro, not Revolut Business. Revolut’s Pro vs Business page says Business is for incorporated businesses and certain registered sole traders; freelancers use Revolut Pro instead. Revolut Pro is free inside the personal app; you pay only your personal plan.

Revolut Pro is a business profile inside the personal app rather than a separate business account. That suits a freelancer who already uses Revolut personally. It does mean your business money sits alongside your personal banking with the same provider, so check how Revolut protects those balances.

Monzo Business is open to sole traders and private limited companies (limited by shares) on every plan, and you do not need a Monzo personal account. Sole traders also get free Making Tax Digital for Income Tax software, built on Sage, which matters as Making Tax Digital for Income Tax rolls out. See our guide to the best business bank accounts for sole traders.

FX allowance and multi-currency

This is where Revolut wins. Revolut Business is built to hold and exchange several currencies. Each plan includes a monthly FX allowance: on Basic, free within £1,000 monthly FX allowance, then 0.6%. Extra 1% outside market hours. Grow allowance £15,000, Scale £60,000.

International transfers: £5 per international transfer on Basic. Grow includes 5 a month, Scale 25.

Monzo Business converts money you receive in euros and other currencies, charging a 1% conversion fee on incoming euros and other currencies, capped at £1,000. It does not position itself as a multi-currency account.

A worked example: £5,000 a month in foreign currency

Say your company receives the equivalent of £5,000 a month from overseas clients and converts it to pounds during market hours.

The example covers conversion only. It leaves out any fee Revolut charges to receive particular currencies, and Revolut adds an extra charge outside market hours. Even so, the shape is clear: once foreign currency is a regular part of your income, Revolut’s allowance beats a flat percentage. If you receive foreign currency only occasionally, Monzo’s free plan is cheaper overall.

Card spending abroad is a different story. Monzo charges no fee on card spending abroad on any plan, with no allowance to watch. Revolut card spending is free only within the allowance. For a director who travels but does not trade in other currencies, Monzo is the simpler card.

Monzo’s 1 November 2026 fee change

Monzo’s outgoing international fees change on 1 November 2026. Until 31 October 2026, an international transfer costs a fixed fee of up to £9 plus 0% to 1.8%. From 1 November 2026, the fee is under £0.80 for most currencies, up to £11 in some cases, with a margin in the exchange rate.

From 1 November 2026 Monzo sets the rate itself: mid-market plus a margin. Quotes are held for 30 minutes. The visible fee falls for most currencies, but part of the cost moves into the rate, so compare the total amount the recipient gets rather than the fee alone. Revolut Basic charges a flat £5 per international transfer, with currency exchange inside its allowance. For an occasional supplier payment, Monzo’s new pricing should be competitive. For regular high-value payments, Revolut’s paid plans are built for it.

We cover the change in detail in Monzo Business international payments.

Everyday UK banking and cash

Monzo is the stronger UK account. UK transfers are free on every plan. Revolut Basic gives you 10 free a month, then £0.20 each.

Revolut Business does not accept cash or cheques, according to its help centre. Monzo takes cash at PayPoint and the Post Office for £1 per deposit, up to £10,000 a month (limited companies). On cash withdrawals, Revolut’s fees say: ATM withdrawals cost 2% on all plans. Monzo’s are free in the UK and EEA. If you take any cash at all, read how Monzo Business cash deposits work.

For taking card payments, Revolut is cheaper per transaction: Tap to Pay 0.8% + 10p; online cards 1% + 20p (UK consumer cards). Monzo’s Tap to Pay runs through Stripe at £0.20 + 1.4% for UK and European cards. A business taking lots of card payments face to face should weigh that.

Tax, accounting, savings and teams

Tax tools

Monzo’s Tax Pots take a percentage of every incoming payment, moved automatically, with up to 3 Tax Pots on Pro and Team. We have no verified Revolut tax-pot feature in our data, so check with Revolut. See how Monzo Business Tax Pots work.

Accounting and invoicing

Monzo Pro and Team sync with Xero, FreeAgent, Sage and QuickBooks. Revolut lists Xero, Sage, QuickBooks and more. Revolut includes invoicing, with fees when customers pay online; Monzo’s invoicing is on Pro and Team.

Savings

Monzo offers up to 3.25% AER (variable) on its savings page, but its features page shows 1.30% AER (variable). The rate depends on your plan, so check the app. Revolut lists 2.15% AER on Grow, 2.65% on Scale, 3.3% on Enterprise; variable; not available on Basic. Monzo’s savings sit inside an FSCS-protected bank.

Teams and lending

Revolut offers unlimited team members; first plastic card each free, extras £4.99; expenses app £8 per active member. Monzo Team comes with the first 6 team members included, then £5 a month per extra team member, up to 15 people in total at a limited company, with spend and transfer limits per person, with admin approval above them. For a company with dozens of cardholders, Revolut scales further.

We hold no verified figures for Revolut business lending, so check with Revolut. Monzo lends to sole traders directly; limited companies are offered loans through partner iwoca: £500 to £35,000 at a representative 33.1% APR, and Monzo’s own pages conflict on company overdrafts, so check the app.

Running both accounts

For a company that trades abroad, the answer is often both. The split that tends to work is simple. Keep the UK operating account at a bank: customer payments in pounds, payroll, HMRC, Direct Debits and the reserves you want FSCS-protected. Open Revolut Business for the currency side: receiving euro or dollar invoices into currency balances, paying overseas suppliers, and converting in bulk when the rate suits you.

The cost is the Revolut subscription, from £10 a month, on top of whatever you pay Monzo. That is only worth it once the FX saving is larger than the plan fee. Using the worked example above, a business converting £5,000 a month would save about £20 a month on Grow against Monzo’s incoming fee. A business converting £1,000 a month would save nothing: Monzo’s fee on that is £10, and Revolut Basic alone costs £10 a month.

Two practical points. Move money between the accounts by UK transfer, which is free from Monzo on every plan. And keep your accounting software connected to both, so the books show one picture: Monzo syncs with Xero, FreeAgent, Sage and QuickBooks on Pro and Team, and Revolut lists Xero, Sage, QuickBooks and more.

Who should choose which

Choose Revolut Business if

• you convert foreign currency every month, in amounts that use a large part of an FX allowance
• you hold balances in euros or dollars to pay suppliers or staff abroad
• you take a lot of card payments in person and want lower acquiring fees
• you need many team members and cards

Choose Monzo Business if

• your business runs mainly in pounds
• you want FSCS protection on your balances
• you want a free plan, as a sole trader or a limited company
• you take any cash, or want Tax Pots and a straightforward UK operating account

If you have already had a Monzo account and cannot use the referral, our Monzo Business alternatives page covers other options, and Monzo’s own plans still work without the bonus. The Monzo Business referral page explains who qualifies for the £50: only people who have never had a Monzo account and who complete the four steps within 30 days.