Monzo or Revolut For Travelling: Your Ultimate Guide to Low Transaction Fees Abroad

Are you fed up of being hit with hefty transaction fees and high currency conversion rates when travelling abroad? Enter Revolut or Monzo two digital banking solutions that have changed the way we travel. In this blog post, we'll dive into how these cards can help you save money and simplify travel expenses all in an easy to use app. It will also help you decide whether to use Revolut or Monzo for travel abroad.

Digital Banking for Travellers

Traditional banks often charge steep fees for international transactions and currency conversions or you have to withdraw large amounts of cash before you leave. This can cause a hit to your travel budget, which we know is frustrating (especially when it could go on bucket list activities, or Thai Food)! Enter Revolut and Monzo two digital banking apps that can help mitigate these problems. Below explore which one is for you, Monzo or Revolut for travelling.

Monzo vs Revolut

Revolut For Travel

Revolut is a digital banking platform with an all purpose app and a favourite amongst travellers. Here's why it's a game-changer for travellers:

Low or No Transaction Fees: Revolut allows you to spend and withdraw money abroad with little to no fees, making it an excellent choice for backpackers.
Competitive Currency Exchange Rates: Revolut offers some of the best exchange rates on the market, meaning you can spend abroad without worrying.
Multi-Currency Wallet: With Revolut, you can hold and exchange multiple currencies in one account.
Real-time Spending Notifications: You'll receive instant notifications on your phone whenever you make a transaction, helping you keep track of your spending while abroad.
Budgeting Tools: Revolut offers budgeting features that allow you to set spending limits and track your expenses seamlessly.

Monzo For Travel

Monzo is another popular digital bank that offers a range of features designed to simplify your finances, both at home and abroad:

Low Transaction Fees: Monzo is renowned for its minimal fees when it comes to foreign transactions, including spending and ATM withdrawals.
Transparent Exchange Rates: Monzo provides real-time exchange rates.
Debit Card: The Monzo debit card is widely accepted worldwide at ATMs and establishments.
Budgeting and Saving Features: Monzo's app helps with budgeting through useful tools.

Revolut and Monzo For Travel: Tips and Tricks

Now that you know the benefits of using Revolut and Monzo while travelling, let's explore some tips and tricks to make the most of these digital banking platforms:

1. Always Have Both Cards

While Revolut and Monzo offer similar benefits, we always have both cards on us when travelling. This ensures that we have a backup option in case one doesn't work or is not accepted in certain places. In our experience sometimes one doesn't work but the other is just fine and means we don't end up reaching for another bank card with hefty fees.

2. Load Your Accounts Before You Travel

To take full advantage of low fees and good exchange rates, load your Revolut and Monzo accounts with your desired currencies before embarking on your trip. This is also a good way to stick to your trips budget and you can easily see if you're spending too much.

3. Enable Travel Notifications

Before you leave for your trip, activate travel notifications on both apps. This ensures that your transactions are not flagged as suspicious, and you won't encounter any unexpected card issues while abroad.

4. Use the Budgeting Features

Both Revolut and Monzo offer budgeting tools that can help you stay on top of your spending while travelling. Set daily or weekly limits, categorize your expenses, and track your progress to ensure you stay within your budget.

5. Keep an Eye on Exchange Rates

While both platforms offer competitive exchange rates, it's still a good practice to monitor the rates and make your transactions when the rate is in your favour.

Conclusion: Revolut vs Monzo

We love both cards and can't recommend them more for travelling or backpacking. We truly believe having both is the best way to travel. With Revolut and Monzo you can be confident you'll get good exchange rates and won't have any hidden fees to pay. We wouldn't travel without them! If you sign up using our link we may receive a small commission, this helps us with the blog and we'd really appreciate it.

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Thank you for reading and enjoy your next adventure. Reach out to us over on Instagram @KateandMikesTravels. We always love to hear from people who read our blogs!

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