Monzo vs Revolut vs Starling (2023) - The Ultimate Comparison

When running a business, the last thing you need is time-consuming procedures to manage your finances. So if you’re looking for a suitable business bank account, you’re in the right place.

I'm putting three contenders under the microscope: Monzo Business, Revolut Business, and Starling Business.

Meantime, if time is pressing, and you don't have time to read my entire Monzo vs Revolut vs Starling comparison, here’s a quick bottom line up front:

All three banks are UK-based and FCA-registered.
All three banks offer free accounts, which are ideal for new businesses.
You can transfer and exchange money with Revolut and Starling, with Revolut offering the most with 25+ currencies, vs. Starling’s 20
All three offer accounts explicitly designed for solopreneurs.

Now that’s out of the way, let’s get into the details of this Monzo vs Revolut vs Starling comparison:

What is Monzo Business?

As the intro hints, Monzo is a fully FCA-regulated UK bank with offices in London, Cardiff, and San Francisco. Founded in 2015, Monzo Business was officially launched in 2021, winning Best Business Banking Provider at the British Banking Awards in 2022.

Monzo Business is aimed at small brands; its eligibility criteria outline that sole traders and directors of UK-registered and UK-based limited companies can apply for a Monzo account. You can also apply if you’re a tax-paying UK resident (and don’t reside in any other country).

To date, more than a quarter of a million businesses have signed up to Monzo.

What is Revolut Business?

Revolut launched its personal banking accounts in 2016, and Revolut Business swiftly followed a year later. It’s registered with the Financial Conduct Authority (FCA). It also has a crypto feature (however, this isn’t protected).

Since its inception in 2015, the Revolut website tells us that more than 10,000 businesses a month are signing up to it.

Revolut’s big sell is that it aims to offer businesses one place to manage all their finances. It’s also worth noting that companies can make and receive financial transactions in 25+ currencies from 100+ countries.

What is Starling Business?

The UK’s first 100% digital bank, Starling Bank, is also UK-based, with offices in London, Cardiff, and Southampton. Again, it’s FCA regulated, and its first accounts were launched in 2016. Fast forward five years, and there were 475,000 business accounts.

Starling customers can open personal and business accounts, apply for loans and overdrafts, and transfer money between 36 countries.

Monzo Business Features

Monzo Business offers the following seven features (access to which depends on which of its accounts you open):

Get paid: Create and share invoices and payment links, and accept Stripe card payments (for 1.5% + £0.20 per payment). You can also accept payments via Apple Pay, Google Pay, and bank transfers. Plus, you can see overdue payments and payment requests within the app.
Integrated accounting: Sync with FreeAgent, QuickBooks, and Xero. You can also export your transactions via CSV, PDF, or QIF files.
Mobile and web access: Access your account via the Monzo mobile app or your computer.
Multi-user access: Add up to two users to your account
Tax Pots: Each time you’re paid, you can automatically put a percentage of your income aside for tax.
Savings Pots: Earn up to 1.5% AER (variable) with no minimum deposit and instant access to your savings.
24/7 customer support: Access 24/7 in-app human help, or you can email or call the support team from 8 am to 5 pm

Revolut Business Features

Revolut Business has a range of features that fall into five broad categories (again, access to which depends on which account you open):

Essentials:

Cards: Metal and plastic company cards are available, as well as virtual cards.
Multi-currency account: Transfer, exchange, and receive money in 25+ currencies
Teams: Manage your team’s spending in real-time, including being able to set and amend spending limits and authorizations
Transfers: Approve and track all money transfers in real time.

Accept Payments

Accept Payments: Accept and track online and in-person payments in 25+ currencies (with next-day settlement). Please note: unless you ask Revolut to handle currency conversions, this isn’t done for you.
Payment gateway: Tailor your website’s checkout with Revolut’s widgets and integrations.
Payment links: Create and share payment links (by email, invoice, and SMS)
Integrations: These include Xero, WooCommerce, Shopify, Big Commerce, and OpenCart.
QR codes: Accept in-person contactless payments via your smartphone by creating QR codes.
Revolut Pay: Set up a single-click checkout button on your website with Revolut Pay.
Revolt Reader: Take in-person payments compatible with Apple Pay, Google Pay, and major credit and debit cards.

Tools

Analytics: Plan, manage and track your spending with insights into your company spending broken down by account, time period, and team member.
Expenses: Authorize team members to use expense cards, set thresholds, and monitor spending in real-time.
Invoices: Create, send, and monitor invoices
On-demand pay: Employees can pay £1.50 to track their per shift/week/month wages and withdraw a portion of their earnings.
Payroll: Set up an employee payroll, including automated tax calculations and customized pay schedules per employee.

Connect

APIs: Build custom integrations
API Payouts: Automate payments to settle loans, insurance claim payouts, contractor payments, etc.
Integrations: These include Slack, WooCommerce, Sage, Shopify, Zoho Books, and Xero.

Treasury

Currency Exchange: Exchange 25+ currencies, 24/7, at the real exchange rate with no hidden fees using Revolut’s app or website.
Forward Currency Contracts: Protect your currency exchange rate for a year. This is available in USD, GBP, and EUR. Set up and manage foreign contracts online to the maximum value of £500,000.
Cryptocurrencies: Buy Bitcoin and/or Ether with no hidden fees using a Revolut Bitcoin account. Please note: This account type is unregulated and unprotected.

Starling Business Features

There are seven key features offered to Starling Business customers:

Bills manager: You can open a Starling Saving Space to put money aside for bills (this is similar to a savings account). Once set aside, Starling automatically pays bills when they’re due by standing order or direct debit. Starling also integrates with accounting software, including Xero, that syncs with this feature.
Business marketplace: Starling offers 17 integrations organized into the following categories: Accounting, Communications, HR, Insurance, Legal, Loyalty and Receipts, Payments, Pensions, Security, and Utilities. Popular integrations include Slack and FreeAgent.
Business toolkit: Use this to manage your bills, tax, invoices, and more. This includes scheduling payments, automatic expense categorization, automated tax liability estimates, and the ability to upload bills such as supplier invoices as soon as they come in. Simply click ‘Upload and pay a bill’ in your Starling app, upload the bill file, and input the bill’s details. There’s also a bookkeeping to-do list you can utilize, and you can track your VAT. I also like that you can connect with HMRC to make submitting your tax returns easier.
Business spending insights: This assesses your monthly spending, recommends where you might make economies, and tells you what you’re spending the most on. You can also upload physical receipts and written notes to help keep you abreast of all your expenses.
Fixed-rate business savings: Earn 2.5% AER/gross interest on your savings with this one-year Business Fixed Saver Account.
Mobile cheque deposits: Scan cheques to deposit up to £10,000 or less with the Starling mobile app (with a £5,000 daily maximum).
Online banking: Use Starling’s mobile app or access your account via your internet browser to manage your finances.

Other noteworthy features include:

Bulk payments: For example, payroll
Card controls: Manage what you can do with your Starling card. For example, set a contactless limit of up to £100, disable contactless payments, and block online payments.
Deposit or withdraw cash: (from your nearest Post Office)
Instant notifications: Get real-time mobile alerts whenever money goes in or out of your account.

It’s also worth noting that Starling Business offers the following financial services:

Advertisment ⓘ

Business loans: Borrow between £25,001 and £250,000 (a personal guarantee required as security). Expect a 4% loan arrangement fee and 12-72 months repayment terms.
Business overdrafts: Limited Liability Partnerships and Limited companies can apply for an overdraft of £1,000-£5,000, with a 1.75% arrangement fee. Again, you have to provide a personal guarantee as security.
Money transfers: Send money to 36 countries in 20 currencies, including EURO, GBP, USD, and Zloty, from 30p per transfer. Prices vary according to the country. Alternatively, send money via SWIFT for £5.50 per transfer.

Monzo Business Prices

Monzo Business has two account types:

Business Lite

This is a free account that entitles you to the following:

A full UK business current account with a business debit card, account number, and sort code
Advanced security (payment approval, card freezing, and fingerprint, face, and/or PIN protection)
Mobile sign-up
Access to an account-switching service
Accept card payments with Stripe
Payment link creation
FCA protection of up to £85,000
Apple Pay and Google Pay compatibility
Fee-free spending abroad
You can manage scheduled payments
Cash cheques in at a PayPoint for £1 (deposit between £5-£300 in one go, with a maximum of £1,000 every 180 days).
Mobile and web access to your account
Receive free bank transfers to your account (until 2024 – no further details are supplied)
24/7 in-app human help
Send free UK bank transfers
You can create savings pots with instant access to your funds
You can organize your monies into different pots
Receive instant notifications when you receive and send money from your account
Categorize and budget monthlies pending
Digital receipts – add images of receipts to your account.
Make international transfers to 70+ countries (powered by Wise)
Accept inbound Euro payments (unspecified fees apply)

Business Pro

For £5/mo, you get everything in Business Lite and:

The ability to create, send, and track invoices via Monzo’s app and website
Tax pots
Integrated accounting
Multi-user access
Exclusive offers such as six months free Xero
Virtual cards
You can auto-export transactions to a Google Sheet

Revolut Business Prices

Revolut Business has seven business account types. The first four are aimed at companies, which will be our focus today:

Companies

Free

The following is included:

Plastic company cards – up to three per person (fees may apply, but these aren’t listed)
Virtual company cards – up to 200 per person
Web and mobile access to your account
Payment link creation
Five free local payments a month (£0.20 per transaction after that)
A 1.99% crypto exchange fee
Spend in 150+ currencies.
Hold and exchange in 25+ currencies.
Free transfers to other Revolut accounts
IBANs are available for global transfers.
Manage recurring transfers
Local accounts available in GBP and EUR
Accept payments online for a 1% + £0.20 fee (international and commercial cards for a 2.8% + £0.20 fee)
Accept payments via Revolut Pay for a 1% + £0.20 fee.
Make bank transfers for £1 (or less)
Create and track invoices.
Accept in-person payments with a 0.8% and £0.02 fee for UK consumer cards and 2.6% and £0.02 for international and commercial cards.
Register unlimited team members and set whether team members can see your account as view-only, perform financial operations, restrict spending, or grant full access to all features.
Manage team member expenses for £5 a month per team member.
Access 24/7 support
Manage payroll for £3 a month per team member on the payroll.
App integrations, including those mentioned in the Revolut Business, features section. Other examples include Magento2 and Zapier.

Grow

For £25/mo (or up to 24% off on an annual plan), you receive everything in the Free account and:

One free metal card
Ten free international payments per month with a £3 fee per payment outside of that.
100 free local payments per month
Foreign exchange up to £10,000 per month with a 0.4% markup for each exchange after that
A 0.99% crypto exchange fee
You can make bulk payments, for example, when running payroll.
Access to analytics
Rewards (these include a six-month free Shopify trial and 50% off ClearBooks accounting)
Business API integrations
Forward currency contracts

Scale

For £100/mo (or up to 21% off on an annual plan), you receive everything above and:

Two metal cards
50 free international payments per month
1,000 free local payments per month
Foreign exchange up to £50,000 per month with a 0.4% markup after that

Enterprise – Custom Pricing

You get everything above customized to your needs, plus a dedicated account manager.

There are also three types of accounts for freelancers:

Free
Professional for £7/mo (or up to 25% off if you pay annually)
Ultimate for £25/mo (or up to 24% off if you pay annually)

To learn more about what each of these offers and their prices, head to the Revolut Business account page.

Starling Business Prices

Starling offers three account types:

Original Free Business Account

This is for limited companies and registered businesses and includes:

No monthly fees
No UK payment charges
No card payment fees when you’re overseas
A Mastercard debit card
24/7 support via the app, phone, or email
Integrations including Xero and QuickBooks
Six free daily ATM withdrawals up to £300
Free UK bank transfers up to £250,000
Apple, Google, Samsung, and Garmin Pay compatibility
Deposit cash at the Post Office for a 0.7% fee (a £3 minimum fee applies)
In-app cheque deposits up to £1,000
Send cheques of £1,000+ using a Starling Freepost address
View all scheduled payments in one place
Add images or PDF digital receipts to your account
You can make international money transfers to bank accounts in 36 countries

You can add the following to your Business account:

Business Toolkit for £7/mo
Euro Business Account £2/mo
USD Business Account £5/mo

Check Starling Bank's pricing page for a full breakdown of these upgrades.

Sole Trader Account

There are two Sole Trader Account plans:

Original Free Account

No monthly fees
QuickBooks, Xero, and FreeAgent integrations
24/7 UK-based customer support
Instant spending notifications
Free UK bank transfers

Business Toolkit £7/mo (with the first month free)

Everything in the Original Free Account and:

Automated expenses and bookkeeping – Starling automatically organizes your expenses into categories. The bookkeeping feature will show you what additional information you need to record transactions, which transactions have VAT recorded, and which have invoices and receipts attached.
Bill uploads via PDF or image.
Create and send invoices; once they’re paid, you can match your payment to the invoice in a single click.
MTD-compliant VAT submissions
Tax estimation (sole traders only)
Payment scheduling

Multi-Currency Accounts

USD and Euro bank accounts are currently available for UK businesses. These accounts are priced as mentioned above. As you might have guessed, these enable you to hold, send, and receive USD and Euros. You’ll also get local account details to make and receive local payments for free.

Monzo vs Revolut vs Starling: Pros and Cons

Pros

All are FCA registered
Revolut offers a wide range of accounts for companies and solo operators
Starling and Monzo offer loans and overdrafts (if you qualify)
All are easy to set up and manage via a mobile app or on the banks’ respective websites
24/7 support is offered by each bank for each of its plans

Cons

You can’t make cash deposits with Revolut.
Revolut doesn’t offer overdrafts or loans.
Starling charges you to deposit money (0.7% of the amount, with a £3 minimum)
For Starling business bank account eligibility, you must be a Limited Company or LLP registered with UK Companies House, and all directors with access to the account must be UK residents. You can also be a sole trader.

Monzo vs Revolut vs Starling: My Final Verdict

That’s the end of my Monzo vs Revolut vs Starling business account review. Hopefully, you now have a clearer idea of what each offers and where to seek further information.

To summarize, all offer a solid selection of business accounts, including free ones. In each instance, there’s something for startups. However, Revolut and Starling offer more for larger businesses, while Monzo focuses on smaller brands.

Out of the three, Monzo and Starling are your go-to banks if you want an overdraft or loan (provided you meet their eligibility criteria). However, suppose you want a bank that offers money exchange in multiple currencies and countries. In that case, Revolut is where you need to be.

Crucially, whichever you go for, you must tally up the additional costs and read user reviews before diving in. Let us know your thoughts below – even if you're considering other challenger banks!