If you’re here, chances are you’re looking for a better way to spend abroad—one that doesn’t hit you with hidden fees or poor exchange rates. Monzo is one of the most well-known travel card options, but how does it really stack up? And is there a better alternative?
Let’s dive into the details.
What is Monzo?
Monzo, founded in 2015, is an app-based mobile bank. It provides you with a debit card and works just like a standard current account, with the key difference being that it’s all digital.
Monzo features & plans
Monzo has several options including Monzo Plus and Monzo Premium, but for the purposes of this comparison we’ll be focusing on the card that comes with their free to use Personal Current Account.
Monzo exchange rates & fees
Monzo rates include the card scheme foreign exchange rate that is set each day by major credit card networks such as Visa and Mastercard.
While the value of currencies fluctuates throughout the day, the card scheme rate stays the same for the whole day. The rate will contain a mark-up to protect the card schemes from fluctuation risks.
We don’t believe fees should ever be hidden- so we’ve done the calculations for you. Tests in Q3 2024 showed that on average, the markup built into the card scheme rate was 0.58% for Mastercard and 0.52% for Visa. Since Monzo uses Mastercard, this means that you're typically being charged 0.58% above the interbank rate when you use their card to spend abroad.
ATM withdrawal fees and limits:
While Monzo advertise free unlimited cash withdrawals within the UK and Europe, this benefit is only available if Monzo is your main bank account.
This means you must have:
- Paid at least £500 into your Monzo account over the last rolling 35-day period
- Have an active Direct Debit on the same account in the same period
- Received a Department for Work and Pensions or a Department for Communities payment into a Monzo account in your name over the last rolling 35-day period
- Received a student loan payment in your name over the last rolling 8-month period
- Share a Monzo Joint Account with someone who has done at least one of the above
Go outside of Europe and there is a cash withdrawal limit of £200 per month. Exceed this and you'll be charged 3% per withdrawal and you may also have to pay additional ATM charges on some machines.
If Monzo is your secondary bank account, the fees are higher. Within the EEA, you'll be charged 3% per withdrawal if you exceed £400 in a rolling 30-day period, and outside the EEA you'll be charged this if you exceed just £200.
Delivery fees:
In the UK, no fee is charged for replacing stolen, frauded and expired cards, but a replacement card fee of £5 is charged in any other circumstances. However, if you need a replacement while abroad, Monzo will charge you £30 per card no matter the circumstances!
Is Monzo good for travel?
Monzo can be a good option for travel, particularly for those looking to switch to a new primary bank account. It offers reasonable exchange rates that are generally better than those of high street banks, meaning you could save on foreign transactions compared to using a traditional bank card.
However, if you’re using Monzo as a secondary account, you’ll need to regularly top it up while traveling. There’s also the added step of opening and managing an entirely new bank account, which might not be ideal for everyone. If you’re comfortable with these extra steps, Monzo can be a solid choice. But for those who prefer to spend directly from their existing bank account without the hassle, other options may be more convenient.
So, what is Currensea?
Currensea is a travel debit card that connects directly to your existing bank account. Unlike Monzo, there’s no need to open a new bank account or preload like you would with a prepaid card.
Currensea allows you to spend abroad just as you would at home—without needing to transfer or manage funds separately. You simply spend, and the money comes directly from your bank account.
Currensea’s pricing plans
Currensea offers three travel card options:
- Currensea Essential (free)
- Currensea Pro & Currensea Elite (paid plans with market-leading FX rates and exclusive perks)
For this comparison, we’ll focus on Currensea Essential, which is free, just like the Monzo personal current account.
Currensea vs. Monzo – What’s different?
Unlike Monzo, Currensea doesn’t require you to manage a separate account or worry about topping up your card.
What Currensea offers is a card that partners directly with your trusted bank account. Funds come straight out of your bank account, and you can spend whatever balance you have.
Because it’s not a prepaid card, you never have to top up your Currensea card. You don’t have to worry about losing it and any funds that might remain on it, nor do you have to constantly top it up and remember how much you have on it: we offer travel, but without the hassle.
We also check how much your bank would have charged you to use your regular debit card abroad- and we can tell you exactly how much money you saved by using your Currensea card.
But what about exchange rates?
Currensea offers the Realtime Rate, which removes bank fees and is consistently competitive and typically better than "fee-free" cards like Monzo, Starling, and Chase. Crucially.
For Pro and Elite users, the Currensea Pro Rate is even stronger, beating all Revolut pricing plans and also beating “fee-free” cards by over 0.5% and high street banks by over 3%.
Currensea Fees & Limits
Card spend:
- Essential: £500/month fee-free at the Realtime Rate, then 1% FX fee
- Pro & Elite: Unlimited fee-free spending at the Pro Rate
ATM withdrawals:
- Essential: £200/month fee-free, then 2% FX fee
- Pro & Elite: Higher limits with only 1% FX fee beyond them
Delivery:
Currensea charges just £4.95 for the delivery of essential cards. Currensea Pro and Elite customers receive free delivery when they sign up.
So, which one is better?
Both Monzo and Currensea offer competitive exchange rates that are much better than those of high street banks, so either option can help you save when spending abroad. If you're looking for a new everyday bank account with better travel rates than traditional banks, Monzo could be a good choice—provided you use it as your primary account to unlock full benefits.
However, if you’re happy with your current bank and want a simple way to spend abroad without opening a new account or managing top-ups, Currensea offers a more convenient alternative. Since it links directly to your existing account, there’s no need to transfer funds or worry about running out of balance.
In short, Monzo is a decent option for those seeking a new primary bank account, but for hassle-free international spending while keeping your current bank, Currensea is the smarter choice.
