Updated September 28, 2026 · DebitCue Editorial Team
Monzo vs Nexo
Monzo
Higher score in this comparison
Nexo
Where Monzo and Nexo differ
| Compare | MonzoReviewVisitVisit | NexoReviewVisitVisit |
|---|---|---|
| Monthly fee | £0 | €0 |
| Currency conversion fee | 0%Lower | 0.2% to 2.5% |
| Free ATM withdrawals | £200 | €200 to €2,000 |
| Currencies | 38 | 100Higher |
| Cashback rate | Not confirmed | 0.1% to 2% |
| Custody | Not confirmed | Custodial |
Same on both: Card type (Debit), Card network (Mastercard).
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Key differences
- Monzo scores higher overall: 9.2 vs 8.9.
- Founded is lower at Monzo: 2015 vs 2018.
- Nexo is licensed in 5 more countries.
- Nexo is available in 35 more countries.
- Currency conversion fee is lower at Monzo: 0% vs 0.2% to 2.5%.
- Currencies is higher at Nexo: 100 vs 38.
- Support channels: only Monzo offers Phone.
- Support channels: only Nexo offers Email.
- Features: only Nexo offers Multi currency, Crypto, Custodial.
- Audience: only Monzo offers Kids.
Our verdict on each
Monzo
Monzo pairs a fee-free debit account with a fee-free credit card, so it suits anyone who wants no monthly charge and no foreign transaction cost. The current account charges a monthly fee of £0 and the card runs at an APR of 29% on borrowing.
Nexo
Nexo suits people who hold crypto and want a card that costs nothing to keep and pays cashback in tokens. The monthly fee is €0, the cashback is paid in crypto rather than cash, and the conversion fee of 0.2% to 2.5% is the trade-off to weigh.
Score breakdown
| Area | Monzo | Nexo |
|---|---|---|
| Cost | 9.4HigherMonthly fee of £0 and conversion fee of 0% lead the site's cost columns, though the £200 ATM allowance is mid-table. | 9.2Free monthly and annual fees sit against a currency conversion fee of 0.2% to 2.5%, so spending abroad costs more. |
| Offer | 9.7HigherA credit card with an £0 annual fee, rewards type none, a 0% conversion fee and virtual card and travel features. | 9.3 |
| Trust | 8.6Higher | 8.4 |
Positions in our rankings
| Ranking | Monzo | Nexo |
|---|---|---|
| Debit cards | 21 of 1336 | 11 of 1336 |
| Credit cards | 18 of 1020 | 10 of 1020 |
| Business debit cards | 5 of 201 | 4 of 201 |
| Travel cards | 13 of 443 | 9 of 443 |
Where each is licensed and available
| Country | Monzo | Nexo |
|---|---|---|
| Argentina | Not confirmed | |
| Australia | Not confirmed | AUSTRAC (Australia) DCE100843695-001 |
| Hong Kong | Not confirmed | Companies Registry (Hong Kong) TC007556 |
| Poland | Not confirmed | Ministry of Finance (Poland) RDWW-533 |
| Seychelles | Not confirmed | |
| United Kingdom | Not confirmed | |
| United States | Not confirmed |
Available in 1 country for both. Additional countries for Nexo: 35.
Where these facts come from
Monzo
- monzo.com: 10 facts, checked September 26, 2026
- en.wikipedia.org: 2 facts, checked September 26, 2026
Nexo
- nexo.com: 13 facts, checked September 26, 2026
Every fact side by side
| Fact | Monzo | Nexo |
|---|---|---|
| Features | Virtual card, Travel | Multi currency, Crypto, Virtual card, Custodial, TravelCovers more |
| Audience | Kids, BusinessCovers more | Business |
| Legal entity | Monzo Bank Limited | DiPocket UAB |
| Headquarters | United Kingdom | Not confirmed |
| Founded | 2015Lower | 2018 |
| Support channels | Chat, Phone, Help centre | Chat, Email, Help centre |
Credit cards
| Fact | Monzo | Nexo |
|---|---|---|
| Annual fee | £0 | €0 |
| APR | 29% | from 1.9%Lower |
| Rewards type | None | Cashback |
| Pricing model | No annual fee | No annual fee |
| Rewards rate | Not confirmed | Up to 2% crypto cashback in NEXO Tokens, or 0.5% in BTC at Platinum tier, on purchases in Credit Mode |
| Perks | 0% interest over 3 months on purchases of GBP 100 or more, repeatable, 0% interest if you pay in full, No overseas fees (Mastercard exchange rate only), Section 75 purchase protection, Credit limit up to GBP 10,000, Flex purchases from up to 2 weeks ago, Instant notifications and real time balance updates, Separate paid card: Aura (GBP 15 a month) adds 1% cashback on groceries, 0.5% on everything else uncapped, auto invested cashback, Apple TV, Google AI Plus, 2 airport lounge and 2 fast track passes a year | Free ATM withdrawals up to EUR 2,000 / GBP 1,800 per month at Platinum tier, then 2% fee (min EUR/GBP 1.99), Apple Pay and Google Pay supported, Interest earned on unspent funds (Nexo Loyalty Program, up to 13% per year), Accepted at over 100 million merchants globally, Virtual card activated instantly with 50 USD balance; free shipping for physical card above 5,000 USD balance at Gold tier or higher, No monthly, annual or inactivity card fees |
| Cashback rate | Not confirmed | 0.5% to 2% |
| Card kind | Credit | Credit |
Where each stands against the rest
| Fact | Monzo | Nexo | Median |
|---|---|---|---|
| Currency conversion fee | 0%below the median | 0.2% to 2.5%below the median | 1% |
| Cashback rate | Not confirmed | 0.1% to 2%at the median | 2 |
| Currencies | 38highest quarter | 100highest quarter | 8 |
Median across 387 listed cards.
Pros and cons
Monzo
Pros
- Currency conversion fee of 0% and monthly fee of £0, ranking 1 of 259 and 1 of 419 on the site.
- Free ATM withdrawals cover £200.
- A £0 annual fee credit card at 29% APR, with no interest when the balance is paid in full.
Cons
- Rewards type on the credit card is none, and cashback sits behind a separate paid card tier.
- The £200 free ATM allowance ranks 15 of 115 on the site.
- Borrowing costs 29% APR, while the site median APR is 20.97%.
Nexo
Pros
- Free to keep: the monthly fee is €0 and the annual fee is €0.
- Cashback of 0.5% to 2% paid in NEXO Tokens, or in BTC at the Platinum tier.
- Free ATM withdrawals of €200 to €2,000 each month at the Platinum tier.
Cons
- Currency conversion costs 0.2% to 2.5%, above the site median of 1%.
- Support runs on chat, email and help centre only, with no phone line.
- Custody sits with the provider: the account is custodial, not self-custody.
Who each suits
Monzo
Who it suits
- UK residents who want a debit account with a monthly fee of £0.
- People who spend abroad often, since the conversion fee is 0%.
- Households covering kids and business needs, from children's spending to business banking.
Who should look elsewhere
- Wise, if paying 0.1% on currency conversion suits you better than Monzo's 0%.
- Varo Believe Secured Credit Card, if a secured credit card is the point and not a £0 fee-free debit account.
- Chime Card (Secured Visa Credit Card), if a US dollar product suits you better: its monthly fee is $0.
Nexo
Who it suits
- Crypto holders who want everyday spending to pay part of the cost back in tokens.
- Business users, the audience Nexo lists, who pay across several of the 100 supported currencies.
- Travellers who keep their cash withdrawals inside €200 to €2,000 each month.
Who should look elsewhere
- Wise, for anyone who wants a multi-currency account without crypto cashback or interest on unspent funds.
- Varo Believe Secured Credit Card, for a secured credit card rather than a crypto-linked card, at a monthly fee of $0.
- Chime Card (Secured Visa Credit Card), for building credit on a secured card, at a monthly fee of $0.
Current offers
Monzo
Current offer
Free trial
Annual Uber One Membership - 3 month free trial: 3 months free
Included with Monzo Perks and Max subscriptions; Ts&Cs apply
Source, checked September 26, 2026
Bonus
The 2026 Monzo Saving Challenge: Save from 1p to GBP 667.95 and be in with a chance of winning GBP 10,000; 5% AER (variable) paid monthly
Ts&Cs apply; Extra, Perks and Max customers unlock new challenge levels, bigger savings and monthly prize draws
Source, checked September 26, 2026
Country by country
| Country | Monzo | Nexo |
|---|---|---|
| Argentina | No | Yes |
| Australia | No | Yes |
| Austria | No | Yes |
| Belgium | No | Yes |
| Bulgaria | No | Yes |
| Croatia | No | Yes |
| Cyprus | No | Yes |
| Czechia | No | Yes |
8 of 36 countries where either is available.
Questions about each
Monzo
How much does it cost to keep a Monzo account?+
The current account charges a monthly fee of £0, and the credit card has an annual fee of £0. On the site's monthly fee column that ranks 1 of 419, so there is nothing to budget for just to keep the account open.
What does it cost to spend abroad?+
The currency conversion fee is 0% on the Mastercard network, so spending abroad adds no conversion charge. The site median for the same column is 1%, while cards with no foreign fee peak at 1.95%.
Nexo
What does it cost to keep the Nexo card?+
The monthly fee is €0 and the annual fee is €0, and Nexo states there are no monthly, annual or inactivity card fees. The account is aimed at business users, so holding the card adds no fixed running cost to a budget.
What is the currency conversion fee?+
Conversion costs 0.2% to 2.5%, which sits above the site median of 1%. Spending in a currency other than your balance currency is the main cost to plan for, and free ATM withdrawals only run to €200 to €2,000 a month at the Platinum tier.