Banking
Payment Apps Comparison UK — PayPal vs Wise vs Revolut vs Monzo Explained
Compare the best payment apps in the UK. Understand fees, features, and which app is best for sending money, spending abroad, and everyday payments.
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6 min read
Payment apps have revolutionised how we send money, pay abroad, and manage finances. Here’s how they compare for different uses.
Quick Comparison
| App |
Best For |
UK Contact |
FSCS Protected |
Monthly Fee |
| Wise |
International transfers |
Account + card |
No (safeguarded) |
Free |
| PayPal |
Online purchase protection |
Account only |
No (safeguarded) |
Free |
| Revolut |
Multi-currency spending |
Full bank account |
Yes (from 2024) |
Free-£45/month |
| Monzo |
Budgeting & everyday banking |
Full bank account |
Yes |
Free-£15/month |
| Starling |
Interest & business banking |
Full bank account |
Yes |
Free |
| Chase |
Cashback & savings |
Full bank account |
Yes |
Free |
Wise (TransferWise)
Overview
| Feature |
Details |
| Type |
E-money institution + international transfers |
| Best for |
Sending money abroad at lowest cost |
| FSCS protected |
No (safeguarded under e-money rules) |
| Multi-currency |
Yes (50+ currencies) |
| Debit card |
Yes |
| Interest |
Yes (varies by currency) |
Fees
| Service |
Fee |
| UK account |
Free |
| Wise card |
One-off £7 |
| Send £1,000 to Europe |
~£4.50 (0.45%) |
| Send £1,000 to USA |
~£5.50 (0.55%) |
| Send £1,000 to Thailand |
~£9.50 (0.95%) |
| UK spending |
Free |
| International spending |
Real exchange rate, small fee |
| Cash withdrawal |
£200 free/month, 1.75% after |
When to Use Wise
| Situation |
Why Wise Wins |
| Sending money abroad |
Lowest fees, real exchange rate |
| Receiving foreign payments |
Multi-currency account |
| Paying freelancers internationally |
Batch payments feature |
| Travel card |
No markup on exchange |
| Invoicing in other currencies |
Hold and convert when rates are good |
When NOT to Use Wise
| Situation |
Better Alternative |
| Main UK bank account |
Monzo, Starling, Chase |
| Overdraft needed |
Traditional bank |
| FSCS protection important |
UK bank (Monzo, Starling) |
| Domestic UK only |
Any UK current account |
PayPal
Overview
| Feature |
Details |
| Type |
E-money institution, payment processor |
| Best for |
Online purchase protection, eBay |
| FSCS protected |
No (safeguarded under e-money rules) |
| Buyer protection |
Yes (up to 180 days) |
| Seller protection |
Yes (eligible transactions) |
Fees
| Service |
Fee |
| UK account |
Free |
| Pay in GBP |
Free |
| Receive money (personal) |
Free |
| Receive money (business) |
2.9% + 30p |
| Send international (standard) |
Free (poor exchange rate) |
| Exchange rate markup |
3-4% worse than mid-market |
| Withdraw to bank |
Free (1-3 days) |
| Instant bank transfer |
1% (max £10) |
PayPal Exchange Rate Problem
| Sending £1,000 to EUR |
Wise |
PayPal |
| Mid-market rate |
€1,160 |
€1,160 |
| Rate you get |
€1,155 |
€1,118 |
| Fee |
£4.50 |
“Free” |
| Actual cost |
£4.50 |
~£36 |
PayPal’s “free” transfers hide a 3-4% exchange rate markup. Always compare.
When to Use PayPal
| Situation |
Why PayPal Works |
| Online shopping |
Buyer protection |
| eBay transactions |
Integrated, protected |
| Don’t trust website with card |
Shield your card details |
| Refund negotiations |
PayPal often sides with buyers |
| Business receiving payments |
Wide acceptance |
When NOT to Use PayPal
| Situation |
Better Alternative |
| International money transfer |
Wise (much cheaper) |
| Travel spending |
Revolut, Wise, Monzo |
| Sending to friends |
Bank transfer (free) |
| Daily spending |
Debit card |
Revolut
Overview
| Feature |
Details |
| Type |
Bank (UK banking licence from 2024) |
| Best for |
Multi-currency, travel, crypto |
| FSCS protected |
Yes (up to £85,000) |
| Currencies |
30+ |
| Crypto trading |
Yes |
| Stock trading |
Yes |
Plans
| Plan |
Monthly |
FX Allowance |
Cash Withdrawal |
Lounge Access |
| Standard |
Free |
£1,000/month fee-free |
£200/month |
No |
| Plus |
£3.99 |
£3,000/month |
£400/month |
No |
| Premium |
£7.99 |
Unlimited |
£800/month |
Yes (3 visits) |
| Metal |
£14.99 |
Unlimited |
£1,500/month |
Yes (5 visits) |
| Ultra |
£45 |
Unlimited |
£2,000/month |
Yes (unlimited) |
Fees
| Service |
Standard Plan |
Above Allowance |
| FX spending |
Free (to £1,000/month) |
0.5% weekdays, 1% weekends |
| International transfer |
Free (to £1,000) |
0.3-2% depending on country |
| Crypto exchange |
1.49% (0.99% Plus+) |
- |
| Stock trading |
Commission-free (1/month) |
£1 per trade |
| ATM withdrawal |
Free (to £200) |
2% |
When to Use Revolut
| Situation |
Why Revolut Works |
| Frequent travellers |
Multi-currency, lounge access |
| Budget control |
Spending limits, categories |
| Group expenses |
Split bills, request money |
| Crypto-curious |
Integrated trading |
| Premium perks |
Insurance, lounges (paid plans) |
When NOT to Use Revolut
| Situation |
Better Alternative |
| High-value international transfers |
Wise (cheaper for large sums) |
| Simple budgeting |
Monzo (better interface) |
| Interest on savings |
Chase, Starling |
| Customer service priority |
Traditional bank |
Monzo
Overview
| Feature |
Details |
| Type |
UK bank (full licence) |
| Best for |
Budgeting, everyday banking |
| FSCS protected |
Yes (up to £85,000) |
| Sort code/account number |
Yes |
| Direct debits |
Yes |
Plans
| Plan |
Monthly |
Features |
| Free |
£0 |
Pots, instant notifications, fee-free spending abroad |
| Plus |
£5 |
Custom categories, credit tracker, virtual cards |
| Premium |
£15 |
Metal card, phone insurance, travel insurance, 4% interest |
Fees
| Service |
Free Plan |
| UK account |
Free |
| Debit card |
Free |
| Spending abroad |
Fee-free |
| Cash withdrawal UK |
£250 free/6 months |
| Cash withdrawal abroad |
£200/month free |
| International transfers |
Via Wise (at Wise rates) |
Standout Features
| Feature |
How It Helps |
| Pots |
Separate money for bills, savings, goals |
| Salary sorter |
Auto-divide pay into pots when it arrives |
| Bill tracking |
See recurring payments easily |
| Get paid early |
Access salary day before payday |
| Gambling block |
Self-exclude from gambling payments |
| Shared tabs |
Split bills with friends |
When to Use Monzo
| Situation |
Why Monzo Works |
| Budgeting struggles |
Pots, spending insights |
| Impulse spending |
Gambling blocks, spending limits |
| Splitting bills |
Shared tabs, request money |
| Travel (no fees) |
Fee-free abroad, £200 cash |
| Main bank |
Full banking features |
Starling
Overview
| Feature |
Details |
| Type |
UK bank (full licence) |
| Best for |
Savings interest, business accounts |
| FSCS protected |
Yes (up to £85,000) |
| Interest on balance |
3.25% AER |
| Business accounts |
Yes |
Fees
| Service |
Cost |
| Personal account |
Free |
| Debit card |
Free |
| Replacement card |
Free |
| Spending abroad |
Fee-free |
| Cash withdrawal abroad |
£300/month free |
| International transfers |
Via Wise |
Starling vs Monzo
| Feature |
Starling |
Monzo (Free) |
| Interest on balance |
3.25% |
0% |
| Free cash abroad |
£300/month |
£200/month |
| Business accounts |
Excellent |
Available |
| App design |
Clean, functional |
More playful |
| Budgeting tools |
Good |
Excellent |
| Card replacement |
Free |
£5 |
Chase UK
Overview
| Feature |
Details |
| Type |
UK bank (JPMorgan Chase) |
| Best for |
Cashback, high savings interest |
| FSCS protected |
Yes (up to £85,000) |
| Cashback |
1% (up to £15/month for first year) |
| Savings interest |
Competitive linked rates |
Fees
| Service |
Cost |
| Account |
Free |
| Card |
Free |
| Round-ups |
Free |
| Foreign spending |
Fee-free |
| Cash withdrawal |
£500/month free |
Standout Features
| Feature |
Details |
| 1% cashback |
First year, on card spending |
| High savings rate |
Competitive linked saver |
| Round-ups |
Auto-save spare change |
| Fee-free abroad |
No markup |
Best App by Use Case
Sending Money Abroad
| Ranking |
App |
Why |
| 1st |
Wise |
Lowest fees, real exchange rate |
| 2nd |
Revolut |
Good rates within allowance |
| 3rd |
Monzo/Starling |
Use Wise integration |
| Last |
PayPal |
Hidden fees in exchange rate |
Travelling Abroad
| Ranking |
App |
Why |
| 1st |
Revolut Premium |
Multi-currency, lounge access |
| 2nd |
Wise |
Hold multiple currencies |
| 3rd |
Monzo/Starling |
Fee-free spending |
| Good backup |
Chase |
Fee-free, widely accepted |
Everyday UK Banking
| Ranking |
App |
Why |
| 1st |
Monzo |
Best budgeting features |
| 2nd |
Starling |
Interest on balance |
| 3rd |
Chase |
Cashback + savings |
| Backup |
Nationwide (basic) |
Branch access |
| Ranking |
App |
Why |
| 1st |
PayPal |
Buyer protection |
| 2nd |
Credit card |
Section 75 protection |
| 3rd |
Debit card |
Chargeback rights |
Receiving International Payments
| Ranking |
App |
Why |
| 1st |
Wise |
Local bank details in 10+ countries |
| 2nd |
Revolut |
Multi-currency accounts |
| 3rd |
PayPal |
Widely accepted, high fees |
Safety Comparison
| App |
Protection Type |
Maximum Protected |
| Monzo |
FSCS |
£85,000 |
| Starling |
FSCS |
£85,000 |
| Chase |
FSCS |
£85,000 |
| Revolut |
FSCS (from 2024) |
£85,000 |
| Wise |
E-money safeguarding |
Full balance |
| PayPal |
E-money safeguarding |
Full balance |
FSCS means if the bank fails, you get your money back (up to £85,000) from the government scheme.
E-money safeguarding means funds are kept separate from company money, but there’s no government guarantee.