Revolut vs Monzo

Revolut collects broad categories of personal data including IDs, financial details, device data, location, contacts, biometrics, behavioral signals, and inferred profiles. This creates a detailed picture of your finances and app use.

Revolut may use automated systems, including AI, to open accounts, detect fraud, and lock, restrict, or close accounts. In practice, users may face sudden service interruptions pending review.

Revolut expressly says it will not sell your personal data. That is a meaningful privacy commitment compared with many consumer platforms.

Users can access, correct, delete, restrict, object, withdraw consent, and request transfer of certain data. Practical controls are available in-app or by email.

Personal data may be kept for long periods after the relationship ends, and some fraud-related records may be retained even longer. Deletion requests may therefore only be partially honored.

Revolut shares data within its group and with service providers, payment networks, credit agencies, partners, authorities, and payment counterparties. Some recipients of your payments will receive identifying details like your name and IBAN.

If you enter the wrong account details or pay the wrong person, Revolut generally is not responsible and only says it will try to help recover funds. Users bear much of the risk of payment mistakes.

If an automated decision significantly affects you, you can ask for manual review and challenge the result. This matters because account opening, fraud checks, restrictions, closures, and credit decisions may be automated.

If you cannot resolve a complaint with Revolut, you may escalate to the Financial Ombudsman Service. This gives users an external dispute option beyond dealing only with the company.

You can download your payment and account information from the app while your account is active. That supports record-keeping and practical portability.

The terms say English law applies and court claims must be brought in England and Wales. That may make court action less convenient for some users, though it does not waive the right to complain to the Ombudsman.

Customer money is held as safeguarded e-money in segregated accounts or low-risk assets, which offers insolvency protection mechanics. But it is not covered by the UK Financial Services Compensation Scheme.

Eligible deposits are protected by the UK Financial Services Compensation Scheme, which is a strong consumer safeguard if the bank fails. This is a major benefit compared with many non-bank fintech services.

Monzo collects extensive identity, financial, transaction, device, location, support, and communication data, plus information from outside sources like credit agencies. For users, this means a high-surveillance banking profile rather than minimal data use.

The privacy notice allows use of your data for tailored marketing and sharing limited data with social media, analytics, and advertising providers. Even if some controls exist, this goes beyond strictly necessary banking uses.

Customer data is generally kept for 10 years after account closure, with possible longer retention for fraud or legal reasons. That is a long post-closure retention window for personal financial data.

Disputes go to English courts, and customers may also be able to complain to the Financial Ombudsman Service. That means no forced arbitration clause blocking normal legal or regulatory remedies.

Monzo says it will usually refund unauthorized payments, Direct Debit errors, some card issues, and eligible APP fraud claims. This gives users meaningful payment protection beyond many ordinary app services.

If a solely automated decision significantly affects you, Monzo says you can request a manual review and challenge the outcome. This is an important user protection against opaque automated decisions.

Users get rights to access, correction, deletion, restriction, objection, consent withdrawal, portability, and ICO complaint. These are meaningful privacy controls and are clearly stated.

Monzo uses automated decision-making for account eligibility, fraud controls, marketing suitability, and some disputes. Although human review is available for significant decisions, automation can still affect access to services or account activity.

Monzo can change charges, rates, and terms, including introducing new charges, with notice periods depending on the change. Users can leave if they disagree, but the contract still gives Monzo broad amendment power.

If you owe Monzo money, it can take funds from your current account, Pots, or savings balances to cover the debt. In practice, money set aside for budgeting may still be used for repayment.

Monzo may close or restrict accounts immediately for breaches, legal risk, false information, ineligibility, or abusive conduct. This gives the bank significant discretion to cut off access without advance notice in some cases.