Bunq vs Monzo

Bunq wins for EU-based freelancers needing multiple bank accounts and Monzo wins for UK residents who want free ATM withdrawals.

Consider the EU freelancer paid in USD. They'll love Bunq's ability to create multiple sub-accounts, each with its own IBAN. This makes it dead simple to segregate income from different clients or projects, and to manage expenses in Euros without incurring hefty conversion fees on every transaction. For instance, a digital nomad living in Berlin but working for clients in the US can easily open a USD sub-account, receive payments, and then convert funds to EUR when the exchange rate is favourable, all within the Bunq app. Bunq charges $3 per month for its Easy Bank plan, but the flexibility it offers for managing multiple currencies and income streams is often worth the small fee.

Now, picture a UK-based remote worker who frequently travels within the UK and occasionally pops over to the Eurozone. Monzo, with its $0 monthly fee, is the clear winner here. While Bunq offers free ATM withdrawals, Monzo's core free tier makes it the default choice for daily spending. A UK nomad can withdraw cash from any UK ATM without charge, and when they travel to Europe, Monzo's foreign transaction fees are competitive, especially for smaller purchases. Its clean spend categorisation also helps track expenses easily, which is a boon for budgeting. You get unlimited free ATM withdrawals in the UK with Monzo, a huge plus for day-to-day living.

If you're on the fence, default to Monzo if you are primarily based in the UK. If you're an EU resident, or frequently deal with multiple currencies and need distinct accounts for business and personal use, Bunq is likely the better pick. The deciding factor often comes down to your primary country of residence and whether you need the specific multi-account features Bunq provides.