Monzo VS PayPal Debit: Business Banking Review & Fee Comparison

Is Monzo or PayPal Debit better for your small business?

Below we look at both Monzo and PayPal Debit reviews on Trustpilot along with their App reviews from Apple and Google.

We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.

Monzo vs PayPal Debit Trustpilot Reviews

	Monzo	PayPal Debit
Trustpilot Review Score (out of 5)	3.9	1.4
Percent 5-Star Reviews	77%	20%
Percent 1- Star Reviews	14%	73%
Total Number of Reviews	30,333	5,277

Sources:
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/www.paypal.co.uk

Monzo vs PayPal Debit App Reviews

	Monzo	PayPal Debit
iPhone Review Score (out of 5)	4.9	4.1
Number of iPhone Reviews	189,000	1,600
Android Review Score (out of 5)	4.7	3.3
Number of Android Reviews	125,000	91,500

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/paypal-business/id1053148887

Monzo vs PayPal Debit Account Fees & Charges

	Monzo	PayPal Debit
Free Business Bank Account	Yes	No
Free Business Account Term Length	No Limit	NA
Cheapest Monthly Account Fee	No	No
Most Expensive Monthly Account Fee	£5	No
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	£1	Free
Cheques (in/out)	Unknown	Free
CHAPS Payments Cost	£20	No
SEPA Payments Cost	No	No

Monzo vs PayPal Debit Business Savings Rates

	Monzo	PayPal Debit
Types of Business Savings Accounts	Instant Access Savings Pot	None
Lowest Savings Rate (AER)	1.60%	NA
Maximum Savings Rate (AER)	1.60%	NA
Minimum Savings Amount	No	NA
Interest Paid On Foreign Currencies	Yes	Yes

Monzo vs PayPal Debit Account Opening Times

	Monzo	PayPal Debit
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	1 to 8 Working days	Few minutes
Do They Check Your Credit?	Yes	No
Current Account Switch Service	Yes	Yes

Monzo vs PayPal Debit Features & Account Types

	Monzo	PayPal Debit
Business Current Account	Yes	Yes
Business Savings Account	Yes	No
Business Credit Card	Yes	No
Business Overdraft	Yes	No
Accounts For Startups	Yes	Yes
Accounts For Charities	No	No
Accounts For Sole Traders	Yes	No
Joint Business Accounts Available	Yes	Yes
Card Type	Mastercard	Mastercard
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	No	No
Branch Locations	None, online only	None, online only

Monzo vs PayPal Debit Customer Support Options

	Monzo	PayPal Debit
Phone Support Available	Yes	No
Email Support Available	Yes	Yes
App Based Support	Yes	Yes
Web Based Support	Yes	Yes
In person Customer Support	No	No

Monzo vs PayPal Debit Foreign Currency Accounts

	Monzo	PayPal Debit
US Dollar (USD) Bank Accounts	Yes	Yes
Euro (EUR) Bank Accounts	Yes	Yes
Other Currencies Available:	AED – United Arab Emirates dirham AUD – Australian dollar BGN – Bulgarian lev BRL – Brazilian real CAD – Canadian dollar CHF – Swiss franc CZK – Czech koruna DKK – Danish krone EUR – Euro GBP – British pound HRK – Croatian kuna HUF – Hungarian forint ILS – Israeli new shekel ISK – Icelandic króna JPY – Japanese yen KRW – South Korean won MXN – Mexican peso MYR – Malaysian ringgit NOK – Norwegian krone NZD – New Zealand dollar PLN – Polish zloty RON – Romanian leu RUB – Russian ruble SEK – Swedish krona SGD – Singapore dollar THB – Thai baht TRY – Turkish lira USD – United States dollar	AUD – Australian dollar BRL – Brazilian real CAD – Canadian dollar CHF – Swiss franc CNY – Chinese yuan EUR – Euro GBP – British pound sterling HKD – Hong Kong dollar INR – Indian rupee JPY – Japanese yen KRW – South Korean won MXN – Mexican peso NZD – New Zealand dollar PHP – Philippine peso PLN – Polish zloty RUB – Russian ruble SGD – Singapore dollar USD – United States dollar ZAR – South African rand

Other Business Services From Monzo and PayPal Debit

	Monzo	PayPal Debit
Business Loans	Yes	No
Commercial Mortgages	Yes	No
Invoice Financing	Yes	No
International Payments	Yes	Yes
Merchant Payment Services	Yes	Yes
Card Machines	Yes	Yes
Free Accounting Software	Yes	Yes

Monzo vs PayPal Debit Banking Basics

	Monzo	PayPal Debit
Bank Type	Challenger	Challenger
FSCS Protection	Yes, up to £85,000	No
FCA Number	730427	742277
Website	Monzo Website	PayPal Debit Website

Common Comparison Questions

Does Monzo or PayPal Debit have better customer reviews?

Monzo scores 3.9 out of 5 based 30,333 Trustpilot reviews. Of these reviews 77% are 5-star and 14% are 1-star.

Whereas, PayPal Debit scores 1.4 out of 5 based 5,277 Trustpilot reviews. Of which 20% are 5-star and 73% are 1-star.

Does Monzo or PayPal Debit have a better App?

Monzo’s iPhone App is rated 4.9 out of 5 based on 189,000 reviews. And it’s Android App is rated 4.7 out of 5 based on 125,000 reviews.

In comparison, PayPal Debit’s iPhone App is rated 4.1 out of 5 based on 1,600 reviews. And it’s Android App is rated 3.3 out of 5 based on 91,500 reviews.

Does Monzo or PayPal Debit have better business savings rates?

Monzo offers the following types of business savings accounts: Instant Access Savings Pot with interest rates ranging from 1.60% to 1.60%. (AER)

In contrast, PayPal Debit offers None accounts with interest rates ranging from NA to NA (AER).

See Other Comparisons:
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Monzo vs Unity Trust
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For other business bank accounts see our guide here.