Rakuten Bank vs Mukuru.
Rakuten Bank (R70/100) and Mukuru (M63/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Rakuten Bank leads Mukuru 3-2.
| M Mukuru №46 · FCA 63 /100 | R Rakuten Bank №33 · JFSA 70 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 63 /100 | 70 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | Interbank | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | E-money inst. FCA | Full bank JFSA |
| Deposit guarantee Per depositor | Safeguarded ZA.CODI | Safeguarded No DGS |
| Reach | ||
| Markets served Licensed jurisdictions | 7 countries | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | No | Yes |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.5 ★ iOS 4.5 · And 4.6 | 4.3 ★ iOS 4.4 · And 4.2 |
| Read review → | Read review → | |
Pick Mukuru if…
Pan-African remittance + financial-services platform — operates across Southern Africa + UK. ~14M users. Mauritius FSC-licensed parent. Cash-out via 100K+ Mukuru agents — physical reach is the structural differentiator. The other half of the pan-African angle alongside Chipper Cash.
Pick Rakuten Bank if…
Largest Japanese internet-only bank by customer count (~14M+) and the only TSE Prime-listed pure-play net bank (TYO: 5838, IPO 21 April 2023 — the largest Japanese IPO in five years at the time). Originally chartered as eBank in 2001; acquired by Rakuten Group (TYO: 4755) in 2009. Structural moat is the Rakuten Points + Rakuten Card + Rakuten Securities + Rakuten Mobile + Rakuten Ichiba ecosystem — points cross-pollinate across the entire surface area. Full FSA Banking Act licence; statutory DICJ member at the JPY 10,000,000 ceiling.
- Best for fees Tied
- Best for protection Rakuten Bank won 1 of 2
- Best for reach Tied
- Best for ux Mukuru won 1 of 2
Rakuten Bank vs Mukuru — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Mukuru better than Rakuten Bank?
Under our v3 methodology, Rakuten Bank leads Mukuru 3–2 across 12 dimensions. Composite scores: Mukuru 63/100 vs Rakuten Bank 70/100. Rakuten Bank is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is Mukuru or Rakuten Bank cheaper?
Monthly fee — Mukuru: €0; Rakuten Bank: €0. Card FX markup — Mukuru: Interbank; Rakuten Bank: Interbank. Tied across fee rows. See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Mukuru or Rakuten Bank?
Mukuru holds a E-money inst. licence under FCA; deposit guarantee per depositor: Safeguarded. Rakuten Bank holds a Full bank licence under JFSA; deposit guarantee per depositor: Safeguarded. Rakuten Bank is the stronger pick on regulatory protection.
Where can I use Mukuru and Rakuten Bank?
Mukuru operates in 7 countries; Rakuten Bank operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
The dynamic compare picker handles up to four banks. Add this pair plus one or two more and we'll resolve every row.