Wise vs Monzo: Which Online Bank Is The Best?

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hasinakhatun
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Wise vs Monzo: Which Online Bank Is The Best?

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Mobile banking and transferring money online have never been more convenient. Two popular online banking and international money transfer services are Wise and Monzo. Both offer a range of services customers can use via their mobile apps.

Wise is essentially an online account that enables you to send money overseas and get paid in different currencies. You can also use the Wise card to spend abroad. In Phone Number List contrast, Monzo is a fully-fledged digital bank.

However, how do you choose between the two?

Below we’ll look at their prices and features to help you answer that question. There's lots to cover, so let’s make a start.

Wise vs Monzo: About Wise
Wise vs Monzo
Wise, formerly known as TransferWise, is at heart, not a bank. Used by 13 million people, it’s a fintech company that allows you to:

Open an account to send money overseas
Get paid in multiple currencies
Use the Wise card to withdraw and spend abroad. The FCA (Financial Conduct Authority) regulates it in the UK.
Launched in 2011 in London, Wise partners with various online banks, including Monzo and N26, to offer account holders cheap currency transfers. The Wise website has a handy foreign currency converter calculator. You simply put in how much you want to transfer and choose the currency you’re transferring overseas. Then Wise uses the mid-market currency exchange rate with no markup fee. Instead, costs are based upon:

The amount you send
The currency you’re sending money to
Your chosen payment method
Wise vs Monzo: About Monzo Bank
Wise vs Monzo
Also based in the UK is Monzo. Launched in 2015, it has over five million customers and offers a range of personal and business banking products. It’s an app-based service emphasizing transparency, so customers are never surprised by hidden fees.


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In total, it offers six accounts:

Current account
Plus account
Premium account
Business account
Joint account
Age 16-17 account
This review focuses on Monzo's current account. Although some Monzo features and functions are available to US customers, it's primarily aimed at the British market.

Monzo offers a full range of mobile banking features to simplify your banking and savings efforts. For instance, you can keep tabs on your savings targets, create budgets, and use Monzo’s cost-effective international transfers and ATM withdrawals.
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