Wise vs Monzo isn’t a like-for-like comparison, beacause they’re not the same financial products. However, they do offer features that overlap and we’re looking at those for this battle, namely how they are with spending abroad.
Wise is a fintech company with a primary focus on money transfers and international finance. Wise Payments Limited is an authorised e-money institution regulated by the Financial Conduct Authority (FCA).
Monzo is a bank, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Deposits up to £85,000 are protected by the FSCS.
Wise vs Monzo: Vital statistics
Finder score
Not yet rated
4.6
★★★★★
Customer satisfaction survey
Not yet rated
4.9
★★★★★
Free spending abroad
Arranged overdraft
No overdraft available
19%, 29% or 39% EAR
Representative example
N/A
If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £0
If your wallet is full of dull cards then adding one of these to it will bring in some light. Wise comes with a bright green card and Monzo’s card is coral.
Neither account comes with branch access as they’re both digital only. Wise doesn’t allow any cash deposits either, so the only way to fund it is digitally. Monzo lets you deposit cash and cheques at Post Office branches, for a small fee.
As Wise isn’t a bank it doesn’t offer any overdrafts. Monzo does and the interest rate you’re offered will depend on your personal circumstances and credit score, with rates starting at 19%.
As a bank, Monzo has more features than Wise, as you’d expect. However, both of these have similar offerings, with spending categories, visual breakdowns of spending and in-app customer service, among others.
Monzo lets you deposit cheques, set up savings accounts and round up spare change into a pot. Wise doesn’t offer any of that, but it does have competitive, transparent rates for sending money abroad. In fact, Monzo uses Wise as its partner for international payments, so Wise must be doing something right.
Winner: Monzo, as it has a few more features in this category.
There are pretty similar offerings here, with both compatible with Apple Pay, Google Pay and Samsung Pay. You can add in £100 limits for contactless spending and free card transactions in the UK, too.
The only difference is the monthly cash withdrawal limit, with Wise’s at £200 and 2 free transactions. Anything over that will incur a 1.75% charge and a 50p charge per withdrawal. Monzo has a £400 limit each month.
Winner: Monzo, for its higher cash withdrawal limit.
Round 3: Using the card abroad
Free foreign transactions
Yes if hold that currency on the card yet small conversion fee if not
Unlimited
Free foreign ATM withdrawals
Limited to £200 per month
Up to £400 in EEA and £200 elsewhere every 30 days
Wise lets you hold multiple currencies on its card, so the fees depend on which one you have and which one you spend. If you have euros and spend euros, there is no cost. But if you have another currency on there, say pounds, then spend in euros, you’ll get charged a small currency conversion fee. It has the same cash withdrawal limit of £200 a month and 2 free transcations overseas as it does in the UK.
Monzo has no foreign transaction charges on purchases made with the card. You can withdraw up to £400 every 30 days inside the European Economic Area and £200 outside. It charges 3% for anything above that.
Wise offers a free personal account and business account, so there’s not a whole lot of variety.
Monzo has a free personal account, premium accounts, teen accounts and a range of business options. Its also in the process of launching a kids’ account.
Winner: Monzo has much more on offer here.
Round 5: Signing up
Apply through the app
Quick application
Credit check
Card delivery fee
£7
Free
Card delivery timescale
2-6 working days (UK), varies for different countries
Both of these accounts offer speed and simplicity with their signing-up processes, done through their respective apps. Physical cards are then sent in the post. Wise says cards will arrive in 2–6 working days, while Monzo says 2–7 working days.
The big difference here is the cost of the card. Wise charges £7 for a card and Monzo’s card is free.
Winner: Monzo, because the card is free.
Overall winner: Monzo
Wise and Monzo do a lot of things really well, but Monzo just does them a bit better or offers customers more.
As Monzo is a bank, it has more choice of features and a wider range of products.
Wise is a good choice for international transfers and payments. Even Monzo agrees because it uses Wise as its partner, so it has incorporated Wise’s strongest component into its own platform.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
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