- Get one view of your money across your accounts
- Track your spend and set budgets
- Save to reach your goals
- Pay your friends
Even though they’re both riding the cool-fintech-company-with-a-fresh-approach-to-money wave, Monzo and TransferWise are actually quite different.
So, which is better for sending money to your mum back home? Which is cheaper to go on a shopping spree during your holiday in Greece? We’ve compared them to find out.
While being first and foremost a peer-to-peer money transfer service, TransferWise now also offers a digital multi-currency current account that comes with an app and a debit card. This has turned it into a competitor for challenger banks like Monzo and Starling.
However, even though they both offer digital accounts with fee-free spending abroad, the differences between Monzo and TransferWise are quite prominent:
|Monthly fee||No monthly fees||No monthly fees|
|Card payments||Free in the UK and abroad||Free in the UK and abroad, but currency conversion fees apply|
|Currency conversion||Free for both card payments and ATM withdrawals||0.35%-2.85% depending on the currencies involved|
|ATM withdrawals||In the UK: free. Abroad: free up to £200 a month; 3% fee after that||Free up to £200 a month; 2% fee after that|
|Money transfers||Through TransferWise||£0.65 fixed fee (can vary according to the currency) + currency conversion fee|
|Conversion rate||Mastercard exchange rate||Interbank exchange rate|
|Read Monzo review||Visit Transferwise|
Arguably, Monzo and TransferWise suit different needs for different people. In a nutshell, Monzo is good for day-to-day banking and travelling, while TransferWise is for sending money abroad and holding multiple currencies.
So, you’ll be better off with Monzo if:
You should consider TransferWise instead if:
Finally, if you’re looking for a multi-currency account but TransferWise doesn’t sound quite right, go check Revolut out (it’ll be cheaper in most cases!).
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