{"id":541754,"date":"2024-09-27T09:41:06","date_gmt":"2024-09-27T08:41:06","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=541754"},"modified":"2025-11-28T10:58:49","modified_gmt":"2025-11-28T10:58:49","slug":"wise-vs-monzo","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/current-accounts\/wise-vs-monzo","title":{"rendered":"Wise vs Monzo: Which one offers more?"},"content":{"rendered":"

Wise vs Monzo isn\u2019t a like-for-like comparison, beacause they\u2019re not the same financial products. However, they do offer features that overlap and we\u2019re looking at those for this battle, namely how they are with spending abroad.<\/p>

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).<\/p>

Monzo is a bank, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Deposits up to \u00a3120,000 are protected by the FSCS.<\/p>

Wise vs Monzo: Vital statistics<\/h3>
\n \n
<\/th>\"Wise<\/td>\"Monzo<\/a><\/td><\/tr>
Finder score<\/th><\/td>9.8<\/span><\/span>Excellent<\/span><\/span><\/td><\/tr>
Customer satisfaction survey<\/th>Not yet rated<\/td>4.4 <\/span>
\u2605\u2605\u2605\u2605\u2605<\/div><\/td><\/tr>
Free spending abroad<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Arranged overdraft<\/th>No overdraft available<\/td>19%, 29% or 39% EAR<\/td><\/tr>
Representative example<\/th>N\/A<\/td>If you use an arranged overdraft of \u00a31,200, you'll be charged interest at 39% EAR variable. Account fee of \u00a30<\/td><\/tr>
Interest when you're in credit<\/th>0%<\/td>0%<\/td><\/tr>
Branch access<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
FSCS protected<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Sign-up bonus<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Amount<\/th>N\/A<\/td>N\/A<\/td><\/tr>
Product image<\/th>
\"Wise\"<\/td>		\"Monzo\"<\/td><\/tr>
Find out more<\/th>
<\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

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\u2019s card is coral.<\/p>

Neither account comes with branch access as they\u2019re both digital only. Wise doesn\u2019t 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.<\/p>

As Wise isn\u2019t a bank it doesn\u2019t offer any overdrafts. Monzo does and the interest rate you\u2019re offered will depend on your personal circumstances and credit score, with rates starting at 19%.<\/p>

Round 1: App features<\/h3>
\n \n
<\/th>\"Wise<\/td>\"Monzo<\/a><\/td><\/tr>
Visual breakdown of spending<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Spending categories<\/th>15<\/td>17<\/td><\/tr>
Set spending budgets<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Set up direct debits in the app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Top up via bank transfer<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Have salary paid in<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Separate savings accounts<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Round-ups<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Customer service via the app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Customer service via a telephone line<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Cheque scanning<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Freeze\/unfreeze card in app<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Send money abroad<\/th><\/use><\/svg><\/td><\/use><\/svg><\/td><\/tr>
Fee for sending money abroad<\/th>\u00a30.59 + 0.33% of the amount that's converted<\/td>When sending through Monzo, a fixed fee of between 50p and \u00a32.68, plus a variable amount between 0% and 1.30%. For currencies Monzo can't support, Wise sets the fee.<\/td><\/tr>
Find out more<\/th>
<\/div><\/td>
Go to site<\/a>
Read review<\/a><\/div><\/td><\/tr>\n <\/tbody>\n <\/table><\/div>

As a bank, Monzo has more features than Wise, as you\u2019d expect. However, both of these have similar offerings, with spending categories, visual breakdowns of spending and in-app customer service, among others.<\/p>

Monzo lets you deposit cheques, set up savings accounts and round up spare change into a pot. Wise doesn\u2019t 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.<\/p>