In today's fast-paced world, choosing the right payment solution is crucial for both personal and business needs. If you're considering Monzo and Wise, you're likely weighing their features, pricing, and overall suitability for your financial activities. This article aims to provide a comprehensive overview of Monzo and Wise, comparing their offerings to help you make an informed decision.
A quick overview on Monzo and Wise
What is Monzo?
Monzo is a British digital bank that offers a comprehensive range of financial services through its mobile app. It provides personal and business current accounts, enabling users to perform standard banking activities such as transfers, direct debits, and standing orders. Additionally, Monzo facilitates international payments in 38 currencies and offers features like secure payment links and personal QR codes for seamless transactions.
Monzo's unique benefits include instant spending notifications, budgeting tools, and savings pots, which help users manage their finances effectively. Common use cases for Monzo's payment solutions include everyday banking, managing personal budgets, and streamlining business financial operations through features like invoicing and expense management.
What is Wise?
Wise is a financial technology company that specializes in international money transfers and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise's unique features include the ability to hold and manage over 40 currencies and local bank account details in multiple countries. Common use cases include sending money internationally, managing funds in different currencies, and spending abroad with minimal fees.
Pricing of Monzo and Wise
Monzo offers a free personal current account with no monthly fees, while its business accounts range from a free Lite plan to a Pro plan at £9 per month and a Team plan starting at £25 per month. International payments through Monzo are facilitated by Wise, with fees varying based on currency and amount. Users should check Monzo's official resources for the most current pricing details.
Wise operates on a transparent fee structure, with no fee to open a personal account and a one-time setup fee of £45 for business accounts. Sending money incurs a fee starting from 0.33%, and holding money in your account is free. However, receiving USD wire and Swift payments costs $6.11 per payment, and ATM withdrawals over £200 per month are subject to additional fees.
Overall, Wise generally offers more cost-effective international transfers, while Monzo provides a broader range of banking services with varying fees.
Features of Monzo and Wise
Monzo features
Monzo offers a range of unique features that cater to both personal and business banking needs:
- Instant Spending Notifications: Receive real-time alerts for every transaction, helping you stay on top of your finances.
- Budgeting Tools: Utilize built-in tools to set budgets, track spending, and manage your money more effectively.
- Savings Pots: Create separate pots within your account to save for specific goals or expenses.
- Fee-Free Spending Abroad: Spend money internationally without incurring additional fees, making it ideal for travelers.
- Integration with Accounting Software: Seamlessly connect your business account with popular accounting software to streamline financial management.
Wise features
Wise, formerly known as TransferWise, is a British financial technology company founded in 2011 by Taavet Hinrikus and Kristo Käärmann. The company specializes in international money transfers and offers services to both individuals and businesses. Wise's unique benefits include transparent and low-cost currency conversions, multi-currency accounts, and the ability to hold and manage over 40 currencies. The platform provides local bank account details in multiple countries, enabling users to receive payments like a local without the need for a physical presence. Additionally, Wise offers a debit card that allows users to spend globally with minimal fees, making it a convenient solution for frequent travelers and international businesses.
Wise operates as an international money transfer service and multi-currency account provider. It facilitates cross-border payments by allowing users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees. The platform is designed to serve both personal and business needs, offering features like batch payments for businesses and integration with accounting software.
Use Cases:
- Individuals: Wise is ideal for individuals who need to send money internationally, manage funds in different currencies, or spend abroad without incurring high fees.
- Businesses: Companies can use Wise to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
Key Strengths:
- Cost-Effective Transfers: Wise offers low, transparent fees and uses the real mid-market exchange rate, which can result in significant savings compared to traditional banks.
- Multi-Currency Accounts: Users can hold and manage over 40 currencies, making it easier to operate internationally.
- Speed: Transfers are often completed quickly, with many transactions processed within seconds.
Limitations:
- Cash Transactions: Wise does not support cash payments or cash pickups, which may be a drawback for users who prefer or require cash transactions.
- Country Availability: While Wise supports over 70 countries, some regions are not covered, limiting access for potential users in those areas.
- Account Freezing: There have been instances where accounts were frozen for compliance checks, which can be inconvenient for users needing immediate access to their funds.
Wise operates on a transparent fee structure. For personal accounts, there is no fee to open an account. For business accounts, there is a one-time setup fee of £45. Sending money incurs a fee that varies by currency, starting from 0.33%. Holding money in your account is free, and receiving domestic payments in certain currencies is also free. However, receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment. Spending with the Wise debit card is free when using funds in the same currency, but ATM withdrawals over £200 per month per account are subject to a 1.75% fee plus £0.50 per withdrawal.
Wise has received a TrustScore of 4.3 out of 5 on Trustpilot, based on over 267,000 reviews. Positive feedback highlights the platform's ease of use, speed, and cost-effectiveness for international transfers. Users appreciate the transparent fee structure and the convenience of managing multiple currencies. However, some negative reviews mention issues with account access, document verification, and occasional delays in transfers. A few users have also expressed concerns about the level of customer support when problems arise and about increasing fees.
Wise offers several unique features that cater to both personal and business needs:
- Multi-currency account: Hold and convert money in over 40 currencies.
- High-speed transfers: Over half of the transfers are completed in under 20 seconds.
- Low fees: Transparent fee structure with a detailed breakdown of costs.
- Wise card: A debit card that can be used globally without foreign transaction fees.
- Interest feature: Earn interest on balances in USD, GBP, and EUR with FDIC insurance up to $250,000.
Comparing Monzo, Wise and OneSafe
Why choose one over the other?
- Why Choose Monzo Over Wise: Monzo offers a comprehensive range of banking services, including personal and business current accounts, which Wise does not provide. Its user-friendly mobile app features instant spending notifications, budgeting tools, and savings pots, making it ideal for managing everyday finances. Additionally, Monzo's integration with accounting software and invoicing capabilities streamline business financial operations, offering a more holistic banking solution compared to Wise.
- Why Choose Wise Over Monzo: Wise excels in international money transfers and multi-currency account management, offering real exchange rates and low, transparent fees. It allows users to hold and manage over 40 currencies and provides local bank account details in multiple countries, making it a superior choice for those needing to send, receive, and hold money internationally. The Wise debit card also enables cost-effective global spending, which is particularly beneficial for frequent travelers and international businesses.
Considering OneSafe vs Monzo and Wise
- Why Choose OneSafe Over Monzo and Wise: OneSafe is uniquely designed for businesses in the Web3 and crypto sectors, offering seamless USD to USDC conversion on Polygon for instant, borderless transactions. This feature, combined with end-to-end expense and payroll management, makes OneSafe an optimal choice for global teams needing reliable, adaptive banking solutions.
What are the customers saying?
Monzo reviews
Customer reviews for Monzo highlight several recurring issues. Users frequently report difficulties with customer support, including slow response times and challenges in resolving disputes or accessing accounts during technical problems. Additionally, some users have experienced unexpected account closures without clear explanations. Check out more Monzo reviews here.
Wise reviews
Customer reviews for Wise highlight several recurring issues. Users frequently report difficulties with account access, document verification, and occasional delays in transfers. Some users have also expressed concerns about the level of customer support and increasing fees. Check out more Wise reviews here.
OneSafe reviews
Customer reviews for OneSafe highlight the platform's exceptional customer support, ease of payroll processing, and ability to simplify complex banking tasks for Web3 companies. Users consistently praise the seamless USD to USDC conversion on Polygon, which facilitates instant, borderless transactions, and the end-to-end expense and payroll management tools that streamline financial operations.
Notable feedback includes:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Monzo, Wise, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Monzo, Wise, or OneSafe, each offers unique benefits tailored to different financial needs. Monzo excels in comprehensive banking services, Wise is a leader in cost-effective international transfers, and OneSafe stands out for its specialized solutions for Web3 and crypto businesses. While all are excellent choices, we recommend OneSafe for its innovative features and exceptional customer support, making it the ideal partner for global businesses in the digital era.
