As businesses and individuals navigate the complex landscape of financial services, many find themselves reconsidering their options between Wise and Starling. This article aims to provide a comprehensive overview of what Wise and Starling offer, compare their pricing and features, and help you determine which solution best meets your needs.
A quick overview on Wise and Starling
What is Wise?
Wise is a financial technology company that offers international money transfer services and multi-currency accounts. It allows users to send, receive, and hold multiple currencies at real exchange rates with low, transparent fees.
Wise is used by individuals for sending money internationally and managing funds in different currencies. Businesses utilize Wise to pay international suppliers, receive payments from global clients, and manage payroll for employees in different countries.
What is Starling?
Starling Bank is a UK-based digital bank offering personal and business banking services through a mobile app. Its Payment-as-a-Service solution provides real-time access to UK payment schemes like Faster Payments and Bacs via secure, PSD2-compliant APIs.
Starling's payment solutions are used by banks, fintech companies, and public sector organizations for real-time payment processing and managing Direct Debits and Credits. Unique features include instant payment notifications and zero fees for overseas transactions, enhancing operational efficiency and simplifying financial management.
Pricing of Wise and Starling
Wise operates on a transparent fee structure, charging a one-time setup fee of £45 for business accounts. Sending money incurs a fee starting from 0.33%, while holding money in your account is free. Receiving domestic payments in certain currencies is also free, but receiving USD wire and Swift payments incurs a fixed fee of $6.11 per payment. ATM withdrawals over £200 per month are subject to a 1.75% fee plus £0.50 per withdrawal.
Starling Bank offers its business current account with no monthly fees or UK payment charges. Additional services, such as integrations with accounting software, are available through the Starling Marketplace. For specific pricing details on these additional services, it is advisable to consult the bank's official resources or contact them directly. Overall, Starling Bank's pricing structure appears more straightforward and potentially more cost-effective for UK-based transactions.
Features of Wise and Starling
Wise features
Wise offers several unique features that cater to both individuals and businesses, making it a versatile choice for international financial management:
- Multi-currency account: Allows users to hold and manage money in over 40 currencies.
- High-speed transfers: Over half of the transfers are completed in under 20 seconds.
- Interest feature: Earns 3.92% APY on USD balances, with FDIC insurance up to $250,000.
- Global account details: Provides local bank details in multiple currencies for receiving money.
- Wise card: A debit card that can be used worldwide without foreign transaction fees.
Starling features
Starling Bank offers a range of unique features that cater to both personal and business banking needs:
- Instant payment notifications: Receive real-time alerts for every transaction, helping you stay on top of your finances.
- Fee-free spending abroad: Make purchases and withdraw cash overseas without incurring additional charges.
- Spending insights: Analyze your spending habits with detailed insights and reports, making budgeting easier.
- Virtual cards: Create and manage virtual cards for secure online transactions and budgeting.
- Spaces: Organize your money into separate pots within the app, allowing for better financial management and goal setting.
Comparing Wise, Starling and OneSafe
Why choose one over the other?
- Why Choose Wise Over Starling: If you frequently deal with international transactions, Wise's transparent and low-cost currency conversions can save you money compared to traditional banks. The ability to hold and manage over 40 currencies in a single account, along with the convenience of local bank details in multiple countries, makes Wise an excellent choice for global financial management. Additionally, the Wise debit card allows for minimal fees when spending abroad, making it ideal for frequent travelers and international businesses.
- Why Choose Starling Over Wise: For those primarily operating within the UK, Starling Bank's real-time access to UK payment schemes like Faster Payments and Bacs offers unparalleled efficiency. The absence of fees for overseas transactions and the user-friendly app with features like instant payment notifications and spending insights make Starling a strong contender for personal and business banking. Moreover, the seamless integration with accounting software through the Starling Marketplace can significantly enhance financial management for UK-based businesses.
Considering OneSafe vs Wise and Starling
- Why Choose OneSafe Over Wise and Starling: For businesses operating in the Web3 and crypto sectors, OneSafe offers unparalleled features like seamless USD to USDC conversion on Polygon, enabling instant, borderless transactions. This makes payroll and expense management effortless for global teams, a capability that neither Wise nor Starling can match. Additionally, OneSafe's robust support for both traditional and digital assets ensures a comprehensive financial solution tailored for the digital era.
What are the customers saying?
Wise reviews
Customer reviews for Wise are mixed, with some users reporting issues with account access, document verification, and occasional delays in transfers. Concerns about the level of customer support and increasing fees have also been noted. Check out more Wise reviews here.
Starling reviews
Customer reviews for Starling Bank are mixed. Users have reported issues such as account closures without clear explanations and challenges in resolving problems due to limited direct communication. Concerns about customer service responsiveness have also been noted. Check out more Starling 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 enables instant, borderless transactions, making it an optimal choice for businesses operating in the digital asset space.
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.
Wise, Starling, or OneSafe: Which is the best platform for you?
In conclusion, whether you choose Wise, Starling, or OneSafe, each offers unique advantages tailored to different financial needs. However, for businesses operating in the Web3 and crypto sectors, OneSafe stands out with its seamless USD to USDC conversion and robust support for both traditional and digital assets. We believe OneSafe provides a comprehensive financial solution for the digital era, making it an excellent choice for modern businesses. Explore more about OneSafe and see how it can transform your financial operations.
