Wise vs Monzo Which Is Better?

 Wise vs Monzo Which Is Better?

Wise and Monzo are two major digital financial platforms, but they serve different purposes:

Wise is primarily a global money movement and multi-currency account service.

Monzo is a digital bank with broader banking features tailored especially to UK users. 

🏛️ 1. What They Are

Wise

A non-bank e-money provider (regulated but not a full bank).

Focused on borderless money transfers and multi-currency accounts across dozens of currencies.

Ideal for international users, travellers, freelancers abroad, and companies paying or receiving globally. 

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Monzo

A fully licensed bank in the UK (regulated, FSCS protected up to £85,000 for eligible accounts).

Offers current accounts, budgeting tools, overdrafts, loans, and savings features alongside everyday banking.

Broadly used as a primary bank account for UK-centric customers. 

Bottom Line:

Wise = best for global money and multi-currency needs.

Monzo = best for daily banking and UK banking features.

💰 2. Fees & Exchange

🪙 Wise

No monthly fee for personal accounts.

Transparent FX fees based on the real mid-market rate with a small percentage fee (varies by currency).

ATM withdrawals: 2 free up to a limit per month, then fees apply.

Card delivery may have a small one-off fee. 

Pros:

✔  Mid-market exchange rate (no hidden markup)

✔  Fee transparency before sending money

Cons:

✘  Fees still apply for currency conversion and some transfers

💳 Monzo

Free personal account option — plus paid tiers with more perks.

Debit Mastercard included, and fee-free card spending abroad up to limits.

ATM withdrawals free up to a monthly threshold, then a percentage fee outside that.

International transfers run through Wise within the Monzo app — so you pay Wise-style fees. 

Pros:

✔  Free UK domestic transfers

✔  Card spending abroad with good rates up to a cap

Cons:

✘  Tiered plans if you want advanced features

✘  Transfer fees are effectively Wise fees via Monzo

🌍 3. Currencies & Accounts

Wise

True multi-currency accounts: hold and manage funds in dozens of currencies, and get local bank details (USD, EUR, GBP, etc.).

Excellent for receiving and sending money internationally.

Monzo

A single-currency GBP account by default — no built-in multi-currency holding.

International features depend on Wise integration. 

Winner for multi-currency: Wise

🏦 4. Banking Features

Monzo’s advantages as a bank:

FSCS protection for eligible deposits (up to £85,000).

Overdrafts and personal loans (availability depends on credit).

Budgeting and savings tools, including “pots” for goals.

Cheque & cash deposit support (fees apply).

Full UK bank features with everyday payments and direct debits. 

Wise limitations:

Not a bank — so no overdrafts, loans, or FSCS deposit protection.

No physical cash or cheque deposits.

📱 5. App & User Experience

Wise app & web:

Clean and global (supports multiple currencies).

Great for sending & managing international money online. 

Monzo app:

Rich in features beyond transfers — budgeting, categorisation, banking tools.

In-app notifications, easy setup, and quick UK transfers. 

6. Best Use Cases

Scenario

Better Choice

Frequent international transfers

Wise

Hold and manage multiple currencies

Wise

Use as primary everyday bank account (UK)

Monzo

Budgeting + savings pots

Monzo

Travel card with good FX

Mixed — Wise strong FX; Monzo good cap limits

Loans/overdrafts

Monzo

Global availability (many countries)

Wise

📍 Availability

Wise: Available in 70+ countries (wider global reach). 

Monzo: Primarily UK residents (some US availability); UK-centric banking with FSCS protection.