Wise vs Monzo - Who is better? [UPDATED 2024]

When it comes to sending money across borders, we tested options like Wise and Monzo have emerged as leading choices. Both Wise and Monzo online platforms offer efficient and cost-effective and secure international money transfers from Wise and Monzo.

We compare Wise vs Monzo into the unique features and benefits that distinguish Wise vs Monzo, empowering you to make an informed decision based on your specific transfer needs like Wise vs Monzo fees, currencies available, available payment methods on Wise compared to Monzo, support options offered by Wise vs Monzo, speed and more.

Wise vs Monzo: Quick Feature Comparison

  1. Visit Wise alternative Wise Visit Wise

    Used By: 11000000
    Currencies Available: 54
    Transfer Fees: 0.5%-1%
    Payment Methods: Bank transfer, debit card, credit card, SOFORT transfer
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: US$1.00
    Max Transfer: US$1,000,000 (varies based on currency)
    Year Founded: 2011
  2. Visit Wise alternative Monzo Visit Monzo

    Used By: 5,000,000
    Currencies Available: 1
    Transfer Fees: none
    Payment Methods: bank transfer, phone contact
    iOS App : yes, Android App : yes

    LiveChat:
    Min Transfer: none
    Max Transfer: 10000 GBP
    Year Founded: 2015

Wise vs Monzo: Pros and Cons

Wise vs Monzo
Advantages

Wise Advantages Monzo Advantages
  • Wise has been serving clients for over 13 years
  • Wise is well rated among clients.
  • Wise is available internationally.
  • Wise has multiple currency options.
  • Wise provides phone customer support.
  • Wise provides email customer support.
  • Wise is available to iOS Apple device users.
  • Wise is available to Android mobile device users.
  • Monzo boasts a high rating for sending money.
  • Monzo provides phone support.
  • Monzo offers registered customers email support.
  • Monzo has a Apple iOS app on Apple app store.
  • Monzo offers a Android Google Play Store mobile app.

Wise vs Monzo
Disadvantages

Wise Disadvantages Monzo Disadvantages
  • Wise has no PayPal support.
  • Wise has no Neteller payments support.
  • Wise has no Skrill payment support.
  • Wise does have a mobile digital wallet like some others.
  • No home delivery with Wise.
  • No cash pickups with Wise.
  • No money order support with Wise.
  • No live chat support with Wise.
  • Monzo has no PayPal option.
  • Monzo has no Neteller option.
  • Monzo has no Skrill option.
  • Monzo is not available is as many regions as some other providers.
  • Monzo has few fiat currency then some others.
  • No digital wallets with Monzo.
  • No Monzo home delivery.
  • No Monzo Cash pickups.
  • No Monzo money order option.
  • No Monzo Livechat.

Wise vs Monzo Fees and Other Costs

Fee type Wise Fees Monzo Fees
Transfer Fees 0.5%-1% none
Min Transfer US$1.00 none
Max Transfer US$1,000,000 (varies based on currency) 10000 GBP
Payment Methods Bank transfer, debit card, credit card, SOFORT transfer bank transfer, phone contact
Currencies AED, AUD, BGN, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, INR, JPY, MYR, NOK, NZD, PLN, RON, TRY, SEK, SGD, USD, ARS, BDT, BWP, CLP, CNY, COP, CRC, EGP, GEL, GHS, ILS, KES, KRW, LKR, MAD, MXN, NGN, NPR, PHP, PKR, RUB, THB, UAH, UGX, UYU, VND, XOF, ZAR, ZMW GBP

Wise vs Monzo Restricted Countries

Wise Country Restrictions

North Korea

Monzo Country Restrictions

Afghanistan, Aland Islands, American Samoa, Angola, Anguilla, Antarctica, Antigua and Barbuda, Barbados, Belize, Benin, Bhutan, Bonaire (including Sint Eustatius and Saba), Bouvet Island, British Indian Ocean Territory, Burkina Faso, Burundi, Cape Verde, Central African Republic, Chad, Cocos (Keeling) Islands, Comoros, Congo, Democratic Republic of, Congo, Republic of, Cook Islands, Crimea, Cuba, Curacao, Djibouti, Equatorial Guinea, Eritrea, Faroe Islands, Fiji, French Guyana, French Polynesia, French Southern Territories, Gabon, Gambia, Greenland, Grenada, Guadeloupe, Guinea, Guinea-Bissau, Guyana, Haiti, Heard Island and Mcdonald Islands, Holy See (Vatican City State), Iran, Iraq, Ivory Coast (Cote d'Ivoire), Japan, Kiribati, Kosovo, Kyrgyzstan, Lao People’s Democratic Republic, Lebanon, Liberia, Libya, Macao, Mali, Marshall Islands, Martinique, Mauritania, Mayotte, Micronesia, Federated States of, Montserrat, Myanmar, Namibia, Nauru, New Caledonia, Niger, Niue, Norfolk Island, North Korea, Northern Mariana Islands, Palau, Palestinian Territory, Papua New Guinea, Reunion, Pitcairn, Rwanda, Saint Barthelemy, Saint Helena, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Sao Tome e Principe, Seychelles, Sierra Leone, Sint Maarten, Solomon Islands, Somalia, South Georgia and the South Sandwich Islands, Sudan (North and South), Suriname, Svalbard and Jan Mayen, Syria, Tajikistan, Timor-Leste, Togo, Tokelau, Tonga, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Vanuatu, Venezuela, Wallis and Futuna, Western Sahara, Western Samoa, Yemen, Zimbabwe, Crimea, Cuba, Iran, Libya, North Korea, South Sudan, Sudan, Syria

Wise vs Monzo Transfer Speeds

Transfer Speed Wise Monzo
Account Opening 1-3 days 1-3 days
Money Transfer Speed 1-10 days 1-10 days

Wise vs Monzo Languages

Wise Supported Languages

English, French, German, Hungarian, Japanese, Polish, Portugese, Romanian, Russian, Spanish, Turkish

Monzo Supported Languages

Wise vs Monzo Verdict - Which is better?

Which is best out of Wise and Monzo depends on your needs.

  • Wise vs Monzo Transfer Fees: Transferring money with Wise costs 0.5%-1% while Monzo charges none.
  • Wise vs Monzo Supported Currencies: Wise deals in over 1, where as Monzo offers transactions in 1.
  • Wise vs Monzo Payment Methods: Wise accepts Bank transfer, debit card, credit card, SOFORT transfer, while Monzo allows transactions via bank transfer, phone contact.
  • Wise vs Monzo Transfer Limits: Wise allows transfers between US$1.00 and US$1,000,000 (varies based on currency). Monzo's range is none to 10000 GBP.
  • Wise vs Monzo Minimum Age for Account Creation: Wise requires users to be at least 18 years old, where as Monzo has a minimum age requirement of 18.
  • Contact Number: You can reach Wise at 44 20 7033 0296 and Monzo at 00 44 20 3872 0620.
  • Wise vs Monzo Countries of Operation: Wise operates in over 1 countries but has restrictions in over 1 countries. Monzo serves 1 countries and restricts operations in 1 countries.
  • Wise vs Monzo Client Base: Wise is used by 11,000,000, where as Monzo serves 5.
  • Wise vs Monzo Year Founded: Wise was established in 2011 and Monzo began its operations in 2015.
  • Wise vs Monzo Customer Rating: Wise holds a rating of 4, in contrast, Monzo has a rating of 3.
  • Wise vs Monzo Headquarters: Wise has its headquarters at London, UK, while Monzo is based at London, UK.
  • Wise vs Monzo Employee Count: Wise employs 2,243 individuals, where as Monzo has a team of 1,551.
  • Wise vs Monzo Estimated Annual Turnover: Wise turnover stands at 27000000, while Monzo boasts a turnover of 80000000.
  • Wise vs Monzo Founder: Wise was founded by Venkatesh Saha, holding the position of CEO. On the other hand, Monzo was the brainchild of Carol Kobuke Nelson, currently holding the position of CEO.
  • Wise vs Monzo Supported Languages: Wise offers support in over 1 languages. Monzo communicates in 1.

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Wise vs Monzo Alternatives Guides

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Screenshots

Wise Screenshot

Wise Screenshot

Monzo Screenshot

Wise Screenshot