Monzo vs Wise
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Author: April Summers
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With so many remittance providers in the world, it can be hard to choose the best one. You need to know where to go to send money overseas and make sure you don't miss out on a better deal.
We've analyzed two of the leading transfer providers on the market, Wise and Monzo, to find out which is better. Generally, it looks like Wise has the edge. Read on to find out why.
Both Monzo and Wise are UK-based financial services dedicated to breaking the mould in their respective fields, by providing innovative solutions for consumers around the world.
Monzo
Founded in 2015, Monzo is an app-based challenger bank which operates entirely online and is designed to be quicker and more convenient than traditional banking. Over the last six years, Monzo has been constantly developing their offerings, keeping up with the fast-paced evolution of the FinTech industry. As a result, the company has expanded into an FCA approved bank that boasts a wide range of UK accounts as well as loans and overdrafts.
Please share your experience with Monzo
Would you recommend Monzo?
Be the first to leave feedback for Monzo.
Wise
Wise, formerly known as Transferwise, was set up in 2011 to cater to customers who were tired of being charged high fees and unfavourable exchange rates whenever they sent money overseas. To solve this problem, founders Kristo Käärmann and Taavet Hinrikus decided to start their own business that would offer fast and fair cross-border money transfers to rival the extortionate cost of a traditional international bank transfer.
The company manages to stay ahead of the curve through their mid-market rates and guaranteed transparency of currency conversions and transfer fees. With bank accounts across the globe, Wise specialises in moving money seamlessly between international users, offering excellent rates for exotic currencies and serving over 10 million customers.
Please share your experience with Wise
Would you recommend Wise?
Russell Pinkes
I can’t send money to Belize
Katsiaryna
Once trying to open sire, was automatically blocked for no reason
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc. If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
Anonymous
cuba not work
Nina
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise's complaints department sent me a final letter stating that, according to their records, the funds were paid out. Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses: Quote from Wise's Terms: "Our Customer Agreement also explains our responsibility for losses in Section 29: 29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process. 29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control." Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised. I find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited. I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Shengjie Yin
good and perfect
Tristan
Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services. My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba. Despite explaining multiple times that: No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose), My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control, Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn't monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification. The Consequences: Wise left my business in chaos, disrupting essential transactions and client arrangements. Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering. The Bottom Line: Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences. Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business
Anonymous
I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!
Anonymous
There is a lot of advice on RECEIVING INHERITANCE in the UK from overseas but nothing on the rules for SENDING money gifts to grandchildren living OVERSEAS and the rules on Inheritance Tax in that case.
Anonymous
The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.
Anonymous
So far so good
Daniel
I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?
Bill Sanders
I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.
Ziggy Meilus
It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.
Anonymous
i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years
In 2018, Monzo teamed up with Wise to provide low-cost, easy to use international money transfers to their customers. We want to find out not only which brand is benefiting most from this partnership, but also who our customers should be trusting to transfer their hard-earned money abroad.
Wise vs Monzo comparison - Cost
The lower the fees, the more money reaches the payee; so it is very important to understand the full fee structure of any remittance service before sending funds overseas.
Cost
As Monzo's international money transfers are handled by Wise, both providers charge the same fees and rates.
The transfer options with Monzo include a low cost, advanced, or fast transfer.
Generally speaking, transfer fees do not amount to more than 0.35 – 0.65% of the transfer. For money transfers up to £500 or equivalent, Wise fees are reasonably low. However, keep in mind the higher the transfer amount, the higher the fees.
It is possible to review the transfer fees in full, using the Monzo app, before initiating payment.
Wise stays true to its word, by providing customers as close to the mid-market rate as possible, but this means the company relies on transfer fees to turn a profit.
These fees vary depending on the currency pairing. Additional charges include debit and credit card fees; these can range from 0.15% - 2% on top of the transfer amount.
Wise has a useful pricing tool which allows customers to calculate the transfer fees, ensuring total transparency, before initiating payment.
Speed - Monzo and Wise transfer at the same speed
Transfer speed can be the primary concern for many customers who are sending money online and it is an important factor to consider for any time sensitive transactions.
Both Monzo and Wise offer fast transfer speeds. As Monzo uses Wise for international transfers, their speed will usually be the same.
Domestic transfers sent from one Monzo account holder to another are instant. International transfers are sometimes instant, but can take up to three working days to arrive with the recipient.
Moving money between Wise accounts based in the same country can be processed instantly by either party. 70% of Wise transfers are completed in under 20 seconds. This does vary by individual needs and circumstances though, and not every customer can rely on achieving such fast speeds.
International money transfers sent from a bank account in one country to an account holder in another country are processed in three stages: receiving, converting and delivering. Quicker transfer speeds are available to those using a debit or credit card as payment, albeit with a higher fees attached.
Monzo vs Wise -Transfer limits
Both providers have the same transfer limit of $1,200,000, when sent by wire transfer. Limits are smaller for other payment methods, and depend on where you're sending the money.
Some countries set their own international transfer limits. Take a look at our article to find out more.
Wise vs Monzo - Product offering
Many service providers claim to cater to a global market and we want to identify exactly how many locations are covered by Monzo and Wise.
Wise customers are able to send and receive over 50 currencies, send to 60 countries and request money from over 30. Monzo, as it uses Wise for international transfers, covers the same number.
Both providers allow the following transfer types:
Fast and easy transfer: the quickest way to send money overseas, paid for using debit or credit card, or a digital wallet like Google Pay. Albeit fast, this option is the most expensive.
Low-cost transfer: this cost-effective option and is ideal for customers prioritizing price over speed. This type takes the longest, due to payment via bank transfer.
Advanced transfer: this type of international money transfer utilizes the SWIFT network, which typically incurs a fee.
The payment options available with Wise are:
Credit card
Debit card
ACH direct debit
Bank transfer
Ease of use
Wise is the easier provider to use, with its streamlined app and simple sign up process.
While both providers have a relatively simple user interface, Wise has the edge, allowing you to send money from a multi-currency account in just a few clicks. You can easily see how much money you have in your account and process transfers with ease.
The range of features available with Monzo, alongside their tiered membership programs, makes using their system slightly more complicated.
Safety and trust
Overall, Wise is the more trusted provider. This is mainly because they've been active since 2011, while Monzo was only launched in the US in 2019.
Both providers offer extensive in-app protections, including multi-factor authentication. They also boast the same level of fee transparency as they use the same transfer system.
Check your provider is regulated
You should only ever use regulated providers to transfer money. If a provider is not regulated, it’s likely to be a scam.
Remember: We will only ever recommend regulated financial institutions.
Customer feedback
Wise brings it home in customer feedback, with a greater reputation and more favorable reviews to match.
Over 60,000 Android users have rated the Monzo app 4.7 out of 5 stars, while iOS users have given the app 4.9 out of 5. This suggests the app is well designed and considered reliable by all who use it. Over on Trustpilot, Monzo has been awarded 4.5 out of 5 stars by more than 17,000 users.
Positive feedback accounts for 86% of the reviews, many of which reference the easy to use mobile interface, quick cross-border payments, helpful real-time notifications and spending insights.
Around 12% of the reviews are categorized as Bad or Poor and they include comments about account freezes and closures, blocked funds and unsatisfactory customer service.
The Wise platform is available via mobile app or website, enhancing the accessibility of their services. The app has been given a 4.8 out of 5 by iOS users and 4.5 out of 5 by Android customers. On Trustpilot Wise has been given 4.3 out of 5 which is an Excellent rating.
Positive customer reviews highlight the transparent fee structure, unmatched exchange rates, and trusted transfer process. Negative comments reference disappointment with recent price increases for certain currencies, unexplained deactivation or blocking and holding funds.
Elsewhere, Wise regularly knocks competitors off of the top spot and has been awarded a number of highly coveted titles by the money transfers community.
Monzo vs Wise - Key features
While they use the same transfer method, Monzo and Wise have different additional features that may be useful for you.
Wise has a multi-currency account
With a multi-currency account, you can store multiple currencies all in the same place. Wise gives you up to 11 local accounts, while Monzo doesn't give you access to multi-currency accounts. If you travel frequently or often deal in multiple currencies, Wise has the edge on Monzo.
*RON not available for new Wise customers; MYR and PHP LAD only for customers based on the respective county; TRY account details are available only for non- Turkish residents.
Both allow fee-free spending abroad with your debit card
Both Monzo and Wise give you a fee-free debit card which allows you to spend like a local wherever you go. Monzo offers the standard Mastercard exchange rate, while Wise offers you the mid-market rate, but will charge a fee if you don't have enough of the required currency in your account.
Business accounts
While both providers offer business accounts, Monzo only offers business accounts to UK customers, making Wise the better option overall.
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FAQs
Which is better, Monzo or Wise?
Overall, Wise is the better choice, but it is a close race. Monzo provides many of the same advantages as Wise, including competitive fees, an excellent user interface, choice of transfer methods, and FX rates that match the mid-market rate.
However, Wise edges out the win because they have a better reputation in the industry. They are considered the gold standard in the money transfer industry. In addition, their commitment to transparency ensures customers can compare different transfer methods to find one that matches their needs.
Is Monzo the same as Wise?
There are many similarities between Wise and Monzo, so on the surface, customers might assume they are the same service. However, there are minor differences that you should know about to ensure you pick the right company. Wise is great at offering a transparent service highlighting fees and FX rates at every step of the money transfer process.
You can also read the TrustPilot score of both companies to see what customers say about the brands. Getting the account of current customers allows you to differentiate between the quality of both services.
What is better than Wise?
Wise is one of the industry leaders, so few services offer a better deal. However, some companies have unique benefits that Wise does not provide. For example, VertoFX and TorFX offer better features for business customers. This includes customized transfers such as forward contracts and mass international payments.
Who is safer, Monzo or Wise?
Monzo and Wise are excellent choices if you want a safe money transfer service. They are regulated by the Financial Conduct Authority, which indicates that they have good financial practices.
Also, they have excellent TrustPilot scores. This is a strong indication that customers are overall happy with the quality of the service they are receiving. If there were red flags regarding security, then the TrustPilot scores would be significantly lower.
The official websites of Wise and Monzo use modern encryption technologies that prevent hackers from accessing your details. Also, the payment processor asks for extra validation steps during transactions. This might be 2-factor authentication or PIN.
How do I use Monzo for money transfers?
Start the money transfer process with Monzo by creating a new account. Click on the blue Sign Up button in the top right-hand corner. This allows you to fill out the fields that will enable the account to be created. Do not forget to verify the account by clicking on the link in the welcome email.
Once you have account details, log in and navigate to the money transfer section. Now choose the transfer method, the recipient, and look at the FX rate you are getting for the transfer. Once you have reviewed the details, click on the confirmation button. You will be updated with the transfer process through notification messages.
Do different money transfer companies offer different deals?
Yes, the range of offers across the money transfer industry is vast. Some offer FX rates that match the mid-market rate, while services like Wise provide fee-free balance transfers. You need to look at the unique benefits of each company to understand how they can service your needs.
Also, do not forget to look at the supplementary offers that money transfer companies provide to their customers.
TorFX vs Wise
If you do not have either one, here’s a quick overview of when it’s best to use TorFX or Wise:
Wise Business vs Sokin
Wise Business wins in our comparison against Sokin because the product is a bit more rounded. Sokin is a relatively newer player to the business multi-currency account market, so is still developing its product.
Payoneer vs Airwallex
Airwallex is our winner when comparing it with Payoneer. The company offers a well rounded platform which includes 12 local currency accounts. You can also customise expense management workflow.
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Wise Business vs Airwallex
Wise Business wins in our comparison against Airwallex. Wise pricing is a little better. But overall, both are a great option for businesses.
Zelle vs Venmo
Zelle and Venmo are popular payment providers for customers based in America. Both companies exclusively handles domestic money transfers, a deal-breaker for anyone hoping to send money overseas. If international money transfers are on the agenda, you will need to look elsewhere as both Zelle and Venmo handle US-only transactions. Find out How to Transfer Money Within the USA.
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