Monese vs Wise: full comparative guide

If you’re looking for an easy online account to hold and manage your money, you may have heard of both Monese¹ and Wise².

Monese launched in 2015 in the UK, and is a mobile app alternative to a bank account.

Wise (originally Wise) has been around since 2011, and also offers online and in-app accounts, as well as low cost international payments which use the real mid-market exchange rate.

This full Monese vs Wise guide covers everything there is to know about both providers, to help you pick which is best for you.

Monese vs Wise Account

We’ll move into a detailed look at Wise vs Monese on some key features next — first let’s get an overview.

Wise	Monese
Accounts available in most countries around the world Multi-currency accounts to hold 50+ currencies Local account details for up to 10 currencies Send payments to 80+ countries Linked debit card for international spending and withdrawals Mid-market exchange rate Business services offered	Accounts available for European residents only Fee free standard plans, and fee paying premium accounts  Hold and receive payments in GBP, EUR and RON, depending on your residency Send payments in 19 currencies Exchange rates vary by account plan Credit building account, and interest bearing account options Business services offered

Availability: who can get an account?

First, the most important question — can you get an account with either Monese or Wise? The answer to this will depend on where you live — here’s what you need to know.

Monese

Monese is a UK based company, which currently offers accounts to residents in the UK and most European countries³.

You can’t open a Monese account if you’re a US resident — but if you’re a US citizen living in Europe, this may be a good match for your needs.

Wise

Wise is available in most countries around the world, excluding a short list of locations where you can’t open or use an account⁴.

You can open a Wise account if you’re a US resident — or indeed if you’re a US citizen living in most European countries.

Costs and fees

Digital accounts, which are often offered primarily through a provider app, can come with much lower fees than using a traditional bank account.

However, the fees you’ll pay do vary quite widely between providers, which means it’s well worth comparing a few to see which might suit you best. Here’s a look at the key costs and fees involved with opening and operating an account: Wise vs Monese.

Monese

As we mentioned, Monese isn’t available in the US at the moment. To look at the costs of a Monese account we’ll take the fees in British pounds, and show both the GBP charge, and the approximate USD cost you need to know about.

The final fee you’ll pay in USD will vary based on the live exchange rate, so you’ll want to compare the costs yourself before you choose an account.

Monese fees may vary based on your location — check account terms and conditions for your region carefully.

Service	Fee⁵
Open account	No fee
Account maintenance fees	Starter account — no fee Classic account — 5.95 GBP/month (about 6.80 USD) Premium account — 14.95 GBP/month (about 17 USD)
International transfers	Starter account — 2.5% fee + 1% at weekends Classic account — from 0.5% Premium account — No fee
Get a linked debit card	No fee
Foreign transaction fee for card spending	Starter account — 2% fee  Classic account — No fee Premium account — No fee
ATM withdrawals	Starter account — 1.5 GBP fee per withdrawal (about 1.7 USD) Classic account — 500 GBP/month fee free (about 570 USD)  Premium account — 1,500 GBP/month fee free (about 1,700 USD)
Add funds to your account in cash	Starter account — 3.5% fee Classic account — 400 GBP/month fee free (about 455 USD)  Premium account — 1,000 GBP/month fee free (about 1,140 USD)

Wise

Service	Fee
Open account	No fee for personal accounts
Account maintenance fees	No fee
International transfers	From 0.41% currency exchange + low transfer fees based on destination and payment method
Get a linked debit card	9 USD
Foreign transaction fee for card spending	No fee to spend currencies you hold Currency conversion from 0.41%
ATM withdrawals	2 withdrawals, up to 100 USD/month free 1.5 USD + 2% after that
Add funds to your account in cash	Not available

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

What features are offered?

While Wise and Monese do both offer online and in-app multi-currency account services, they’re quite different, with each provider having its own focus and set of features.

Let’s move on in the Monese vs Transferwise debate and see how the features on offer from each match up.

Feature	Monese	Wise
Local account details available	GBP, EUR and RON	USD, GBP, EUR, RON, PLN, AUD, NZD, SGD, HUF, TRY, CAD
Currencies available to hold and exchange	GBP, EUR and RON	50+ currencies, based on your location
Add funds methods	Cash, card or bank transfer⁶	Apple Pay, card or bank transfer
Debit card	Physical and virtual cards available	Physical and virtual cards available
International transfers	Available in 19 currencies	Available in 50+ currencies, based on your location
Recurring payments and direct debits	Available	Available
Earn interest	Access savings products through Monese hub	Not available
Complimentary insurance	Based on plan type	Not available
Multi-lingual support	Available — priority given to Premium account holders	Available
Business services	Available	Available

Safety and security

No matter how you intend to use your account, you’ll want to know your money is safe. Here’s how both Wise and Monese protect customers and their money.

Monese

Monese is a UK based company, and is regulated by the FCA there⁷. Monese also offers services in partnership with an organization called PPS which is overseen by the National Bank of Belgium (NBB), to cover its EU operations.

Wise

In the US, Wise is registered with FinCEN and holds its own license to do business in most states⁸. In other states, Wise offers services through Community Federal Savings Bank. Wise is also regulated by authorities around the globe.

Getting a debit card

Both Monese and Wise offer a linked debit card — but which is better? Here’s what you should know.

Monese

Monese offers free debit cards to all account holders. The exact card you get depends on the account plan you pick:

• Standard plan: standard card
• Classic plan: holographic card
• Premium plan: premium card

There may be a fee to pay when you make withdrawals from an ATM, based on the account type you select:

• Starter account: 1.5 GBP fee per withdrawal (about 1.7 USD)
• Classic account: 500 GBP/month fee free (about 570 USD)
• Premium account: 1,500 GBP/month fee free (about 1,700 USD)

Foreign transaction fees for international card spending vary based on the plan you hold:

• Starter account: 2% fee
• Classic account: No fee
• Premium account: No fee

Wise

There’s a 9 USD one time fee to get a Wise debit card.

You can use your card in 174 countries — if you’re based in the US, you’ll also be able to make international cash withdrawals, subject to the following fees:

• 2 withdrawals, up to 100 USD/month free
• 1.5 USD + 2% after that

There’s no foreign transaction fee to pay when you use your Wise card to spend currencies you hold in your account.

If you need to switch between currencies within the Wise account you can do that from 0.41% — or you can just leave the card’s auto convert feature to do it for you, with the lowest possible fee every time¹⁰.

Which currencies are available?

	Monese	Wise
Sending/Receiving	Depending on where you are, you can send in 19 currencies	Receive payments with local bank details for up to 10 major currencies Send in 50+ currencies
Receiving	3 currencies (GBP, EUR, RON)	11 currencies (USD, GBP, EUR, RON, PLN, AUD, NZD, SGD, HUF, TRY, CAD)
Holding	Accounts are offered in GBP, EUR and RON Which currencies are available depends on where you live	Hold 50+ currencies

Getting help

Hopefully nothing will go wrong with your account — and both Monese and Wise offer an easy self service experience through their apps, which makes it simple to manage your money on the go. However, it’s also good to know how to get help if you ever need it.

Monese

Monese has multi-lingual support for customers, with priority support on offer for Premium account holders. Get help with in-app chat or by sending an email⁹.

Wise

The easiest way to get account support is to log in online or in the app, where you’ll find your full range of contact and support options. You may want to start an in-app chat for example, or send an email, depending on the specific issue. Support is offered in 15 languages.

Monese vs Wise: which is the right option for you?

We’re drawing to the end of our Wise vs Monese showdown — so which wins for you? If you’re still not sure, check out this summary of key pros and cons to help you decide.

	Wise	Monese
✅ Pros	Available in most countries, including the US Hold 50+ currencies No ongoing account fees Low cost international transfers and international card spending Mid-market exchange rate currency conversion	Get a broad range of banking services Choose the account plan that suits your needs, from free options to fee-paying Manage your money in the Monese app Debit cards are free to get Credit building and interest earning account options
❌ Cons	No cash top up options One off fee applies to get a debit card No credit, insurance or interest earning account options	Not available to US residents Standard plan holders have limited access to fee free services

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Whether Monese or Wise is best for you might come down to where in the world you are, and how you expect to use your account. Both providers offer convenient, safe and easy ways to manage your money on the go, with handy apps and linked debit card options.

Monese isn’t available if you’re in the US — but can be a good bet if you’re in Europe and need an account with low or no monthly fees to hold GBP or EUR, and access some extra banking and insurance services. If you’re US based, or if you travel more widely, Wise may suit you better, with a more flexible account that covers 50+ currencies and can be opened from most countries around the world.

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Sources:

1. Monese
2. Wise
3. Monese - Available countries
4. Wise - Supported countries
5. Monese - Pricing
6. Monese - Add money
7. Monese - Regulation
8. Wise - Regulation
9. Monese - Contact
10. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Sources checked on 09.25.2022