Updated September 28, 2026 · VaultCue Editorial Team
MoMo vs Up
MoMo
Up
Higher score in this comparison
What sets them apart
| Compare | MoMoReviewSee alternativesSee alternatives | UpReviewSee alternativesSee alternatives |
|---|---|---|
| Monthly fee | ₫0 | A$0 |
| Currency conversion fee | 2% | 0%Lower |
| Free ATM withdrawals | ₫30,000,000 | A$0 |
| Transfer fee | Bank cash-out free up to 30,000,000 VND per month, then 0.5% of transaction value; 1% of transaction value once the monthly total exceeds 100,000,000 VND | Free for domestic Pay Anyone transfers, BPAY and direct debits; international transfers sent via Wise |
| Currencies | 1 | Not confirmed |
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Key differences
- Up scores higher overall: 9.4 vs 8.8.
- Currency conversion fee is lower at Up: 0% vs 2%.
- Audience: only MoMo offers Teen, Student, Business.
- Audience: only Up offers Travelers.
- Pricing model: only Up offers Low FX.
- Features: only MoMo offers Digital only.
- Features: only Up offers Free ATM, Joint account.
Our verdict on each
MoMo
MoMo is a digital wallet for people living in Vietnam who want everyday payments handled from a phone rather than a branch. It charges a monthly fee of VND 0 and holds a State Bank of Vietnam licence, and it covers 1 currency, which points to a local account.
Up
Up suits anyone who wants an everyday Australian account that charges no monthly fee and no currency conversion fee. The monthly fee is AUD 0, the currency conversion fee is 0%, and the account is provided by Bendigo and Adelaide Bank Limited, with a variable rate on balances.
Score breakdown
| Area | MoMo | Up |
|---|---|---|
| Cost | 8.6The monthly fee is VND 0 and the transfer fee is VND 0, but conversion at 2% sits above the site median of 0.5%. | 9.4HigherCash withdrawals are free within the allowance of AUD 0 and the minimum deposit is AUD 0, so running costs stay low. |
| Offer | 9.0 | 9.2HigherBuilt for travelers, with help on chat, phone and email and an Australian Credit Licence, 237879. |
| Trust | 8.8 | Not confirmed |
Spending 1,000 abroad
MoMo
20
2% of 1,000
Up
0
0% of 1,000
Up comes out 20 lower in this example.
Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
Where each is licensed and available
| Country | MoMo | Up |
|---|---|---|
| Australia | Not confirmed | Australian Credit Licence 237879 |
| Vietnam | State Bank of Vietnam (Ngan hang Nha nuoc) 16/GP-NHNN | Not confirmed |
Additional countries for MoMo: 1. Additional countries for Up: 1.
Where these facts come from
MoMo
- momo.vn: 12 facts, checked September 26, 2026
Up
- up.com.au: 10 facts, checked September 26, 2026
Every fact side by side
| Fact | MoMo | Up |
|---|---|---|
| Audience | Teen, Student, Business | Travelers |
| Pricing model | No monthly fee | No monthly fee, Low FXCovers more |
| Features | Digital only | Free ATM, Joint account |
| Legal entity | Mobile Services Joint Stock Company (M_Service JSC) | Bendigo and Adelaide Bank Limited |
| Headquarters | Vietnam | Australia |
| Founded | 2007 | Not confirmed |
| Support channels | Phone, Email, Help centre, Chat | Chat, Phone, Email, Help centre |
Money transfer
| Fact | MoMo | Up |
|---|---|---|
| Delivery time | Instant | Not confirmed |
| Payout methods | Bank, Cash pickup, Wallet | Not confirmed |
| Fee to send 1,000 | ₫0 | Not confirmed |
Savings
| Fact | MoMo | Up |
|---|---|---|
| Rate type | Not confirmed | Variable |
| Minimum deposit | Not confirmed | A$0 |
| Access terms | Not confirmed | On-demand easy access via the Up app; interest activates after 5 eligible card purchases in a month, no deposit required |
| Account kind | Not confirmed | Easy access |
Where each stands against the rest
| Fact | MoMo | Up | Median |
|---|---|---|---|
| Currency conversion fee | 2%above the median | 0%below the median | 0.5% |
| Currencies | 1lowest quarter | Not confirmed | 5 |
Median across 536 listed accounts.
Pros and cons
MoMo
Pros
- No monthly charge, listed at VND 0 for the everyday account
- Transfers land Instant, so payments and payouts clear quickly
- Cash-out reaches banks, pick-up points and wallets through bank, cash pickup and wallet
Cons
- Currency conversion costs 2%, above the site median of 0.5%
- Only 1 currency is covered, against a site median of 5
- The account is digital only, so there is no branch to visit
Up
Pros
- No monthly charge on the everyday account: AUD 0.
- No currency conversion fee: 0%.
- Joint accounts and free cash machine withdrawals are both on the free atm and joint account list.
Cons
- Interest activates only after a set number of eligible card purchases in a month, so a balance must see card spending first.
- The account kind is easy access with a variable rate, so a fixed-rate term is not part of the deal.
Who each suits
MoMo
Who it suits
- Teenagers and students who pay and receive money by phone
- Small businesses in Vietnam taking daily payments from customers
- Anyone who wants money to move instantly inside the country
Who should look elsewhere
- Skrill or Plazo ES, euro wallets at a €0 monthly fee for another market
- PayPal Colombia, whose cross-border reach suits international payments more than local ones
- Anyone who wants a branch to visit, since the account is digital only
Up
Who it suits
- People in Australia who want a current account with AUD 0 a month and 0% on currency conversion.
- The travellers Up is aimed at, since its listed audience is travelers.
- Pairs who want to share one account, as a joint account appears under free atm and joint account.
Who should look elsewhere
- Readers who want a euro account rather than an Australian one, since €0 a month at XTB and €0 at AXI Card Tarjeta y Credito sit outside Up's Australian base.
- Anyone focused mainly on moving money rather than holding a bank balance, where Skrill charges €0 a month.
Current offers
MoMo
Current offer
Up
Current offer
Bonus
Sign up & SCORE $10 with code UPYEAH10: $10 AUD
Code must be used at sign-up via the Up app; offer only applies to individuals opening a new Up Everyday Account
Source, checked September 26, 2026
Country by country
| Country | MoMo | Up |
|---|---|---|
| Australia | No | Yes |
| Vietnam | Yes | No |
Questions about each
MoMo
Does MoMo charge a monthly fee?+
No. The monthly fee is VND 0, and the service runs on a no-monthly-fee model. The transfer fee is also listed at VND 0, with charges applying only once cash-out allowances are passed. The free tier is what most everyday users rely on.
What does it cost to change currency?+
Currency conversion costs 2%. That is above the 0.5% median across the brands on the site, and MoMo sits at 214 of 312 on this measure, so conversion is the weak point of an otherwise free service.
Up
What does it cost to hold an Up account?+
Up charges a monthly fee of AUD 0 on the everyday account, and the currency conversion fee is 0%. The minimum deposit is AUD 0. Domestic Pay Anyone transfers, BPAY and direct debits are free, while international transfers are sent through Wise.
Who provides the account and what licence is behind it?+
The account comes from Bendigo and Adelaide Bank Limited, Bendigo and Adelaide Bank Limited, which is based in Australia, AU. Up also holds an Australian Credit Licence, 237879, and an Australian Financial Services Licence in Australia.