Updated September 29, 2026 · VaultCue Editorial Team
Monese vs Wise
Monese
Wise
Higher score in this comparison
Where Monese and Wise differ
| Compare | MoneseReviewSee alternativesSee alternatives | WiseReviewSee alternativesSee alternatives |
|---|---|---|
| Deposit protection | FSCS up to GBP 85,000 | EU DGS up to EUR 100,000 |
| Currency conversion fee | 3% | 0.24%Lower |
| Currencies | 3 | 40Higher |
| Local account details | IBAN, UK sort code | IBAN, UK sort code, Us ACHCovers more |
| Free ATM withdrawals | £0 | £250Higher |
| Transfer fee | GBP 1.29 per outgoing domestic transfer; real-time Monese-to-Monese transfers free | From 0.24%, varies by currency |
| Licence type | Not confirmed | Payment institution |
Same on both: Monthly fee (£0).
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Key differences
- Wise scores higher overall: 8.8 vs 8.7.
- Founded is lower at Wise: 2011 vs 2015.
- Wise is available in 4 more countries.
- Currency conversion fee is lower at Wise: 0.24% vs 3%.
- Currencies is higher at Wise: 40 vs 3.
- Local account details: only Wise offers Us ACH.
- Free ATM withdrawals is higher at Wise: £250 vs £0.
- Support channels: only Monese offers Chat, Email.
- Audience: only Monese offers Freelancer.
- Pricing model: only Monese offers Low FX.
Our verdict on each
Monese
Monese suits expats, frequent travellers and freelancers who want a digital everyday account with nothing to pay each month. Costs stay low with a monthly fee of £0, while the limits on 3 currencies and a 3% conversion charge keep it simple rather than cheap for heavy currency use.
Wise
Wise runs as a cash management account rather than a savings product, so it suits expats and travellers who need many currencies and no monthly charge, not people chasing the top rate. It scores 5.2 here, with a variable rate of 3.29% and a monthly fee of £0.
Score breakdown
| Area | Monese | Wise |
|---|---|---|
| Cost | 8.7A monthly fee of £0 and a £20 charge on outgoing domestic transfers, against a 3% conversion fee. | 9.1HigherA monthly fee of £0, a conversion fee of 0.24% and an exchange rate markup of 0% keep running costs low. |
| Offer | 9.1HigherLocal details in iban and uk sort code formats, Instant transfers and a 3 currency account for expats, travelers and freelancer. | 8.640 currencies, local details for iban, uk sort code and us ach and a variable rate of 3.29% on the balance. |
| Trust | 8.4 | 8.8Higher |
Where they rank in our lists
| Ranking | Monese | Wise |
|---|---|---|
| Money transfer services | 395 of 1564 | 373 of 1564 |
| Multi-currency accounts | 217 of 348 | 205 of 348 |
Licences and countries
| Country | Monese | Wise |
|---|---|---|
| Belgium | BE_NBB PSD_PI BE_NBB!0713629988 | |
| United Kingdom | ||
| Estonia | Not confirmed | |
| Ireland | Not confirmed |
Available in 30 countries for both. Additional countries for Monese: 1. Additional countries for Wise: 5.
Also worth a look
eToro has free atm withdrawals at £2,000 to £10,000, against £0 for Monese and £250 for Wise.
eToro reviewWhere these facts come from
Monese
- monese.com: 14 facts, checked September 26, 2026
Wise
- wise.com: 12 facts, checked September 26, 2026
- euclid.eba.europa.eu: 3 facts, checked September 26, 2026
Every fact side by side
| Fact | Monese | Wise |
|---|---|---|
| Audience | Expats, Travelers, FreelancerCovers more | Expats, Travelers |
| Pricing model | No monthly fee, Low FXCovers more | No monthly fee |
| Features | Joint account, Digital only, No credit check | Free ATM |
| Legal entity | Monese Ltd | Wise Europe SA |
| Headquarters | United Kingdom | Belgium |
| Founded | 2015 | 2011Lower |
| Support channels | Chat, Email, Help centreCovers more | Help centre |
Money transfer
| Fact | Monese | Wise |
|---|---|---|
| Exchange rate markup | 2% | 0%Lower |
| Delivery time | Instant | Not confirmed |
| Payout methods | Bank, Wallet | Bank, Card |
| Fee to send 1,000 | £20 | Not confirmed |
Where each stands against the rest
| Fact | Monese | Wise | Median |
|---|---|---|---|
| Monthly fee | £0at the median | £0at the median | £0 |
| Currency conversion fee | 3%highest quarter | 0.24%below the median | 0.5% |
| Currencies | 3below the median | 40highest quarter | 5 |
| Free ATM withdrawals | £0at the median | £250highest quarter | £0 |
Median across 536 listed accounts.
Pros and cons
Monese
Pros
- Personal accounts carry a monthly fee of £0
- Outgoing domestic transfers cost £20 and transfers between Monese accounts are free
- Transfers land in Instant
Cons
- Converting money costs 3% on top of a 2% exchange rate margin
- A fee of £20 applies to outgoing domestic transfers
- Support runs on chat, email and help centre only, with no phone line listed
Wise
Pros
- No recurring charge: the monthly fee is £0, matching the €0 site median while some accounts charge as much as €449.
- Conversion is cheap: a fee of 0.24% and an exchange rate markup of 0%, against a 0.5% site median conversion fee.
- Instant access on a floating return: money and gains come out without delay, and the variable rate stands at 3.29%.
Cons
- Support is self-service: help centre is the only channel listed, so there is no phone line or live chat listed for a stuck transfer.
- The rate is variable, so the 3.29% headline can fall, and the brand ranks 220 of 473 on headline rate.
- Moving money is not free: transfer fees are From 0.24%, varies by currency and converting adds 0.24% each time a currency changes.
Who each suits
Monese
Who it suits
- Expats and freelancers who send money across borders and are paid in expats, travelers and freelancer setups
- Travellers who want local account details in iban and uk sort code formats
- Anyone who wants a joint account opened with no credit check, since the account is digital only
Who should look elsewhere
- Skrill if you need a much wider range of currencies than 3
- PayPal Colombia if you want a wallet for online payments rather than local account details
- Plazo ES if you would rather reach support by phone than on chat, email and help centre
Wise
Who it suits
- Expatriates and travellers who hold money in more than one currency: the account is built for expats and travelers and covers 40 currencies.
- Anyone who wants a place to park cash without a recurring charge, since the monthly fee is £0.
- People who need money to arrive in local formats, since local account details are offered for iban, uk sort code and us ach.
Who should look elsewhere
- Plazo ES or AXI Card Tarjeta y Credito, whose headline rates of 24.19% and 21.59% are the ones to look at when the rate on the balance matters more than currency cover.
- PayPal Colombia, whose headline rate of 3.3% is close to 3.29%, so a saver gives up little on yield and gains nothing on the 40 currency range.
Current offers
Monese
Current offer
Bonus
Free contactless debit card with a GBP 100 first deposit: Card delivery free (otherwise GBP 4.95) with a GBP 100 first deposit
First physical contactless Monese debit card; otherwise GBP 4.95 delivery fee; available on all plans
Source, checked September 26, 2026
Country by country
| Country | Monese | Wise |
|---|---|---|
| Australia | No | Yes |
| Brazil | No | Yes |
| Liechtenstein | Yes | No |
| New Zealand | No | Yes |
| Singapore | No | Yes |
| Switzerland | No | Yes |
| Austria | Yes | Yes |
| Belgium | Yes | Yes |
8 of 36 countries where either is available.
Questions about each
Monese
Does Monese charge a monthly fee?+
The personal account carries a monthly fee of £0, which is the cheapest end of the accounts compared here. Plazo ES and Skrill also sit on €0 and €0, so you can compare like for like. Nothing is deducted from the balance each month for keeping the account open.
What does it cost to send money out?+
Each outgoing domestic transfer costs £20. Real time transfers from one Monese account to another are free, and the money arrives in Instant. For sending abroad, the cost comes from the 3% conversion charge rather than a transfer fee.
Wise
What rate does Wise pay on money held in the account?+
The headline rate is 3.29% and it is a variable rate, so the figure can move rather than being set for a term. Interest is credited to the balance and the money plus the gains stay available, which suits someone who wants a return without tying funds away.
Is there a monthly fee for keeping money with Wise?+
The monthly fee is £0, and the account is built on a no monthly fee model, so there is no recurring charge to maintain it. The site median monthly fee is €0 while some accounts charge as much as €449, so this sits at the cheap end of the range.
Other options to compare
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Monese
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