Updated September 28, 2026 · VaultCue Editorial Team
Monzo vs Wise
Monzo
Higher score in this comparison
Wise
Monzo vs Wise: the differences
| Compare | MonzoReviewVisitVisit | WiseReviewSee alternativesSee alternatives |
|---|---|---|
| Deposit protection | FSCS up to GBP 85,000 | EU DGS up to EUR 100,000 |
| Currencies | 38 | 40Higher |
| Free ATM withdrawals | £200 | £250Higher |
| Transfer fee | 0 for UK transfers and foreign-currency card spend; international transfer up to GBP 9 fixed plus 0-1.80% | From 0.24%, varies by currency |
| Licence type | Not confirmed | Payment institution |
| Currency conversion fee | Not confirmed | 0.24% |
| Local account details | Not confirmed | IBAN, UK sort code, Us ACH |
Same on both: Monthly fee (£0).
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Key differences
- Monzo scores higher overall: 8.9 vs 8.8.
- Founded is lower at Wise: 2011 vs 2015.
- Wise is licensed in 2 more countries.
- Wise is available in 34 more countries.
- Currencies is higher at Wise: 40 vs 38.
- Free ATM withdrawals is higher at Wise: £250 vs £200.
- Audience: only Monzo offers Business, Teen.
- Audience: only Wise offers Expats, Travelers.
- Features: only Monzo offers Joint account.
- Features: only Wise offers Free ATM.
Our verdict on each
Monzo
Monzo suits UK residents who want a fee-free current account, a linked instant-access savings pot and card spending abroad without a markup. The current account runs a monthly fee of £0, savings pay 2.75% to 3.5% variable, and deposits are covered by the FSCS: FSCS up to GBP 85,000.
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 | Monzo | Wise |
|---|---|---|
| Cost | 9.3HigherCurrent account monthly fee of £0 and a 0% exchange rate markup on foreign-currency card spend. | 9.1A monthly fee of £0, a conversion fee of 0.24% and an exchange rate markup of 0% keep running costs low. |
| Offer | 9.2HigherInstant-access savings paying 2.75% to 3.5% variable, instant withdrawals, a joint account, 38 currencies and a free cash machine allowance. | 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 |
Availability and regulation
| Country | Monzo | Wise |
|---|---|---|
| United Kingdom | Financial Conduct Authority 730427 | |
| Belgium | Not confirmed | BE_NBB PSD_PI BE_NBB!0713629988 |
| Estonia | Not confirmed |
Available in 1 country for both. Additional countries for Wise: 34.
Which one suits you
Pick Monzo if offer matter most.
Pick Wise if trust, currencies, and free atm withdrawals matter most.
Spending 1,000 abroad
Monzo
0
0% of 1,000
Wise
0
0% of 1,000
Both come to the same total.
Worked out from the stated prices and rates; your own total depends on how you use it. Facts checked September 26, 2026.
If neither fits
eToro has free atm withdrawals at £2,000 to £10,000, against £200 for Monzo and £250 for Wise.
eToro reviewWhere these facts come from
Monzo
- monzo.com: 11 facts, checked September 26, 2026
- en.wikipedia.org: 1 fact, checked September 26, 2026
Wise
- wise.com: 12 facts, checked September 26, 2026
- euclid.eba.europa.eu: 3 facts, checked September 26, 2026
How they place
| Ranking | Monzo | Wise |
|---|---|---|
| Savings accounts | 29 of 1420 | 494 of 1420 |
| Money transfer services | 15 of 1564 | 373 of 1564 |
Every fact side by side
| Fact | Monzo | Wise |
|---|---|---|
| Audience | Business, Teen | Expats, Travelers |
| Pricing model | No monthly fee | No monthly fee |
| Features | Joint account | Free ATM |
| Legal entity | Monzo Bank Limited | Wise Europe SA |
| Headquarters | United Kingdom | Belgium |
| Founded | 2015 | 2011Lower |
| Support channels | Help centre | Help centre |
Savings
| Fact | Monzo | Wise |
|---|---|---|
| Headline rate | 2.75% to 3.5%Higher | 3.29% |
| Rate type | Variable | Variable |
| Minimum deposit | £0 | Not confirmed |
| Access terms | Instant withdrawals any time, no limits, interest paid monthly, up to 20 Savings Pots, Monzo current account required, aged 16+ | Instant access to money and gains; transfer up to 100,000 GBP (Personal) daily without delay |
| Account kind | Easy access | Cash management |
Money transfer
| Fact | Monzo | Wise |
|---|---|---|
| Exchange rate markup | 0% | 0% |
| Delivery time | Same day for 95% of customers, average 1 day | Not confirmed |
| Payout methods | Bank, Card | Bank, Card |
| Fee to send 1,000 | £0 to £9 | Not confirmed |
Where each stands against the rest
| Fact | Monzo | Wise | Median |
|---|---|---|---|
| Monthly fee | £0at the median | £0at the median | £0 |
| Currency conversion fee | Not confirmed | 0.24%below the median | 0.5% |
| Currencies | 38highest quarter | 40highest quarter | 5 |
| Free ATM withdrawals | £200above the median | £250highest quarter | £0 |
Median across 536 listed accounts.
Pros and cons
Monzo
Pros
- No monthly fee on the current account: £0
- No exchange rate markup on foreign-currency card spend: 0%
- Savings pay a variable rate of 2.75% to 3.5% with instant withdrawals and interest paid monthly
Cons
- Support runs on help centre only
- Savings need a Monzo current account first, and the pot sits in an easy access product
- International transfers charge £0 to £9 plus a percentage, unlike UK transfers and foreign-currency card spend, which cost nothing
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
Monzo
Who it suits
- UK adults and teens who want everyday spending with no monthly cost
- Savers who want instant access to their money without a notice period
- Travellers who spend abroad often, given the 0% markup and 38 currencies
Who should look elsewhere
- Anyone chasing a fixed-term rate, since the savings rate is variable and money comes out instantly
- People who want phone or email help, because support runs on help centre only
- Shoppers who only need a wallet for online payments can look at PayPal Colombia instead, where the monthly fee is $0
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
Monzo
Current offer
Free trial
3 month free trial of YouTube Premium Lite included with the Max plan: 3 months free YouTube Premium Lite
Max plan subscribers, aged 18-69, 3 month minimum term, UK residents, Ts&Cs apply
Source, checked September 26, 2026
Country by country
| Country | Monzo | Wise |
|---|---|---|
| Australia | No | Yes |
| Austria | No | Yes |
| Belgium | No | Yes |
| Brazil | No | Yes |
| Bulgaria | No | Yes |
| Croatia | No | Yes |
| Cyprus | No | Yes |
| Czechia | No | Yes |
8 of 35 countries where either is available.
Questions about each
Monzo
What does Monzo charge each month?+
The current account has a monthly fee of £0, and the pricing model it runs on is no monthly fee. The savings side carries no monthly charge either, with a minimum deposit of £0. The legal entity behind both is Monzo Bank Limited.
Is my money protected?+
Deposits are covered by the FSCS: FSCS up to GBP 85,000. In the UK the account is regulated by the Financial Conduct Authority and the Prudential Regulation Authority, so it is a bank rather than an e-money wallet. The legal entity is Monzo Bank Limited, based in the United Kingdom.
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.
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Related by the facts
Monzo
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