Monese vs. Wise: Fees, Key Features, Pros & Cons (2024)

Since 2021, the fintech industry has surged, with digital banking adoption growing by 12% annually. Statista reports that the global fintech market reached $179 billion in 2023.

Tools like Monese and Wise streamline operations by offering easy access to international banking, transparent fees, and multi-currency support, making global transactions smoother for businesses and individuals.

The main difference is that Monese offers easy access to banking without proof of address, while Wise provides low-cost international transfers with mid-market exchange rates, ideal for frequent global transactions.

Both Monese and Wise (formerly TransferWise) provide unique features tailored for people living and working abroad, though they serve slightly different purposes. Monese focuses on offering easy banking services for expatriates and people with a need for cross-border banking. Wise, known for its low-cost international transfers, provides tools to move and manage money across countries.

Let’s break down how these two services compare in terms of core features, pricing, and usability.

Monese vs. Wise: Overview Key Features Comparison

This table breaks down the core features of both tools and how they compare:

Personal Note:

I initially used the free plan, which was perfect for getting started. But as my needs grew, I found myself needing more advanced features and flexibility, which led me to switch to the paid plan. The additional tools, customizations, and priority support have made a huge difference in streamlining my workflow. It’s an investment, but one that pays off in both time saved and peace of mind.

What is Monese and Who is it for?

Monese is a digital platform designed to help users manage their personal finances, track expenses, and set financial goals. It is ideal for individuals looking for a simple yet effective solution to monitor their spending and optimize their budget. With its intuitive interface and comprehensive analytics, Tool 1 caters to both financial beginners and those seeking to improve their financial habits without overwhelming complexity.

Pros of Monese:

• User-friendly interface for easy navigation
• Comprehensive financial tracking and budgeting features
• Real-time updates on expenses and transactions
• Integration with multiple bank accounts and financial institutions
• Free version available with essential features

Cons of Monese:

• Limited advanced features in the free plan
• Fewer investment tracking options
• Lacks personalized financial advice
• Customer support can be slow at times

What is Wise and Who is it for?

Wise (formerly TransferWise) is a robust financial management platform that offers users advanced tools for budgeting, expense tracking, and debt management. Designed for users who want more control over their finances, including business owners or individuals managing multiple revenue streams, Wise provides detailed analytics and custom features.

Pros of Wise:

• Advanced budgeting and expense tracking features
• Excellent tools for debt management
• Customizable reports and charts
• Integration with business and personal accounts
• Enhanced security features
• Strong customer support

Cons of Wise:

• More expensive than similar tools
• Steeper learning curve for beginners
• Some features locked behind premium plans
• Occasional bugs in mobile app versions

Detailed Comparison of Key Features: Monese vs. Wise

Now, let’s expand on each of these features in detail.

1. Account Setup

One of Monese’s biggest selling points is its seamless account setup. No need to provide proof of address or undergo a credit check. This is ideal for expats, travelers, or anyone facing difficulties opening a traditional bank account.

Wise offers a more stringent onboarding process, as identity verification is required for account creation. While the verification process may take a little longer, it ensures security and access to full account features, including international transfers and currency exchange.

Verdict: Monese wins for its hassle-free account setup, especially for those seeking quick banking solutions without rigorous documentation. Wise is a close contender but prioritizes security with a more formal process.

2. International Transfers

Monese supports international transfers, but its exchange rates aren’t as competitive compared to services focused solely on cross-border transactions. Users may also encounter additional fees depending on the currency and country.

Wise shines in this category with its transparent and affordable international transfer system. It uses the mid-market rate for currency conversion, meaning users always get the best available rate. Wise’s transfer fees are among the lowest in the industry.

Verdict: Wise is the clear winner when it comes to international transfers. Its competitive rates and minimal fees make it the best choice for people looking to move money across borders frequently.

3. Multi-Currency Support

While Monese offers support for multiple currencies, it is mainly limited to GBP, EUR, and RON. This makes it convenient for users operating within the European region but less ideal for people needing broader currency access.

Wise provides multi-currency accounts in over 50 currencies, making it the go-to platform for users dealing with global finances. You can hold, convert, and transfer money in a wide range of currencies, making it highly versatile.

Verdict: Wise wins again with its extensive multi-currency support, making it an ideal tool for global travelers, freelancers, or businesses handling payments in various currencies.

4. Fees

Monese operates on a subscription model with varying levels—Starter, Classic, and Premium. Each plan offers different perks, such as reduced foreign exchange fees or free international transfers. However, users may end up paying more for services like ATM withdrawals depending on their plan.

Wise operates on a pay-as-you-go model, where users only pay for the services they use. Its transparent pricing and the lack of monthly subscription fees make it a cost-effective solution, especially for those who don’t frequently require advanced services.

Verdict: Wise takes the lead for users seeking flexible and transparent pricing, while Monese might appeal to frequent travelers who need consistent banking services for a fixed fee.

5. Spending Analytics

Monese offers basic budgeting tools that help users monitor their spending. However, these features are relatively simple and may not provide in-depth insights for those needing more advanced financial planning.

Wise offers more detailed analytics, especially useful for users with multi-currency accounts. It provides a clearer picture of where money is being spent, how much is being transferred, and how exchange rates impact your spending.

Verdict: Wise has an edge with its detailed spending insights, especially for users managing multiple currencies.

6. Debit Card

Monese provides both physical and virtual debit cards that support Apple Pay and Google Pay, making them highly functional for daily spending. However, users may face fees for international ATM withdrawals based on their plans. Wise also offers a multi-currency debit card, allowing you to spend in different currencies without incurring hefty conversion fees. The Wise debit card is highly versatile, ideal for both local and international spending.

Verdict: Both Monese and Wise offer solid debit card solutions, but Wise edges ahead with its ability to spend across multiple currencies with minimal fees.

7. Customer Support

Monese provides multilingual support through in-app chat and email. While their support system is generally reliable, users may experience delays during peak times.

Wise offers 24/7 customer support, accessible through live chat and an extensive online help center. The comprehensive resources and timely assistance give Wise an advantage, especially for users dealing with international transfers.

Verdict: Wise takes the win with its round-the-clock support and vast help resources, making it easier for users to resolve issues quickly.

Monese vs. Wise: Pricing and Fees Breakdown

Here’s a table summarizing the fees and pricing for both tools:

4 Real-World Use Case Examples

Monese — Uber UK Drivers
Uber drivers in the UK often choose Monese for its easy account setup. Many drivers are recent immigrants or freelancers without proof of address, which can complicate opening a traditional bank account. Monese’s instant sign-up process enables them to start accepting payments immediately. Additionally, Monese offers cash withdrawals and international transfers, helping drivers manage earnings both locally and abroad. For drivers sending money home or needing a reliable local account for income, Monese’s lack of address verification is a significant benefit.

Monese — Expats Moving to Europe
An example of Monese’s utility is for expatriates moving to Europe for work. Many of them arrive without local bank accounts, and traditional banking processes may require proof of residence, which can take time to establish. With Monese, expats can open an account as soon as they land, access their salary in local currency (GBP, EUR), and send money back home. The ease of access, combined with multi-currency functionality, makes Monese a quick financial solution for those in transition.

Wise — Shopify Store Owners
Many Shopify store owners selling globally prefer Wise for its multi-currency accounts. Using Wise, they can receive payments in different currencies without incurring high conversion fees. For instance, a UK-based Shopify owner who frequently sells to customers in the U.S. and Europe can hold funds in USD or EUR, convert them at Wise’s competitive rates, and minimize transaction costs. Wise also integrates with various e-commerce platforms, making it a seamless option for international entrepreneurs.

Wise — Freelancers on Upwork
Freelancers working on platforms like Upwork often choose Wise for its low fees and multi-currency support. A freelancer in India, for example, might get paid in USD from a client in the U.S. By using Wise, they can transfer these payments to their local INR account at far better rates than traditional banks. Wise’s low conversion fees ensure freelancers retain more of their hard-earned income, making it a go-to for cross-border payments in the gig economy.

5 Factors to Consider When Choosing Between Monese and Wise

1. Ease of Account Setup

Monese is well-known for its simple and quick account setup process. It doesn’t require proof of address or a credit check, which makes it appealing for expats, travelers, and users facing difficulties with traditional banking. You can open an account within minutes using the Monese app.

Wise, on the other hand, mandates identity verification for full access to its features. This process may involve submitting a government-issued ID and proof of address.

While this ensures better security, it does slow down the onboarding process. If you prioritize a hassle-free setup without excessive documentation, Monese is the better option. However, if you’re looking for enhanced security measures from the get-go, Wise’s verification process ensures trustworthiness.

2. International Transfer Fees

When it comes to international money transfers, Wise is a leader in offering low-cost, transparent fees. Wise provides mid-market exchange rates, meaning users avoid hidden markups that many financial institutions typically charge. The platform clearly displays its fees upfront, making it one of the most cost-effective options for sending money across borders. Monese supports international transfers as well but tends to have higher fees and less competitive exchange rates. Monese users can send money globally, but it may not be the most economical option, particularly for frequent transfers. If saving on international transfers is important to you, Wise offers better rates and clearer pricing.

3. Currency Support

Wise’s multi-currency account is one of its standout features, supporting over 50 currencies. This is especially useful for users managing global finances or businesses that need to transact in multiple currencies. Wise allows you to hold and convert currencies easily, giving it an edge for freelancers, businesses, or travelers who deal with numerous countries. Monese supports only three currencies—GBP, EUR, and RON. This makes it a viable option for European users, but it’s less ideal for those needing broader currency support. If your financial dealings involve various currencies, Wise is the more versatile and practical choice.

4. Pricing Structure

Monese operates on a subscription-based model, with different plans—Starter, Classic, and Premium. Depending on your plan, fees can vary for services like ATM withdrawals or international transfers. The subscription model may appeal to users who prefer predictable monthly costs. Wise, on the other hand, uses a pay-as-you-go model, which can be more cost-effective for occasional users. There are no monthly fees, and users only pay for services they actually use, such as international transfers. While Monese offers value in its bundled services, Wise’s transparent, à la carte pricing ensures you’re only charged for what you need.

5. User Experience and Interface

Both Monese and Wise offer user-friendly mobile apps with intuitive designs. Monese’s app allows users to manage multiple accounts, track spending, and send money quickly. It’s particularly designed for users looking for an all-in-one banking experience. Wise’s app focuses on international transactions, with easy-to-use features for sending money, converting currencies, and managing multi-currency accounts. Wise also provides more detailed insights into transfers and currency fluctuations, making it ideal for those who prioritize financial transparency. While both apps are highly functional, Wise’s additional tools for managing international finances give it a slight edge in terms of versatility.

FAQs

1. What’s the difference between the free and paid plans?
   Free plans typically offer basic functionality, while paid plans unlock advanced features, increased limits, and additional support.
2. Is the paid plan worth it?
   Yes, if you need more advanced features or use the tool frequently. It saves time and offers better support.
3. Can I switch back to the free plan after upgrading?
   Yes, most platforms allow you to downgrade at any time, but you’ll lose access to premium features.
4. Do paid plans offer better security?
   Generally, both free and paid plans offer the same level of security, but paid plans may include extra security monitoring or compliance features.
5. Are there discounts for annual subscriptions?
   Most tools offer discounted rates if you opt for annual billing over monthly payments.

Which is Better: Monese or Wise?

Monese is perfect for those seeking a quick, hassle-free banking solution with minimal setup requirements. It’s great for people relocating to Europe, expats, and frequent travelers. However, its limitations in multi-currency support and higher fees for transfers make it less ideal for global users.

Wise, with its competitive international transfer rates, multi-currency support, and flexible pay-as-you-go pricing, is the go-to solution for anyone managing global finances. While the account setup process may be more complex, it offers better long-term value for users focused on international transactions.

In the end, choosing between Monese and Wise depends on your specific needs—whether it’s convenient banking with Monese or superior international financial services with Wise.