Monzo vs Wise

Updated November 2026 · AppBreakup editorial

Monzo

UK app-based bank with budgeting Pots, fee-free spending abroad and paid plan upgrades.

Free plan + paid

Visit Monzo Monzo profile

Wise

Multi-currency account and card for sending, spending and holding money abroad.

Free

Visit Wise Wise profile

The short answer

Monzo is a full UK bank account for everyday spending, budgeting and saving, open only to UK residents. Wise is a multi-currency account for sending, receiving and holding money across 40+ currencies at the mid-market rate. Pick Monzo as a main account in the UK. Pick Wise for international transfers or getting paid in other currencies. Many people in the UK use both.

Monzo or Wise: our take

Monzo and Wise both get used abroad and both live in your phone, but they do different jobs. Monzo is a bank. Wise is a money-movement and multi-currency account.

Monzo gives UK residents a free current account with a debit card, instant spending notifications, Pots for setting money aside, a salary sorter and bill-splitting. It also offers joint and youth accounts, savings, ISAs, investments, loans and a credit card. Monzo charges no fees on card spending abroad, and eligible deposits are protected by the FSCS up to £120,000. Paid plans start from £3 a month and add budgeting tools, better savings rates and insurance bundles. The limits: it's only for UK residents, and paying in cash costs a fee.

Wise is free to open and holds and converts more than 40 currencies. Transfers and conversions use the mid-market exchange rate with an upfront fee, which usually costs less than a traditional bank for cross-border payments. You can get local account details to receive salaries or client payments in several currencies, and the Wise card spends in local currency. It isn't a full bank in most countries, so there are no overdrafts or loans. Customer money is held in safeguarded accounts rather than covered by deposit insurance in many regions, and per-transfer fees still add up on small amounts.

For a UK resident who wants one account to run their finances, Monzo fits: it has budgeting, savings and deposit protection, and spending abroad is fee-free. For anyone who sends money internationally, gets paid in foreign currencies or lives outside the UK, Wise does what Monzo doesn't. A common setup is Monzo as the main account and Wise for international transfers.

Choose Monzo if…

UK residents who want a phone-first bank account with strong budgeting tools
Pots and salary sorting make budgeting simple
No fees from Monzo on card spending abroad

Choose Wise if…

Expats, freelancers and travellers who send, receive or spend money in several currencies
Mid-market exchange rate with fees shown upfront
Holds and converts 40+ currencies in one account

What is Monzo?

Monzo is a UK bank you run entirely from its app. The free personal current account comes with a debit card, instant spending notifications, Pots for setting money aside, a salary sorter that splits pay into bills and savings, bill-splitting with other Monzo users, and no fees for spending abroad. Joint accounts and accounts for under-16s and 16–17-year-olds are available, along with savings accounts, ISAs, investments, loans, a credit card and business accounts. Paid monthly plans (Extra, Perks and Max) add advanced budgeting tools, better savings rates, perks and insurance bundles. Eligible deposits are protected by the UK's FSCS scheme, and support is available around the clock in the app. Accounts are only open to UK residents. It suits people in the UK who want detailed control of everyday spending and saving from their phone.

What is Wise?

Wise, formerly TransferWise, started as a cheaper way to send money internationally and now offers an account that holds and converts more than 40 currencies. Transfers and conversions use the mid-market exchange rate with a separate, upfront fee rather than a marked-up rate, which usually makes it cheaper than a traditional bank for cross-border payments. The Wise card spends in local currency around the world, and you can get local account details to receive salaries or payments in several currencies. Opening an account is free; you pay fees per transfer or conversion, and some features such as card withdrawals above a free allowance cost extra. In some countries balances can earn a variable return through Wise's interest or assets products. Customer money is held in safeguarded accounts. Business accounts add team cards and accounting integrations. It runs on the web and on iOS and Android.

Side by side

Attribute	Monzo	Wise
Pricing	Free plan + paid	Free
Open source	No	No
Self-hostable	No	No
Platforms	iOS, Android, Web	Web, iOS, Android
Best for	UK residents who want a phone-first bank account with strong budgeting tools	Expats, freelancers and travellers who send, receive or spend money in several currencies
Status	Active	Active

Monzo vs Wise pricing

Monzo: free plan + paid

Paid plans: From £3 a month source
Free plan: Yes, Monzo Free (16+) source
Starting price: £3 a month (Extra) source
Perks plan: £9 a month source
Max plan: From £19 a month, 3 months minimum source

Monzo pricing page

Wise: free

We couldn't verify Wise's plan details on its own site yet, so we don't list them.

Platforms

Platform	Monzo	Wise
Web
iOS
Android

Monzo facts

8 of 8 verified

Paid plans: From £3 a month; Checked Nov 8, 2026monzo.com(opens source in a new tab); “from £3 a month Compare plans Why Monzo?”
Eligibility: UK residents only; Checked Nov 8, 2026monzo.com(opens source in a new tab); “Open a free Monzo account Compare current accounts and plans UK residents only.”
Customers: 16 million; Checked Nov 8, 2026monzo.com(opens source in a new tab); “16 million customers bank with Monzo”
Free plan: Yes, Monzo Free (16+); Checked Nov 8, 2026monzo.com(opens source in a new tab); “Get Monzo Free 16+ Get Extra £3 a month”
Starting price: £3 a month (Extra); Checked Nov 8, 2026monzo.com(opens source in a new tab); “Get Extra £3 a month”
Perks plan: £9 a month; Checked Nov 8, 2026monzo.com(opens source in a new tab); “Get Perks £9 a month”
Max plan: From £19 a month, 3 months minimum; Checked Nov 8, 2026monzo.com(opens source in a new tab); “From £19 a month • 3 months minimum”
Deposit protection: FSCS up to £120,000; Checked Nov 8, 2026monzo.com(opens source in a new tab); “FSCS protected Your eligible money in Monzo is protected by the FSCS up to £120,000 per person.”

Wise facts

3 of 3 verified

Currencies: 40+; Checked Nov 8, 2026wise.com(opens source in a new tab); “Get everything you need to pay, get paid, and manage your money in 40+ currencies — all in one place.”
Account fee: Free to open; Checked Nov 8, 2026wise.com(opens source in a new tab); “Open a free account”
Fund protection: Safeguarded accounts; Checked Nov 8, 2026wise.com(opens source in a new tab); “See our security Safeguarded funds Your money is held in a safeguarded, separate account.”

Pros and cons of Monzo

Pots and salary sorting make budgeting simple
No fees from Monzo on card spending abroad
FSCS deposit protection like a high-street bank
24/7 in-app support
Only open to UK residents
Paying in cash costs a fee at PayPoint or the Post Office
Best savings rates and some tools need a paid plan

More Monzo alternatives

Pros and cons of Wise

Mid-market exchange rate with fees shown upfront
Holds and converts 40+ currencies in one account
Local account details for receiving payments abroad
Not a full bank in most countries, so no overdrafts or loans
Per-transfer fees still apply, especially for small amounts
Funds are safeguarded rather than covered by deposit insurance in many regions

More Wise alternatives

Other apps to consider

YNAB
Instead of Monzo
If you mainly use Monzo for budgeting, YNAB gives envelope-style budgets across any bank you use.
NatWest
Instead of Monzo
A traditional UK high-street bank with branches, a full mortgage range and an app with spending insights and savings pots.
Barclays
Instead of Monzo
A full-service high street bank if you want branches, mortgages and investing alongside the app.
Cash App
Instead of Wise
For people in the US who mostly send money domestically, it offers free peer-to-peer payments.
PayPal
Instead of Wise
Sends money abroad to anyone with an email address, and the balance can be spent at many online stores.
Payoneer
Instead of Wise
Gives freelancers and online sellers receiving accounts in several currencies to get paid by foreign clients.

Monzo vs Wise: common questions

Is Monzo better than Wise?

Is Monzo free?

Monzo has a free plan, with paid plans for more features. See its verified pricing facts above for current limits.

Is Wise free?

Yes, Wise is free.

Is Monzo or Wise open source?

Neither is open source.

Which platforms do Monzo and Wise support?

Monzo: iOS, Android and Web. Wise: Web, iOS and Android.