Wise vs Monese for business banking

Updated on 7 August 2023

When it comes to business banking, choosing the right financial institution is crucial for the smooth operation and growth of your company. In this article, we will compare two popular options in the UK market: Wise vs Monese. Both banks offer digital banking services tailored for businesses, but they have unique features and advantages that may appeal to different types of entrepreneurs.

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Wise vs Monese

FeaturesWiseMonese
Multi-currencyYesYes
International PaymentsCompetitive rates, low-cost, transparent feesCompetitive rates, low-cost, transparent fees
Physical CardsAvailableAvailable
Virtual CardsAvailableAvailable
Business AccountsYesYes
Account IntegrationYesYes
InvoicingYesYes
Expense TrackingYesYes
Cash WithdrawalYesYes
API AccessYesYes
Direct DebitsYesYes
AccountancyYesYes
Free TransfersYesYes
Interest on DepositsNoNo
Cash DepositsNot availableSmall fee per deposit
Overdraft FacilityNot availableAvailable for eligible businesses
Customer Support24/7Weekdays
App Ratings (iOS)4.8/54.5/5
App Ratings (Android)4.7/54.4/5
Wise vs Monese

Please note that the information provided in the table is subject to change, and it’s recommended to visit the respective bank’s websites for the most up-to-date and accurate details about their features and offerings.


Revolut Business
✓ Business Current Account
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Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
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Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
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ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
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HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
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Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
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Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
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Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
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Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Wise

Wise, formerly known as TransferWise, has established itself as a leader in the field of international money transfers. Their business accounts provide a comprehensive range of features for entrepreneurs looking to manage their finances efficiently.

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Pros

  • Multi-currency capabilities allow businesses to send and receive money in different currencies, with competitive exchange rates.
  • Wise offers transparent and low-cost international payments, saving businesses money on transaction fees.
  • The availability of physical and virtual cards enables easy spending and tracking of business expenses.
  • Integration with accounting software simplifies bookkeeping processes and streamlines financial management.
  • The intuitive and user-friendly app ensures easy navigation and access to account information.

Cons

  • Wise does not offer interest on deposits, limiting its appeal for businesses looking to earn additional income on their funds.
  • Cash deposits are not supported, which may inconvenience businesses that handle physical currency.
  • Unlike Monese, Wise does not provide an overdraft facility, making it less suitable for companies that require short-term credit.

Table of fees and charges

Fee TypeWise
Account SetupFree
Monthly Account FeeFree
Domestic TransfersFree
International TransfersLow-cost, transparent fees
ATM WithdrawalsUp to £200 per month free, then a small fee per withdrawal
Virtual CardFree
Physical CardDelivery fee may apply
Currency Conversion FeeCompetitive rates
API AccessFree
Direct DebitsFree
Cash DepositsNot available
Overdraft FacilityNot available
Customer Support24/7
Wise fees and charges

Please note that the fees mentioned are subject to change, and it is advisable to visit the respective bank’s websites for the most accurate and up-to-date information regarding fees and charges.

Unique and standout features

Wise stands out with its ability to handle multi-currency transactions efficiently, allowing businesses to save on exchange fees. Moreover, their transparent and low-cost international payments make it an excellent choice for companies engaged in global trade.

Monese

Monese is a digital banking platform designed for individuals and businesses with international lifestyles. With its easy-to-use interface and a range of features tailored for businesses, Monese provides a compelling option for entrepreneurs.

Pros

  • Multi-currency accounts enable businesses to hold funds in multiple currencies and make international payments seamlessly.
  • Monese offers a cash deposit feature, making it convenient for businesses that handle physical currency.
  • The overdraft facility provides businesses with a short-term credit option to manage cash flow fluctuations.
  • The app offers reliable and intuitive customer support during weekdays, ensuring timely assistance.
  • Integration with accounting software simplifies financial management and record-keeping for businesses.

Cons

  • Monese does not offer interest on deposits, which may discourage businesses seeking to earn additional income on their funds.
  • While Monese provides 24/7 customer support for personal accounts, it is limited to weekdays for business accounts.

Table of fees and charges

Fee TypeMonese
Account SetupFree
Monthly Account FeeDepends on the account type
Domestic TransfersFree
International TransfersLow-cost, transparent fees
ATM WithdrawalsFree for the first £200 per month, then a small fee per withdrawal
Virtual CardFree
Physical CardDelivery fee may apply
Currency Conversion FeeCompetitive rates
API AccessFree
Direct DebitsFree
Cash DepositsSmall fee per deposit
Overdraft FacilityAvailable for eligible businesses
Customer SupportWeekdays
Monese fees and charges

Unique and standout features

Monese distinguishes itself with its cash deposit feature, which is especially useful for businesses that handle physical currency. Additionally, their overdraft facility provides flexibility for managing short-term cash flow challenges.

Conclusion – Wise vs Monese

Choosing the right business banking solution depends on the specific needs and priorities of your company.

Wise is an excellent option for businesses engaged in international trade, offering competitive exchange rates and low-cost international payments.

On the other hand, Monese appeals to businesses requiring cash deposit capabilities and an overdraft facility for managing cash flow fluctuations.

Assessing your business’s requirements and priorities will help you make an informed decision about which bank is the right fit for your company’s financial needs.

FAQ

Can I open a business account with Wise or Monese if I’m a sole trader?

Yes, both Wise and Monese offer business accounts for sole traders, freelancers, and registered companies.

Do Wise and Monese provide integration with popular accounting software?

Yes, both banks offer integration with accounting software, allowing for seamless synchronisation of financial data.

Are there any limits on international payments with Wise and Monese?

Both Wise and Monese have specific limits for international payments, which may vary based on factors such as account type and verification status.

Can I deposit cash into my business account with Wise or Monese?

Wise does not support cash deposits, while Monese offers cash deposit capabilities for business accounts.

Can I apply for an overdraft facility with Wise or Monese?

Wise does not provide an overdraft facility, but Monese offers an overdraft option for eligible businesses.

Do Wise and Monese provide customer support?

Wise offers 24/7 customer support, while Monese provides support during weekdays for business accounts.

Please note that fees, features, and terms may vary over time, and it is recommended to visit the respective bank’s websites for the most up-to-date information.

Reviewed by , Managing Director

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