Wise vs Monzo for business banking

Updated on 7 August 2023

When it comes to choosing a bank for your business, it’s crucial to find one that meets your specific needs and provides the necessary tools and features to streamline your financial operations. In the UK, Wise vs Monzo are two popular options for business banking.

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In this article, we will compare the features, pros and cons, fees and charges, as well as unique standout features of both Wise and Monzo, helping you make an informed decision for your business banking needs.

Video: Choosing a business bank account

Wise vs Monzo

Here is a quick overview of the key features offered by Wise and Monzo for business banking:

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FeaturesWiseMonzo
Account TypesBusinessBusiness
InternationalYesLimited
Multi-currencyYesNo
Mobile AppYesYes
Online BankingYesYes
Card PaymentsYesYes
InvoicingYesYes
IntegrationsYesYes
Customer SupportEmail, Live ChatIn-app chat, Phone, Email
Wise vs Monzo

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
Pricing Trial period Contact

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Wise

Wise, formerly known as TransferWise, has gained popularity for its international money transfer services. However, the company also offers business banking solutions tailored to the needs of small and medium-sized enterprises (SMEs). Wise provides a fully digital banking experience, focusing on simplicity, cost-effectiveness, and international capabilities.

Pros

  • Competitive foreign exchange rates and low fees for international transactions.
  • Easy multi-currency accounts for businesses operating globally.
  • Efficient and user-friendly online platform and mobile app.
  • Quick and seamless onboarding process.

Cons

  • Limited availability of physical branches and cash handling services.
  • Limited business-specific features compared to traditional banks.
  • Some businesses might require additional services that Wise does not provide.

Table of fees and charges

Fees and ChargesWise
Account Maintenance Fee£0
Domestic Transfers£0
International TransfersVaries by currency and destination
Debit Card Payment Fees0.2%-0.6% of transaction value, depending on currency
ATM Withdrawal FeesVaries by currency
InvoicingFree
Currency Conversion FeeLow and transparent fees, based on real mid-market exchange rate
Wise fees and charges

Unique and standout features

  1. Multi-currency Accounts: Wise offers businesses the ability to hold and manage funds in over 50 currencies, making it an excellent choice for businesses operating internationally.
  2. Borderless Banking: With Wise, businesses can receive payments from customers in different countries without any additional charges or currency conversion fees.
  3. Competitive Exchange Rates: Wise provides real mid-market exchange rates, ensuring transparency and potentially saving businesses money on currency conversions.

Monzo

Monzo is a digital bank known for its user-friendly mobile app and innovative approach to banking. While initially focused on personal banking, Monzo has expanded its services to cater to the needs of businesses as well. Monzo offers a range of features designed to simplify financial management and provide a seamless banking experience for entrepreneurs and small businesses.

Pros

  • Intuitive and user-friendly mobile app with powerful money management tools.
  • Instant notifications and real-time transaction updates.
  • Dedicated business support and customer service.
  • Active community and regular updates based on user feedback.

Cons

  • Limited international capabilities compared to Wise.
  • Limited cash deposit options, as Monzo primarily operates digitally.
  • Some users have reported that customer service response times can be slow during peak periods.

Table of fees and charges

Fees and ChargesMonzo
Account Maintenance Fee£0
Domestic Transfers£0
International Transfers£0.50 – £15, depending on destination
Debit Card Payment FeesNo fees
ATM Withdrawal FeesNo fees (up to £200 per month, 3% fee thereafter)
InvoicingFree
Currency Conversion Fee2.35% – 2.50%
Monzo fees and charges

Unique and standout features

  1. Powerful Money Management Tools: Monzo’s mobile app offers detailed spending insights, budgeting tools, and categorization of expenses, helping businesses gain better control over their finances.
  2. Integration with Accounting Software: Monzo integrates with popular accounting software, such as Xero and FreeAgent, allowing businesses to streamline their financial management processes.
  3. Business Marketplace: Monzo provides access to a marketplace of third-party business tools and services, offering businesses a range of options to enhance their operations.

Conclusion – Wise vs Monzo

Both Wise and Monzo offer digital banking solutions tailored to the needs of businesses.

Wise excels in international capabilities, with competitive exchange rates and multi-currency accounts, making it an ideal choice for businesses with global operations.

On the other hand, Monzo focuses on providing a user-friendly experience, powerful money management tools, and seamless integration with accounting software.

When choosing between Wise vs Monzo for your business banking needs, consider the specific requirements of your business, such as international transactions, multi-currency support, and preferred user experience.

Review the fees and charges associated with each bank, as well as the unique features they offer. Ultimately, the right choice will depend on your business’s individual needs and priorities.

FAQ

Can I open a business account with Wise or Monzo?

Yes, both Wise and Monzo offer business accounts specifically designed for SMEs and entrepreneurs.

Are there any fees for domestic transfers with Wise and Monzo?

No, both banks do not charge fees for domestic transfers within the UK.

Can I deposit cash with Wise or Monzo?

While both banks primarily operate digitally, Monzo offers limited cash deposit options through selected PayPoint locations.

Which bank offers better international capabilities?

Wise offers better international capabilities, with lower fees for international transfers and the ability to hold and manage funds in multiple currencies.

Do Wise and Monzo provide customer support?

Yes, Wise offers customer support through email and live chat, while Monzo offers support through in-app chat, phone, and email.

Remember to thoroughly research and consider the specific needs of your business before making a decision on which bank is the best fit for your business banking requirements.

Reviewed by , Managing Director

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