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.
Wise vs Monese
| Features | Wise | Monese |
|---|---|---|
| Multi-currency | Yes | Yes |
| International Payments | Competitive rates, low-cost, transparent fees | Competitive rates, low-cost, transparent fees |
| Physical Cards | Available | Available |
| Virtual Cards | Available | Available |
| Business Accounts | Yes | Yes |
| Account Integration | Yes | Yes |
| Invoicing | Yes | Yes |
| Expense Tracking | Yes | Yes |
| Cash Withdrawal | Yes | Yes |
| API Access | Yes | Yes |
| Direct Debits | Yes | Yes |
| Accountancy | Yes | Yes |
| Free Transfers | Yes | Yes |
| Interest on Deposits | No | No |
| Cash Deposits | Not available | Small fee per deposit |
| Overdraft Facility | Not available | Available for eligible businesses |
| Customer Support | 24/7 | Weekdays |
| App Ratings (iOS) | 4.8/5 | 4.5/5 |
| App Ratings (Android) | 4.7/5 | 4.4/5 |
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.
 | 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 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.
Cutting edge payroll software
- Powerful and easy to use
- HMRC & RTI compliant
- Used by payroll pros
The CRM platform to grow your business
- Great for entrepreneurs
- Powerful data analytics
- Manage sales and data
Powerful web builder and advanced business tools
- Great for startups
- Powerful web page builder
- E-commerce available
Supercharged content planning
- Great for marketing
- Better than lists or sheets
- Manage social media
Create a new website in 10 minutes. Easy.
- Launch your website fast
- Powerful data intuitive
- No coding skills needed
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 Type | Wise |
|---|---|
| Account Setup | Free |
| Monthly Account Fee | Free |
| Domestic Transfers | Free |
| International Transfers | Low-cost, transparent fees |
| ATM Withdrawals | Up to £200 per month free, then a small fee per withdrawal |
| Virtual Card | Free |
| Physical Card | Delivery fee may apply |
| Currency Conversion Fee | Competitive rates |
| API Access | Free |
| Direct Debits | Free |
| Cash Deposits | Not available |
| Overdraft Facility | Not available |
| Customer Support | 24/7 |
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 Type | Monese |
|---|---|
| Account Setup | Free |
| Monthly Account Fee | Depends on the account type |
| Domestic Transfers | Free |
| International Transfers | Low-cost, transparent fees |
| ATM Withdrawals | Free for the first £200 per month, then a small fee per withdrawal |
| Virtual Card | Free |
| Physical Card | Delivery fee may apply |
| Currency Conversion Fee | Competitive rates |
| API Access | Free |
| Direct Debits | Free |
| Cash Deposits | Small fee per deposit |
| Overdraft Facility | Available for eligible businesses |
| Customer Support | Weekdays |
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
Yes, both Wise and Monese offer business accounts for sole traders, freelancers, and registered companies.
Yes, both banks offer integration with accounting software, allowing for seamless synchronisation of financial data.
Both Wise and Monese have specific limits for international payments, which may vary based on factors such as account type and verification status.
Wise does not support cash deposits, while Monese offers cash deposit capabilities for business accounts.
Wise does not provide an overdraft facility, but Monese offers an overdraft option for eligible businesses.
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.