Wise vs Monzo: Which Money Transfer Service is Better in 2025?

Introduction

Cross-border money transfers often come with high fees, slow processing times, hidden charges, and complex procedures, causing frustration for users. Wise and Monzo are two notable options addressing these challenges. Wise is recognized for transparent fees and efficient online transfers, while Monzo provides a full digital banking experience with multi-currency account features. For users seeking an alternative, PandaRemit offers reliable, fast, and low-cost transfers. For additional guidance on international money transfers, see Investopedia's guide.

Wise vs Monzo – Overview

Wise, founded in 2011, provides mid-market exchange rates, multi-currency accounts, and a user-friendly mobile app for individuals and small businesses.

Monzo, founded in 2015, is a digital bank offering multi-currency accounts, instant payments, and financial management tools, ideal for users who want a comprehensive digital banking experience.

Similarities:

• Support for international transfers

• Mobile applications and digital platforms

• Debit and credit card integration

Differences:

• Wise focuses on transparent fees and mid-market rates

• Monzo offers banking services beyond transfers and multi-currency accounts

• Wise emphasizes cost-efficient transfers; Monzo emphasizes account features and financial management

Quick Comparison Table:

Wise vs Monzo: Fees and Costs

Wise charges a small percentage plus a fixed fee, keeping most transfers cost-effective. Multi-currency accounts reduce additional conversion costs.

Monzo's fees depend on account type and transfer method; premium accounts may enjoy more free transfers, but some currencies can incur extra charges.

Refer to NerdWallet's international transfer fee guide for detailed comparisons.

PandaRemit is often more cost-effective for large or recurring transfers than Wise or Monzo.

Wise vs Monzo: Exchange Rates

Wise provides mid-market exchange rates with transparent markups.

Monzo offers real-time exchange rates, which may include small markups for certain currencies.

Wise vs Monzo: Speed and Convenience

Wise typically completes transfers in 1–2 business days, supports real-time tracking, and offers multi-currency wallets.

Monzo supports instant account-to-account transfers and some instant international payments, though bank transfers may take one day.

For speed guidance, see WorldRemit transfer speed guide.

PandaRemit enables transfers within hours, fully online.

Wise vs Monzo: Safety and Security

Wise is regulated in multiple countries and uses encryption and two-factor authentication.

Monzo, as a regulated digital bank in Europe, provides comprehensive security measures and customer protection.

PandaRemit is licensed and uses advanced encryption for secure transactions.

Wise vs Monzo: Global Coverage

Wise covers 80+ countries and 50+ currencies through digital transfers.

Monzo covers 50+ countries with multi-currency account support.

See the World Bank remittance coverage report for global insights.

Wise vs Monzo: Which One is Better?

Wise is ideal for users who prioritize transparent fees and mid-market exchange rates. Monzo suits users seeking a comprehensive digital banking solution with multi-currency account features.

For users wanting speed, cost-efficiency, and flexibility, PandaRemit provides clear advantages.

Conclusion

In the Wise vs Monzo comparison, Wise offers transparency and digital convenience, while Monzo excels in multi-currency accounts and instant payments. Both are reliable, but PandaRemit stands out with low fees, fast transfers, and flexible payment options.

PandaRemit Advantages:

• High exchange rates & low fees

• Multiple payment methods (POLi, PayID, bank card, e-transfer, etc.)

• Coverage of 40+ currencies

• Fast, fully online transfers

For additional guidance, refer to Investopedia and NerdWallet for fee comparisons.

Choosing Wise, Monzo, or PandaRemit depends on your transfer needs, budget, and preference for speed and convenience.