Monzo VS Wise: Business Banking Review & Fee Comparison

Is Monzo or Wise better for your small business?

Below we look at both Monzo and Wise reviews on Trustpilot along with their App reviews from Apple and Google.

We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.

Monzo vs Wise Trustpilot Reviews

	Monzo	Wise
Trustpilot Review Score (out of 5)	3.9	4.2
Percent 5-Star Reviews	77%	83%
Percent 1- Star Reviews	14%	7%
Total Number of Reviews	30,333	207,506

Sources:
https://www.trustpilot.com/review/www.monzo.com
https://www.trustpilot.com/review/wise.com

Monzo vs Wise App Reviews

	Monzo	Wise
iPhone Review Score (out of 5)	4.9	4.8
Number of iPhone Reviews	189,000	85,400
Android Review Score (out of 5)	4.7	4.8
Number of Android Reviews	125,000	762,000

Sources:
https://apps.apple.com/gb/app/monzo-bank-mobile-banking/id1052238659
https://apps.apple.com/gb/app/wise/id612261027

Monzo vs Wise Account Fees & Charges

	Monzo	Wise
Free Business Bank Account	Yes	No
Free Business Account Term Length	No Limit	NA
Cheapest Monthly Account Fee	No	Free
Most Expensive Monthly Account Fee	£5	Free
Electronic Payment Cost (in/out)	Free	0.42%
Cash Payments Cost (in/out)	£1	2% / 1.75%
Cheques (in/out)	Unknown	Unknown
CHAPS Payments Cost	£20	£25
SEPA Payments Cost	No	No

Monzo vs Wise Business Savings Rates

	Monzo	Wise
Types of Business Savings Accounts	Instant Access Savings Pot	BlackRock ICS Sterling Government Liquidity Fund
Lowest Savings Rate (AER)	1.60%	4.67%
Maximum Savings Rate (AER)	1.60%	4.67%
Minimum Savings Amount	No	£1
Interest Paid On Foreign Currencies	Yes	Yes

Monzo vs Wise Account Opening Times

	Monzo	Wise
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	1 to 8 Working days	2 Working days
Do They Check Your Credit?	Yes	No
Current Account Switch Service	Yes	No

Monzo vs Wise Features & Account Types

	Monzo	Wise
Business Current Account	Yes	Yes
Business Savings Account	Yes	No
Business Credit Card	Yes	No
Business Overdraft	Yes	No
Accounts For Startups	Yes	Yes
Accounts For Charities	No	Yes
Accounts For Sole Traders	Yes	Yes
Joint Business Accounts Available	Yes	No
Card Type	Mastercard	Visa/Mastercard
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	No	Yes
Branch Locations	None, online only	None, online only

Monzo vs Wise Customer Support Options

	Monzo	Wise
Phone Support Available	Yes	Yes
Email Support Available	Yes	Yes
App Based Support	Yes	Yes
Web Based Support	Yes	Yes
In person Customer Support	No	Yes

Monzo vs Wise Foreign Currency Accounts

	Monzo	Wise
US Dollar (USD) Bank Accounts	Yes	Yes
Euro (EUR) Bank Accounts	Yes	Yes
Other Currencies Available:	AED – United Arab Emirates dirham AUD – Australian dollar BGN – Bulgarian lev BRL – Brazilian real CAD – Canadian dollar CHF – Swiss franc CZK – Czech koruna DKK – Danish krone EUR – Euro GBP – British pound HRK – Croatian kuna HUF – Hungarian forint ILS – Israeli new shekel ISK – Icelandic króna JPY – Japanese yen KRW – South Korean won MXN – Mexican peso MYR – Malaysian ringgit NOK – Norwegian krone NZD – New Zealand dollar PLN – Polish zloty RON – Romanian leu RUB – Russian ruble SEK – Swedish krona SGD – Singapore dollar THB – Thai baht TRY – Turkish lira USD – United States dollar	AUD – Australian dollar BGN – Bulgarian lev BRL – Brazilian real CAD – Canadian dollar CHF – Swiss franc CZK – Czech koruna DKK – Danish krone EUR – Euro GBP – British pound HKD – Hong Kong dollar HUF – Hungarian forint IDR – Indonesian rupiah INR – Indian rupee JPY – Japanese yen MYR – Malaysian ringgit NOK – Norwegian krone NZD – New Zealand dollar PLN – Polish złoty RON – Romanian leu SEK – Swedish krona SGD – Singapore dollar

Other Business Services From Monzo and Wise

	Monzo	Wise
Business Loans	Yes	No
Commercial Mortgages	Yes	No
Invoice Financing	Yes	No
International Payments	Yes	Yes
Merchant Payment Services	Yes	Yes
Card Machines	Yes	No
Free Accounting Software	Yes	Yes

Monzo vs Wise Banking Basics

	Monzo	Wise
Bank Type	Challenger	Challenger
FSCS Protection	Yes, up to £85,000	No, unless money is held in assets
FCA Number	730427	900507
Website	Monzo Website	Wise Website

Common Comparison Questions

Does Monzo or Wise have better customer reviews?

Monzo scores 3.9 out of 5 based 30,333 Trustpilot reviews. Of these reviews 77% are 5-star and 14% are 1-star.

Whereas, Wise scores 4.2 out of 5 based 207,506 Trustpilot reviews. Of which 83% are 5-star and 7% are 1-star.

Does Monzo or Wise have a better App?

Monzo’s iPhone App is rated 4.9 out of 5 based on 189,000 reviews. And it’s Android App is rated 4.7 out of 5 based on 125,000 reviews.

In comparison, Wise’s iPhone App is rated 4.8 out of 5 based on 85,400 reviews. And it’s Android App is rated 4.8 out of 5 based on 762,000 reviews.

Does Monzo or Wise have better business savings rates?

Monzo offers the following types of business savings accounts: Instant Access Savings Pot with interest rates ranging from 1.60% to 1.60%. (AER)

In contrast, Wise offers BlackRock ICS Sterling Government Liquidity Fund accounts with interest rates ranging from 4.67% to 4.67% (AER).

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For other business bank accounts see our guide here.