Wise vs Monzo business account – which one should you choose?

But they’re built for slightly different purposes. Wise is known for its low-cost international transfers and multi-currency accounts, while Monzo focuses more on everyday UK business banking with a polished app and clear budgeting tools.

This guide compares Wise Business and Monzo’s Lite and Pro business accounts – covering everything from fees and international payments to app experience, customer support, and who each account suits best.

And because we’re ANNA, we’ll also show you how we stack up – especially if you’d prefer your business account to include admin support, tax tools, and 24/7 real human help.

Wise vs Monzo at a glance

If you just want the essentials, here’s a quick comparison. Wise focuses on borderless business with transparent international fees, while Monzo splits its UK-focused offer into a free Lite plan and a £5/month Pro plan.

Takeaway:
Wise is unbeatable for international transfers and holding multiple currencies, while Monzo is better suited for UK-based businesses that value app polish and FSCS protection.

Who are these accounts best for?

⚡ The cheapest

Both Wise and Monzo Lite are free to open and run, but their fee structures differ. Wise doesn’t charge a monthly subscription, yet some transactions – like sending or converting money – come with small percentage-based fees. Monzo Lite, meanwhile, keeps most UK transactions free but restricts access to advanced tools like invoicing or accounting integrations.

If your business operates mainly in the UK, Monzo Lite covers the basics at zero cost. But if you trade internationally, Wise’s pay-per-use model can save you significant money compared to traditional bank FX rates.

Verdict:
Wise offers the best value for international businesses, while Monzo Lite suits UK-only operations.

⚡ Best value for money

When comparing ongoing costs and what you get, Wise is hard to beat for its transparent pricing and global functionality. You can send and receive payments in 40+ currencies at near mid-market rates, and even open local account details in GBP, EUR, USD, AUD, and more – all for free.

Monzo Pro’s £5 monthly fee does unlock UK invoicing, multi-user access and virtual cards, but these features won’t help much if your business operates across borders. Wise’s model means you pay only for what you use, making it highly scalable for freelancers and SMEs with global clients.

Verdict:
Wise delivers better long-term value for cross-border businesses; Monzo Pro adds convenience for domestic teams.

⚡ Best for sole traders

Sole traders who invoice international clients or get paid via platforms like Upwork or Fiverr will find Wise extremely convenient. You can generate invoices in multiple currencies, receive payments locally, and convert funds to GBP with minimal fees.

Monzo Lite also works well for sole traders focused on the UK market – with a clean app, instant notifications, and quick transfers. However, you’ll need Monzo Pro (£5/month) for features like invoicing or accounting software connections.

Verdict:
If your work crosses borders, Wise wins. If you’re fully UK-based, Monzo Lite or Pro might be simpler.

⚡ Best for limited companies

For limited companies managing multiple users and team expenses, both platforms offer useful tools – but in different ways. Wise allows multiple user permissions and team members to manage payments securely, ideal for global teams or finance departments.

Monzo Pro, on the other hand, offers expense and virtual cards, along with team access and permissions – features missing from Monzo Lite. However, it’s limited to UK currency and accounts only.

Verdict:
Monzo Pro is better for small UK-based companies with teams; Wise is stronger for international businesses needing multi-user control and multi-currency support.

⚡ The smartest app – Monzo’s edge

Both apps are well-designed, but Monzo’s user experience feels more polished and playful. Its colourful interface, real-time spending notifications, and intuitive budgeting “pots” make managing UK business finances genuinely enjoyable.

Wise’s app is sleek and functional, with a clear focus on transfers and balances across currencies. It’s fast, professional, and highly rated – just a bit more utilitarian compared to Monzo’s bright design.

Verdict:
Monzo wins for UX; Wise wins for functionality.

Pricing and fees

Wise pricing

• £0 monthly fee
• Low-cost transfers (typically 0.4%–0.6%)
• Currency conversion at mid-market rate
• Free to receive GBP, EUR, USD, and more via local account details
• Small fees for sending money or receiving certain currencies

Monzo pricing

• Lite (Free): core banking features, UK transfers, and debit card.
• Pro (£5/month): invoicing, multi-user access, virtual cards, and accounting integrations.

Verdict:
Wise is far better for international payments, while Monzo is the safer UK-based choice with FSCS protection.

Features comparison

Payments and transfers

Wise dominates when it comes to cross-border payments – you can send money to over 160 countries and hold 40+ currencies.

Monzo, on the other hand, is limited to GBP accounts, with international transfers only via Wise for Pro users.

Cash and cheques

Wise doesn’t handle cash or cheque deposits, while Monzo supports both through PayPoint (£1 fee) and in-app cheque uploads.

Cards and spend management

Wise offers debit and virtual cards for business users, with spending limits and team controls.

Monzo Pro adds virtual and expense cards for £5/month.

Invoicing and integrations

Wise supports invoicing in multiple currencies and integrates with Xero, QuickBooks, and FreeAgent.

Monzo only allows these integrations on the Pro plan.

Lending and overdrafts

Monzo offers overdrafts up to £2,000; Wise doesn’t provide credit facilities.

App and user experience

App interface

Monzo’s interface is playful and consumer-style.

Source: App store

Wise’s design is minimalist and business-focused.

Source: App store

Both provide instant notifications, spending insights, and smooth navigation.

You can explore both apps yourself:

• Wise on the App Store / Google Play,
• Monzo on the App Store / Google Play.

Web access and APIs

Wise provides full web access and API integrations – perfect for scaling or automating workflows.

Monzo is mostly app-based, with limited web functionality.

Onboarding and switching

Both offer quick digital onboarding. Monzo supports the Current Account Switch Service (CASS), while Wise is ideal for international setups.

Customer support and reviews

Takeaway: Both rely mainly on in-app and email support. Wise’s team covers global time zones, which helps for international users but can mean slower replies. Monzo offers UK-based help with good response times for simple issues.

Takeaway: Monzo’s app continues to lead on usability and design, while Wise earns high marks for reliability and clarity of international transfers.

Takeaway: Wise has the larger review base with consistently strong ratings for transparent fees and ease of transfers. Monzo’s score is slightly higher, reflecting good experiences with its app and customer support for most users.

Common complaints

Wise: occasional delays during large international transfers or verification checks.

Monzo: occasional account freezes or slower escalation for compliance reviews.

Verdict:
Monzo earns slightly higher satisfaction for everyday UK business users thanks to its responsive app-based support and clear communication.

Wise’s service is strong for global transactions, but response times can vary depending on the issue and time zone.

Security and trust

FSCS protection

Monzo funds up to £85,000 are protected under FSCS. Wise, being an e-money institution, safeguards funds under FCA rules but without FSCS coverage.

Fraud prevention

Both use 3D Secure, SCA, and instant card-freezing controls.

Stability and reputation

Wise is publicly listed on the London Stock Exchange and operates globally. Monzo is a licensed UK bank with millions of business and personal customers.

Which is best for your business?

• Freelancers and contractors: Wise, for its global reach and multi-currency invoicing.
• UK-only sole traders: Monzo Lite or Pro, for easy day-to-day money management.
• Limited companies with teams: Monzo Pro, for multi-user access and expense cards.
• Import/export businesses: Wise, for currency flexibility and low FX rates.
• Retailers or cash businesses: Monzo, since Wise doesn’t handle cash or cheques.

Alternatives to consider

ANNA – your business account and admin sidekick

ANNA is more than just a business account. It’s your admin and tax partner in one app. You get smart tools to handle the everyday chaos of running a business – from invoicing to tax filing – without the hidden costs.

• Create and send invoices instantly
• Capture receipts and auto-categorise your expenses
• Automate VAT and Corporation Tax filing
• Add your team – not just directors
• 4 free SWIFT payments/month on the Big Business plan
• Real human support, 24/7

Plans start from £0/month. See current prices here →.

Revolut Business

Perfect for international freelancers or SMEs handling multiple currencies. Revolut offers strong FX rates and modern financial tools, but it’s not a licensed UK bank – so no FSCS protection.
How to open Revolut Business Account →

Starling Business

A fully regulated UK option with a free account, no monthly fees, and robust features for both sole traders and limited companies.
How to open Starling business account →

Tide

Fast to open and simple to use. Tide isn’t a bank but offers practical business tools at competitive prices, ideal for startups.
How to open Tide business account →

Mettle by NatWest

A no-fee account with decent basic features – great for micro-businesses but limited compared to Wise, Monzo, or ANNA.
How to open Mettle business account →

Verdict: Wise vs Monzo

Final word:

If your business operates globally, Wise gives you the flexibility and low FX costs you need. If you stay within the UK and want polished budgeting and FSCS security, Monzo makes more sense.

But if you’d rather combine business finance with admin, invoicing and tax support – ANNA offers the smartest all-round solution.

Disclaimer: All info accurate as of October 2025. Always check official websites for the latest details.