Monzo vs Wise for outgoing & incoming

For sending wire

  • Wise charges 0.35% fee for FX conversion + variable wire fee
  • How much is overall Monzo charge?
  • Will recipient see my Monzo account number as the source of payment will my full name?
  • In case of issues, how will the tracing payments work with Monzo?

For receiving wire

  • Wise is free
  • How much is overall Monzo charge?

Any limitations on Monzo that Wise doesn’t have?

Any benefits on Monzo that Wise doesn’t have?

Monzo use Wise to send international transfers. To receive them you need to use wise directly

Not sure if your name will show, never sent internationally

But you asked this back in august

I didn’t get my answer back then. Maybe Monzo knows the answer now. Skeptical to be the first guinea pig trying it and the spend months tracing lost payments.

I found that the list of available currencies/countries for sending is less in Monzo.

On fees - you can see the fees and exchange rate yourself within Monzo app. Go to the transfer internationally page within Payments tab.

Monzo uses Wise’s “Fast and Easy” fee/option. There are additional cheaper options if you use Wise directly.

Advantage of Monzo is convenience.

Don’t know what info recipient sees.

Asking here isn’t asking Monzo. The online community is mainly other Monzo customers. If you want to ask Monzo, best to use the in-app support.

You won’t be. Monzo has been using Wise for sending international payments since 2018.

1 Like

There are no particular tangible benefits to using Monzo over Wise. It’s one less app to download, and your transfer can be done in your banking app. Also, if you have Plus/Premium, there a bit of cashback available.