Monzo Business vs Wise Business: Complete Comparison (2026)
An in-depth comparison of Monzo Business and Wise Business to help you choose the right tool for your business.
Last updated: November 2026
Monzo Business
6.5/10
Monzo Business is an app-based UK business bank account for sole traders and limited companies. It includes invoicing, Tax Pots, expense cards and accounting software bank feeds.
Wise Business
6.3/10
Wise Business is a multi-currency business account for sending, receiving, holding and converting money internationally, with team cards, batch payments and invoicing.
Feature-by-Feature Comparison
| Feature | | |
|---|---|---|
| Scores | ||
| Overall Rating | 6.5/10 | 6.3/10 |
| Analytics | 4/10 | 3/10 |
| Compliance | 7/10 | 6/10 |
| Cost | 8/10 | 8/10 |
| Customization | 4/10 | 4/10 |
| Ease of Use | 9/10 | 8/10 |
| Integration | 6/10 | 6/10 |
| Scalability | 3/10 | 6/10 |
| Security | 7/10 | 7/10 |
| Support | 6/10 | 5/10 |
| Pricing | ||
| Free plan | Yes | No |
| Cheapest paid plan | £9/mo Pro | Contact for pricing |
| Estimated cost for 10 users | £25/mo Team | Free Wise Business (US) |
| Features | ||
| Multi-currency | ||
| Corporate Cards | ||
| Invoicing | ||
| Online Payments | ||
| Accountant Access | Not listed | |
| Expense Management | Not listed | |
| Financial Reporting | ||
| General Ledger | ||
| Payroll | ||
| Tax Compliance | Not listed | |
Monzo Business vs Wise Business cost by team size
| Team size | Monzo Business | Wise Business |
|---|---|---|
| 1 user | £9/moPro | FreeWise Business (US) |
| 5 users | £25/moTeam | FreeWise Business (US) |
| 10 users | £25/moTeam | FreeWise Business (US) |
| 25 users | FreeLite | FreeWise Business (US) |
| 50 users | FreeLite | FreeWise Business (US) |
The plan that fits each team size, billed monthly, before add-ons and usage charges. Each cost opens that tool's pricing calculator for the team size.
Which One Should You Choose?
Why choose Monzo Business
- Has a free plan (Wise Business does not)
- Higher Analytics score (4/10 vs 3/10)
- Higher Compliance score (7/10 vs 6/10)
Why choose Wise Business
- Higher Scalability score (6/10 vs 3/10)
- Better fit for enterprise (4/10 vs 1/10)
- Includes Multi-currency, which Monzo Business lacks
Pros & Cons
Monzo Business
Pros
- The Lite plan is free and includes Making Tax Digital software
- Pro adds invoicing, Tax Pots and live feeds to Xero, QuickBooks, FreeAgent and Sage for £9 a month
- The Team plan adds expense cards, payment approvals and bulk payments for up to 15 users
- 24/7 in-app support on every plan
- Licensed UK bank with FSCS deposit protection
Cons
- Holds GBP only, and incoming foreign currency is converted at a 1% fee
- No general ledger or financial statements, so you still need separate accounting software
- Partnerships, LLPs, charities and non-UK businesses cannot open an account
- Cash deposits cost £1 each and are capped
- Reviews report frozen accounts and slow resolution, and there is no dedicated account manager
Wise Business
Pros
- Conversions use the mid-market rate with fees from 0.23%, often cheaper than banks for international payments.
- There is no monthly fee, only a one-time setup fee of 31 USD in the US.
- Batch payments can pay up to 1,000 recipients in one action, which helps companies paying contractors abroad.
- Local receiving details in 22 currencies let foreign clients pay domestically.
- Team cards come with custom spending permissions.
Cons
- It is not an accounting system and has no ledger, payroll or financial statements.
- Wise is not a bank: it offers no loans, and balances are safeguarded rather than deposit-insured by default.
- Users report delayed or frozen transactions and support that can be slow or hard to reach.
- Incoming SWIFT payments in USD, GBP and EUR carry per-payment fees.
- Feature availability, including cards, varies by country.
Not sold on either?
Frequently Asked Questions
Monzo Business scores higher on our Finance Software criteria: 6.5/10 against 6.3/10 for Wise Business. The largest gap is in Scalability: 3/10 for Monzo Business and 6/10 for Wise Business.
Monzo Business has a free plan; Wise Business does not list one.
Wise Business is the better fit for enterprise: we rate it 4/10 for them, against 1/10 for Monzo Business.
Wise Business has Multi-currency, which Monzo Business lacks.
