Compare Monese vs TransferWise

Prepay Technologies ltd Logo

Prepay Technologies ltd is an electronic money institution focused on digital banking and payment services. Prepay Technologies ltd offers virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, gift cards, corporate cards to individuals, businesses. Incorporated in the United Kingdom, Prepay Technologies ltd is authorized and regulated by the Financial Conduct Authority. Prepay Technologies delivers its products and services to UK customers via its registered agent Monese Ltd (company number 8720992, FCA reference number 900188). Products and services listed below are offered by Monese Ltd.

Transferwise Ltd Logo
Trustpilot Rating
Reviews 86,756 | Excellent
 (4.6)

Transferwise Ltd is an electronic money institution focused on international money transfers. Transferwise Ltd offers prepaid cards, international money transfers, virtual accounts with IBAN to individuals, businesses. Incorporated in the United Kingdom, Transferwise Ltd is authorized and regulated by the Financial Conduct Authority.

Monese Business Focus
digital banking and payment services
Monese Products
  • virtual Euro IBAN accounts
  • virtual UK accounts
  • prepaid debit cards
  • travel money cards
  • gift cards
  • corporate cards
Monese Clients
  • individuals
  • businesses

View Monese Profile +

TransferWise Business Focus
international money transfers
TransferWise Products
  • prepaid cards
  • virtual accounts with IBAN
TransferWise Services
  • international money transfers
TransferWise Clients
  • individuals
  • businesses

View TransferWise Profile +

Compare Personal Accounts

Monese TransferWise
CurrencyEUR, GBPEUR, GBP, AUD
and 43 more
Payment Cardsphysical
virtual
physical
virtual
Personal IBAN available (GB IBAN) available (BE, GB IBAN)
UK Account Number available available
Customer GroupsEEA residentsall countries
Pricing Plans Starter
Plus
Premium
single for all customers
Open Account Open Account
 

Currency

Monese

Monese Current Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP.

TransferWise

Borderless Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP, AUD, AED, ARS, BDT, BGN, CHF, CLP, CNY, CZK, DKK, EGP, GEL, HKD, HRK, HUF, CAD, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, USD, PEN, PHP, PLN, PKR, RON, RUB, SEK, SGD, THB, TRY, UAH, VND, ZAR.

Payment Cards

Monese

Monese Debit Card (MasterCard) can be ordered together with Monese Current Account.

TransferWise

TransferWise Personal Card (MasterCard) can be ordered together with Borderless Account. Virtual cards are not available.

Personal IBAN

Monese

  • available for verified customers
  • appears automatically for EUR balances
  • UK sort code and account number available for GBP balances

TransferWise

  • available for verified customers
  • appears automatically for EUR balances
  • UK sort code and account number available for GBP balances
  • ABA and account number available for USD balances
  • BSB and account number available for AUD balances
  • account number available for NZD balances
  • account number available for PLN balances

IBAN Countries

Monese

Personal IBANs assigned to Monese Current Account belong to the United Kingdom.

TransferWise

Personal IBANs assigned to TransferWise Borderless accounts belong to:

  • Belgium for EUR balances
  • the United Kingdom for GBP balances

Account Security

Monese

n/a

TransferWise

TransferWise uses HTTPS encryption, and two-factor authentication to protect all customer transactions and make sure everything is secure. TransferWise will never misuse or sell customer data.

Pricing Plans

Monese

Monese Current Account is offered with several pricing plans for different customer groups, namely Starter, Plus, Premium.

  • Starter
  • offered to: EEA residents
  • Initial Fee 0.00 EUR
  • Monthly Fee 0.00 EUR
  • Closing Fee 0.00 EUR
  • SEPA Outgoing 0.00 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.00 EUR
  • SWIFT Incoming 0.00 EUR
  • A full current account for no monthly cost
  • Free contactless card
  • Fees apply to some top-ups and transfers
  • Open Account
  • Plus
  • offered to: EEA residents
  • Initial Fee 0.00 EUR
  • Monthly Fee 4.95 EUR
  • Closing Fee 0.00 EUR
  • SEPA Outgoing 0.00 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.00 EUR
  • SWIFT Incoming 0.00 EUR
  • Fixed monthly fee
  • Free contactless card
  • Reduced rates on top-ups and transfers
  • Open Account
  • Premium
  • offered to: EEA residents
  • Initial Fee 0.00 EUR
  • Monthly Fee 14.95 EUR
  • Closing Fee 0.00 EUR
  • SEPA Outgoing 0.00 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.00 EUR
  • SWIFT Incoming 0.00 EUR
  • Unlimited withdrawals
  • Free contactless card
  • No fees on top-ups or transfers
  • Open Account

TransferWise

Borderless Account is offered with a single pricing plan for all customers.

  • Borderless Account
  • offered to: all countries
  • Initial Fee 0.00 EUR
  • SEPA Outgoing 0.60 EUR
  • SEPA Incoming 0.00 EUR
  • SWIFT Outgoing 0.60 EUR
  • SWIFT Incoming 0.00 EUR
  • Low conversion fees
  • Zero transaction fees
  • Free ATM withdrawals up to £200 per 30 days
  • Open Account

How to Open Monese Account

Opening Monese Current Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Pass video authentication
4.
Account is ready to use in a few minutes
Monese Accounts are available to private individuals, residents of the EEA.
Proof of Identity. Depending of the client's country, Monese accepts the following documents: passport, national ID card, driving license, residence card.
Identity Verification. Monese requires to take a video selfie using Monese application.
Monese doesn't require to provide either local proof of address documents or credit score documents. However, a proof of address can be used as an identity verification instead of the video selfie.


How to Open TransferWise Account

Opening Borderless Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload selfie with your proof of identity
4.
Account is ready to use in 2 days
Proof of Identity. Depending of the client's country, TransferWise accepts the following documents: passport, national ID card, driver's licence.


Compare Personal Cards

Monese TransferWise
Prepay Technologies ltd CardTransferwise Ltd Card
Card Typedebit
physical
contactless
debit
physical
Currencysingle currency
EUR, GBP
multi currency
as per account
Card ProviderMasterCardMasterCard
Order Card Order Card
 

Card Type

Monese

Monese cards are debit cards, rather than prepaid cards. Monese cards are issued only as physical (plastic) cards and are delivered to the customer's address.

TransferWise

TransferWise cards are debit cards, rather than prepaid cards. TransferWise cards are issued only as physical (plastic) cards and are delivered to the customer's address.

Currency

Monese

Monese Debit Card is a single currency card, it can be issued in EUR, GBP only.

TransferWise

TransferWise Personal Card is a multi-currency card, the funds can be held in different currencies at the same time. TransferWise Personal Card can hold funds in any as the corresponding account, namely in EUR, GBP, AUD, AED, ARS, BDT, BGN, CHF, CLP, CNY, CZK, DKK, EGP, GEL, HKD, HRK, HUF, CAD, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, USD, PEN, PHP, PLN, PKR, RON, RUB, SEK, SGD, THB, TRY, UAH, VND, ZAR.

Customer Group

Monese

Monese payment cards are available to residents of the European Economic Area (EEA) countries.

TransferWise

TransferWise cards are currently available for the holders of TransferWise borderless accounts in the United Kingdom, United States, Switzerland and the European Economic Area (with the exception of Greece), Gibraltar (British Overseas Territory) and the UK Crown Dependencies: Guernsey, Isle of Man, and Jersey.

Card Loading

Monese

Monese cards can be topped up from the cardholder's Monese Current account. Monese accounts can be topped up with a bank transfer. Within the UK Monese accounts can be topped up with cash at the Post Office and PayPoint.

TransferWise

TrnaferWise card does not have a separate balance from TransferWise borderless account. So, topping up a TransferWise borderless account actually loads the TransferWise cards connected to the account.

Card Security

Monese

3D Secure Payments. 3D Secure makes online shopping safer for both cardholders and retailers, by authenticating that the cardholder is making the transaction at the time of purchase. This enhanced security is by way of an SMS message that’s sent whenever making an online transaction using a Monese card.

TransferWise

3D Secure Payments. For some online payments, a TransferWise cardholder can be asked to approve the payment from his/her TransferWise app, or by using a code sent by SMS or voice call. This is called a 3D Secure online payment, and is an added level of security some websites ask for. At the moment, 3D secure payments are only supported for cards issued in the UK and the European Economic Area (EEA).

Pricing Plans

Monese

Card Fees and Limits
SimpleClassicPremium
Card Delivery Fee4.95 GBPfreefree
ATM Withdrawal Feeup tp 200 GBP monthly: free
above that: 2.00%
up to 800 GBP monthly: free
above that: 2.00%
free
Foreign Currency Spending Feeup tp 2,000 GBP monthly: free
above that: 2.00%
up to 8,000 GBP monthly: free
above that: 2.00%
free

TransferWise

Card Fees and Limits
UK/EUAPACUS
Card Issuance Fee5 GBP/6 EUR10 AUD/10 NZD/10 SGD7 USD
Currency Exchange Fee0.24–3.69%0.24–3.69%0.24–3.69%
ATM Withdrawal Feeup to 200 GBP: free
above that: 2.00%
up to 350 AUD/350 NZD/350 SGD: free
above that: 2.00%
up to 250 USD: free
above that: 2.00%
ATM Withdrawal Daily Limit1,500 GBP2,700 AUD/NZD/SGD1,000 USD
ATM Withdrawal Monthly Limit4,000 GBP7,000 AUD/NZD/SGD4,000 USD
Contactless Payment Daily Limit1,000 GBP1,750 AUD/NZD/SGDn/a
Contactless Payment Monthly Limit4,000 GBP7,000 AUD/NZD/SGDn/a
Magnetic Stripe Daily Limit6,000 GBP10,500 AUD/NZD/SGD6,000 USD
Online Purchase Daily Limit10,000 GBP17,500 AUD/NZD/SGD2,000 USD
Online Purchase Monthly Limit30,000 GBP52,500 AUD/NZD/SGD10,000 USD

Compare Money Transfers

Monese TransferWise
Speed0-4 days0-2 days
Countries30+ countries60+ countries
Currencies15+ currencies40+ currencies
Sending From
  • Monese accounts
  • Transferwise accounts
  • bank accounts
  • payment cards
Receiving To
  • bank accounts
  • Transferwise accounts
  • bank accounts
  • payment cards
Make Transfer Make Transfer
 

Transfer Costs

Monese

Transfer Fees
International foreign currency transfers fees depend on the chosen pricing plans:

  • Simple: 2% (£2 or €2 minimum)
  • Classic: from 0.5% (£2 or €2 minimum)
  • Premium: premium

Exchange Rate
Monese customers can convert money at the interbank rate.

TransferWise

Transfer Fees
How much a particular Transferwise transfer costs depends on three things — the amount being sent, the payment method, and the exchange rate.
Exchange Rate
Transferwise ensures that its customers get mid-market rate — it’s the one banks use to trade between themselves.

Transfer Speed

Monese

In general Monese processes the transfers within 0-4 days, delivery time depends on the sending account, currency and receiving country:

  • UK Payments are processed using Faster Payments Service, normally within 2-4 hours.
  • International payments from UK accounts are processed within 2-4 business days depending on the currency and the transfer initiation time (before or after 4pm)
  • SEPA payments from the Eurozone accounts are processed within 1-2 business days

TransferWise

Transferwise provides an estimated delivery time for every transfer. In general, the delivery time depends on the following:

  1. Sending and receiving countries and currencies.
  2. Payment method. Some payment methods and faster than the other. For example, card payments are normally instant, while bank transfers take longer.
  3. Transfer initiation time. Transferwise can handle the money during normal banking hours.
  4. Security checks. Sometimes Transferwise needs to verify sender's ID, address as well as other details. Such verification can add extra time to your transfer on top of the initial estimation.

Sending Countries

Monese

Monese offers sending money from a sender's Monese account, which is available for residents of the European Economic Area (EEA), regardless of his/her citizenship or financial history.

TransferWise

Transferwise offers sending money from a sender's Transferwise account, so sending money is available for all countries where Transferwise Borderless account is offered. Transferwise Borderless account is offered worldwide expect for several sanctioned countries and territories.

Receiving Countries

Monese

Monese allows to send money to 32 countries, namely:

AT Austria
AU Australia
BE Belgium
BR Brazil
BG Bulgaria
CY Cyprus
CZ Czech Republic
DK Denmark
EE Estonia
FI Finland
FR France
DE Germany
GR Greece
HU Hungary
IE Ireland
IT Italy
LV Latvia
LT Lithuania
LU Luxembourg
MT Malta
NO Norway
NL Netherlands
MX Mexico
PL Poland
PT Portugal
SK Slovakia
SI Slovenia
ES Spain
SE Sweden
TR Turkey
GB United Kingdom
US United States

TransferWise

TransferWise allows to send money to 50 countries, namely:

SEPA-Countries (Europe)
AR Argentina
AU Australia
BD Bangladesh
BR Brazil
BG Bulgaria
CA Canada
CL Chile
CN China
CO Colombia
HR Croatia
CZ Czech Republic
DK Denmark
GE Georgia
HK Hong Kong
HU Hungary
IN India
ID Indonesia
IL Israel
JP Japan
KE Kenya
MY Malaysia
MX Mexico
MA Morocco
NP Nepal
NZ New Zealand
NG Nigeria
NO Norway
PK Pakistan
PE Peru
PH Philippines
PL Poland
RO Romania
RU Russian Federation
SG Singapore
ZA South Africa
KR Korea, Republic of
LK Sri Lanka
SE Sweden
CH Switzerland
LI Liechtenstein
TH Thailand
TR Turkey
UA Ukraine
AE United Arab Emirates
GB United Kingdom
US United States
VN Vietnam
EG Egypt
GH Ghana

Sending Methods

Monese

Monese account
Monese offers sending money from a sender's Monese account only.
So, to be able to perform a transfer, a sender should first open an account with Monese and deposit enough money to this account.

TransferWise

Transferwise Account
TransferWise offers instant transfers between TransferWise account holders.
Bank Account
TransferWise allows to send money from a sender's bank account: the sender should send money to TransferWise own bank account in the sender's country.
Payment Card
TransferWise supports sending money from payment cards the same way as from bank accounts.

Receiving Methods

Monese

Bank accounts
Monese offers sending money to bank accounts only.

TransferWise

Transferwise Account
TransferWise offers instant transfers between TransferWise account holders.
Bank Account
Delivering money to bank accounts is the main receiving method in TransferWise.
Payment Card
TransferWise can deliver CNY to UnionPay card holders based in China.

Advantages and Disadvantages

Advantages of Monese Transfers

Fast transfers within the UK
Fast SEPA transfers

Advantages of TransferWise Transfers

Broad countries coverage
Available for individuals and business entities
Suitable for large transfers

Disadvantages of Monese Transfers

Have to open a current account with Monese
Available in Europe only
Receiving money to bank accounts only

Disadvantages of TransferWise Transfers

Have to open a current account with TransferWise
Receiving money mainly to bank accounts

How Monese Transfers Work

1.
Create account
Install Monese application, then open and verify your account.
2.
Deposit money
Deposit money to your account via bank transfer or cash.
3.
Make transfer
Click 'pay' in the app and add your recipients details.


How TransferWise Transfers Work

1.
Create account
Create and verify your TransferWise account
2.
Enter transfer's details
Provide the recipient’s details and the amount you want to send. Note that the recipient doesn't need a TransferWise account, just a bank account.
3.
Pay for your transfer
Pay by credit or debit card or make a local bank transfer to TransferWise’s bank account in your country. You don't have to link your bank account to TransferWise (unless you’re sending from Canada or the US).
4.
Transfer processed
TransferWise has local bank accounts in countries all over the world. So often TransferWise is able to use money from a TransferWise user sending money the other way around.
5.
Transfer completed
If you provide your recipient’s email address, the recipient will get a notification that the money is on the way.


See Also