Monzo Alternatives and Competitors

September 7, 2020

Monzo, a UK-based mobile-only digital bank, provides current accounts for residents of the UK. While this neobank provides reliable and cost-effective services by leveraging different forms of technology, so do several of its competitors. As a result, you might benefit by looking at what the top Monzo alternatives have to offer.

Low Transparent fee structure
Forward contracts
Scheduled transfers
Dedicated account manager
Live chat support

low

Fees

fast

1-2 days

Go to Site

Transparent fee structure
Send money to email addresses
Multicurrency account with debit card
Multilingual website & app

low

Fees

fast

1-2 days

Go to Site

high

Fees

medium

2-3 days

Go to Site

0.4% margin for new customers referred by iCompareFX
Fee-free transfers
Scheduled transfers
Online and phone transfers

low

Fees

medium

2-3 days

Go to Site

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WorldFirst

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TransferWise

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Payoneer

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OFX

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WorldFirst

WorldFirst is a UK-based Monzo competitor that also has offices in the Netherlands, Japan and Hong Kong. You may register with this company as an individual, a business or an online seller. The World Account gives you access to free receiving accounts in different currencies. You may access the company’s region-specific websites in various languages.

Serves individuals, online sellers and businesses

The World Account is designed for online sellers and businesses

Offices in the UK, the Netherlands, Japan and Hong Kong

Dedicated websites for the UK, the Netherlands, France, Japan and Singapore

Website access in different languages

Applies a transparent margin over existing interbank/midmarket currency exchange rates

Use matching currency accounts from the World Account to reconcile international payments and avoid currency conversion fees

Link Xero with your World Account at any time

Lets you initiate your transfer online and over the phone

Provides scheduled transfers and forward contracts

Sending limits may apply depending on your country of residence

Not available to residents of the U.S.

TransferWise

This UK-based alternative to Monzo also has offices in the U.S., Hungary, Estonia, Ukraine, Singapore and Hong Kong. You may register with TransferWise as an individual, a business or an online seller. The company operates region-specific websites, access to which comes in different languages. If you sign up for the Borderless Account, you get access to receiving accounts in multiple currencies.

Provides services to individuals, online sellers and businesses

Multilingual websites for the U.S., Canada, the UK, Germany, Italy, France, Japan, Singapore, Australia and New Zealand

Accepts credit card payments in some countries

Hold funds and transact in multiple currencies using the Borderless Account

Does not support all currency corridors through its peer-to-peer network

No scheduled transfers, forward contracts, or market orders

The fee you need to pay may vary according to where you and the recipient live as well as the desired payment and transfer methods

Payoneer

This U.S.-based Monzo alternative also has offices in the UK, the Philippines and Japan. It provides services for small and mid-sized businesses as well as for freelancers. You may access money in your Payoneer account by using a prepaid Mastercard. The company gives you access to virtual bank accounts in four currencies.

Offices in the U.S., the UK, the Philippines and Japan

Provides virtual bank accounts in U.S. dollars, pound sterling, euros and Japanese yen

Acceptable modes of payment include local bank transfers, wire transfers and Automated Clearing House (ACH) transfers

Lets you trade is more than 150 currencies

Access money in your Payoneer account by using a prepaid Mastercard or an e-wallet

You may withdraw funds from your Payoneer account into your local bank account

Business use only

Annual fee on their prepaid Mastercard

OFX

Australia-based OFX provides services for individuals, businesses and online sellers. This Monzo competitor has international offices in the UK, the U.S., Canada, Hong Kong and New Zealand. Access to the OFX website is only in English. Online sellers get access to receiving accounts in different currencies.

Fee-free thresholds for personal customers

Headquartered in Australia, offices also in the UK, the U.S., Canada, Hong Kong and New Zealand

Provides scheduled transfers, forward contracts and market orders

Online sellers get free bank account details in GBP, EUR, USD, CAD, AUD, HKD and JPY

Send money online or over the phone

Provides local phone support in some countries

Website access only in English

Allows trading in some currencies only over the phone

Bank transfers only