WorldFirst Logo

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.

Pros

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Serves individuals, online sellers and businesses
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The World Account is designed for online sellers and businesses
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Offices in the UK, the Netherlands, Japan and Hong Kong
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Dedicated websites for the UK, the Netherlands, France, Japan and Singapore
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Website access in different languages
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Applies a transparent margin over existing interbank/midmarket currency exchange rates
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Use matching currency accounts from the World Account to reconcile international payments and avoid currency conversion fees
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Link Xero with your World Account at any time
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Lets you initiate your transfer online and over the phone
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Provides scheduled transfers and forward contracts

Cons

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Sending limits may apply depending on your country of residence
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Not available to residents of the U.S.

TransferWise Logo

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.

Pros

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Provides services to individuals, online sellers and businesses
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Register using your existing PayPal, Google or Facebook account
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Multilingual websites for the U.S., Canada, the UK, Germany, Italy, France, Japan, Singapore, Australia and New Zealand
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Accepts credit card payments in some countries
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Hold funds and transact in multiple currencies using the Borderless Account

Cons

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Does not support all currency corridors through its peer-to-peer network
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No scheduled transfers, forward contracts, or market orders
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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 Logo

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.

Pros

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Offices in the U.S., the UK, the Philippines and Japan
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Provides virtual bank accounts in U.S. dollars, pound sterling, euros and Japanese yen
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Acceptable modes of payment include local bank transfers, wire transfers and Automated Clearing House (ACH) transfers
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Lets you trade is more than 150 currencies
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Access money in your Payoneer account by using a prepaid Mastercard or an e-wallet
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You may withdraw funds from your Payoneer account into your local bank account

Cons

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Business use only
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Annual fee on their prepaid Mastercard

OFX Logo

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.

Pros

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Sign up as an individual, a business or an online seller
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Fee-free thresholds for personal customers
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Headquartered in Australia, offices also in the UK, the U.S., Canada, Hong Kong and New Zealand
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Provides scheduled transfers, forward contracts and market orders
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Online sellers get free bank account details in GBP, EUR, USD, CAD, AUD, HKD and JPY
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Send money online or over the phone
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Provides local phone support in some countries

Cons

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Website access only in English
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Allows trading in some currencies only over the phone
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Bank transfers only

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