Monzo Business does not offer multi-currency balances or local account details in foreign currencies. If your business invoices in USD or EUR, you will lose money on every conversion compared to holding those currencies natively in Wise.
Wise Business
Wise is the clear choice for businesses that collect or pay in multiple currencies. You get local account details in roughly 10 currencies including USD, EUR, GBP, AUD, and SGD, with mid-market exchange rates and conversion fees that typically run 0.35% to 1.5% depending on the currency pair. Monthly fees start at zero for the base account, with a one-time fee of around £45 to receive the full multi-currency account details. The platform integrates with Xero, QuickBooks, and batch payment tools, which makes it practical for small agencies, freelancers, and e-commerce businesses billing clients in multiple countries. If you are comparing Wise against other UK-based business accounts for cross-border use, the full breakdown at Wise vs Starling Business Account covers additional tradeoffs on the banking side.
Monzo Business
Monzo Business is a GBP-primary account with a polished app and strong UK banking infrastructure, but it is not built for cross-border operators. The Lite plan is free, and the Pro plan costs £5 per month, giving you tax pots, integrations with Xero and FreeAgent, and invoicing tools. For currency conversion, Monzo uses its own rate, not the mid-market rate, and international transfers route through intermediaries, meaning fees are less predictable and often higher than Wise for the same transaction. Monzo holds an FCA e-money licence rather than a full banking licence for its business product, so FSCS protection does not apply. It fits UK-centric service businesses, sole traders, and anyone who wants a clean GBP current account with good expense management and does not need to send or receive foreign currency regularly.
Things people ask first.
Can I use Monzo Business as my sole business account if I invoice international clients?
You can, but it will cost you. Monzo converts at its own rate, not the mid-market rate, and does not let you hold USD or EUR balances. Every foreign payment gets converted immediately at a spread you have no control over.
Does Wise Business offer FSCS deposit protection?
No. Wise holds an FCA e-money licence, not a banking licence, so your funds are safeguarded through ringfencing rather than FSCS protection. Monzo Business operates under the same structure for its business product.
Which account is easier to open for a non-UK-resident business owner?
Wise is significantly more accessible for non-UK residents. Monzo Business generally requires a UK address and UK-registered company, while Wise Business accepts company registrations from a broader range of jurisdictions including the US, EU, and Australia.
Can I receive USD payments directly into Wise Business?
Yes. Wise Business gives you a US routing number and account number so clients can wire USD directly to you without conversion. You hold the balance in USD and convert on your own schedule.
Which platform is better for paying overseas contractors?
Wise is better for this. You can pay in local currencies to over 80 countries, often arriving same-day or next-day, and the fee structure is transparent before you send.
Does Monzo Business have batch payment or payroll features?
Monzo Pro supports some integrations and invoicing, but it does not have a native batch payment tool. Wise Business supports batch payments via CSV upload, which is more practical if you are paying multiple contractors or suppliers at once.
Need more than an EMI account for your offshore setup?
Wise and Monzo are useful tools but neither is a banking solution for serious offshore structures. The Offshore Playbook covers which jurisdictions and account types actually hold up under scrutiny, and how to stack them correctly.
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