Monzo vs Wallester
A side-by-side look at how these two wallets stack up — and which one wins for which job.
| Feature | Monzo | Wallester |
|---|---|---|
| Score | 4.4 / 5 | 4.1 / 5 |
| Best for | Everyday UK banking and budgeting | Businesses issuing expense & team cards |
| Monthly fee | Free → Plus/Premium plans | Free (Free plan) |
| Exchange rate | Mastercard rate, no Monzo markup | 2% on foreign currency |
| Send / receive | Free UK transfers | Free plan + paid premium tiers |
| Withdrawals | Free in UK; overseas cap then fee on free plan | 2% on cash/ATM |
| Card | Yes — debit Mastercard | Yes — Visa (virtual & physical, white-label) |
| Availability | UK (US in rollout) | EEA-focused |
| Currencies | GBP (spends abroad at Mastercard rate) | 10 currencies for exchange |
| Regulation | UK PRA/FCA full banking licence (FSCS protected) | Estonian FSA; Visa Principal Member |
| Founded | 2015 | 2016 |
Monzo
Monzo is a fully licensed UK app bank with FSCS-protected deposits, best known for its budgeting tools (Pots, spending categories) and fee-free card spending abroad at the Mastercard rate. It is one of the most polished everyday banking apps in the UK, with overseas ATM limits and premium perks reserved for paid tiers.
Pros
- Full UK bank, FSCS-protected deposits
- Excellent budgeting with Pots and categories
- No FX markup on card spending
Cons
- GBP-only current account
- Overseas ATM limits on the free plan
- Best perks on paid tiers
Wallester
Wallester is an Estonian, Visa-principal-member platform offering free IBAN business accounts and up to 300 free virtual Visa cards with strong expense-management and accounting integrations. It is built for businesses rather than consumers, with 2% FX and ATM-withdrawal fees as the main cost considerations.
Pros
- Up to 300 free virtual Visa cards
- Free IBAN business account & expense controls
- Visa Principal Member, PCI DSS Level 1
Cons
- 2% FX markup on foreign-currency spend
- 2% fee on cash/ATM withdrawals
- Geared to businesses, not consumers
The bottom line
Overall, Monzo edges ahead with a score of 4.4 versus 4.1 — but the right choice depends on your priorities. Check both against your own country and use case before deciding.