Wise vs ZEN: pay per conversion or pay for a plan?
Wise and ZEN both give you a multi-currency account and a Mastercard or debit card for spending abroad, but they charge in different ways. Wise has no monthly fee and charges a visible fee on each conversion. ZEN sells plans: a free plan plus paid monthly plans, where a higher plan lowers the exchange markup and raises the free ATM allowance, and adds perks such as cashback and an extended warranty on card purchases.
One caution before the numbers. ZEN’s live pricing page could not be read on our check date, so we do not quote ZEN’s current prices or percentages here. Wise figures below come from Wise’s official pricing pages; for ZEN, see ZEN’s current fee page in the app or at zen.com before you choose a plan.
How the two price things
| Wise | ZEN | |
|---|---|---|
| Monthly fee | None | Free plan, plus paid monthly plans |
| Currency conversion | Mid-market rate plus a fee on each exchange: from 0.2% (German pricing page) or 0.24% (UK page) | Markup over ZEN’s own rate, lower on paid plans; see ZEN’s fee page |
| Card payment in a currency you hold | No conversion fee | No conversion markup when the purchase is in the account currency |
| Free ATM withdrawals | €250 / £250 a month, then 2.69% | Monthly free allowance that grows with the plan, then a percentage fee |
| Card | Physical card £7 / €7 to order; digital card free | Virtual and physical Mastercard; card fees depend on the plan |
| Extras | Local account details in 9 currencies, including EUR, GBP and USD | Cashback and an extended warranty on eligible card purchases |
| Licence | Wise Europe SA, payment institution supervised by the National Bank of Belgium (UK: FCA) | UAB ZEN.COM, electronic money institution supervised by the Bank of Lithuania |
Worked examples with real amounts
Wise costs below apply Wise’s published fee rules to round amounts. ZEN’s cost for the same transaction depends on which plan you are on, so we show what to compare rather than a figure.
1. Withdrawing €400 in cash in a month
Wise (eurozone customer): the first €250 a month is free, then 2.69% applies to the €150 above it, so €4.04. ATM operators may add their own charge.
ZEN: free up to your plan’s monthly ATM allowance, then a percentage fee. On the free plan the allowance is the smallest, so check whether €400 a month fits inside a paid plan’s allowance and whether that plan’s monthly fee is less than the fee you would save.
2. Converting €1,000 into another currency
Wise: from 0.2% on Wise’s German pricing page, so from about €2, at the mid-market rate. The exact fee depends on the currency pair and is shown before you confirm.
ZEN: the markup is added to ZEN’s own rate and is lower on paid plans. The comparison that matters is total cost per month: the plan fee plus the markup on what you convert, against Wise’s fee on the same amount.
3. Spending £300 on a UK trip with a euro balance
Wise: if you converted to pounds beforehand, the card spends your GBP balance at no extra cost; if not, Wise converts at the till and charges its usual conversion fee. ZEN: a purchase that is not in your account currency carries a markup over the Mastercard rate on the lower plans, so holding the right currency first, or a higher plan, avoids it.
Who can open each account
Wise cards are offered to residents of the UK, the EEA, Switzerland, the US, Canada, Australia, New Zealand, Japan, Singapore, Malaysia, the Philippines, Brazil and Thailand. ZEN is licensed in Lithuania as an EU electronic money institution; check ZEN’s site for the countries it currently accepts before you apply.
Neither is a bank. Wise safeguards customer money but it is not covered by deposit guarantee schemes; ZEN holds e-money under its Lithuanian licence on the same basis. Do not use either as the only home for large savings.
Verdict by use case
| If you… | Better choice | Why |
|---|---|---|
| Convert money occasionally | Wise | No monthly fee; you pay only a visible fee on the conversions you make. |
| Spend abroad heavily every month | Compare ZEN’s paid plans with Wise | A ZEN plan can lower the markup and raise the ATM allowance, but only pays off above a certain monthly volume. |
| Want cashback or a longer warranty on card purchases | ZEN | These perks are part of ZEN’s offer; Wise has neither. |
| Get paid by clients in EUR, GBP or USD | Wise | Local account details in 9 currencies. |
| Live outside Europe | Wise | Wise cards are offered in North America and Asia-Pacific; ZEN holds an EU licence, so check whether it accepts your country. |
Our view: Wise is the safer default because its costs are fixed per transaction and published. ZEN is worth a look if you will use its perks and can confirm from ZEN’s current fee page that your monthly spending makes a paid plan cheaper.
Frequently asked questions
Is Wise or ZEN cheaper for currency exchange?
Wise charges no monthly fee and a conversion fee from 0.2% to 0.24% on its German and UK pricing pages. ZEN adds a markup to its own rate that is lower on paid plans, so ZEN can be cheaper only if your monthly volume justifies a plan fee. Check ZEN’s current fee page for its figures.
How much cash can I withdraw for free with Wise?
Wise allows €250 or £250 a month, depending on your region, then charges 2.69% on the amount above that. ATM operators may add their own fees.
Who regulates ZEN?
ZEN is operated by UAB ZEN.COM, an electronic money institution supervised by the Bank of Lithuania.
Are Wise and ZEN banks?
No. Wise is a payment and e-money provider that safeguards customer money, and ZEN is an electronic money institution. Neither balance is covered by a bank deposit guarantee.
Sources
Every fee on this page was checked against these official provider pages on .
- Wise — pricing (UK)
- Wise — pricing (Germany)
- Wise — card fees (UK)
- Wise — card fees (Germany)
- Wise Help — currencies you can hold and receive
- Wise Help — where the Wise card is available
- Wise Help — EU safeguarding (Wise Europe SA)
- ZEN — individual pricing document (fee structure, issuer details)
Fees, limits and availability change and can differ by country and account type. Worked examples apply each provider's published fee rules to round amounts; exchange rates move constantly, so confirm the final price in the provider's app before you pay. How we check fees is explained on our methodology page.