When deciding between Wise and Cleo, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
Wise
Cleo
How do Wise and Cleo compare?
Wise and Cleo are two mobile banking solutions that cater to different customer needs, each offering unique services and features.
Wise, previously known as TransferWise, specializes in international money transfers and currency exchange. It provides a multi-currency account and debit card, allowing users to hold and manage multiple currencies. Wise offers international transfers at competitive exchange rates with low fees and prides itself on transparency by providing real-time exchange rate information.
Cleo, on the other hand, is an AI-powered financial assistant that helps users manage their finances. It connects to existing bank accounts to track expenses, analyze spending habits, and offer budgeting tools. Cleo uses artificial intelligence to provide personalized insights and recommendations on how to save money and improve financial management.
While Wise focuses on international transactions and currency exchange, Cleo is designed to provide financial insights and budgeting assistance, helping users manage their everyday finances.
The choice between Wise and Cleo depends on the user’s needs. If you need multi-currency accounts or frequently make international transfers, Wise is an ideal option. However, if you’re looking for personalized financial advice, expense tracking, and budgeting tools, Cleo would be a better fit.
Founded: 2011
Headquarters: London, UK
Users: +16 million
Countries available: 56
Account plans: multi-currency accounts
Go to Wise
Founded: 2016
Headquarters: London, UK
Users: +1 million
Countries available: United Kingdom and United States
Account plans: checking and savings accounts
Go to Cleo
Other comparisons about Wise and Cleo
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.