When deciding between Wise and Finom, 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
Finom
How do Wise and Finom compare?
Wise and Finom are two mobile banking solutions that provide innovative financial services, but they cater to distinct customer needs and focus on different areas of digital banking.
Wise, formerly known as TransferWise, is a financial platform primarily focused on international money transfers and currency exchange. It allows users to send money internationally at competitive exchange rates and low fees, offering transparent pricing with no hidden costs. Wise also provides multi-currency accounts, enabling users to hold, send, and receive money in multiple currencies, which is especially useful for frequent travelers, expatriates, or individuals conducting business across borders. Additionally, Wise offers a debit card that can be used globally with minimal foreign exchange fees, making it an appealing choice for those who need to manage finances in different currencies.
Finom, on the other hand, is a digital banking solution designed for small businesses, freelancers, and entrepreneurs. It offers a comprehensive suite of financial tools tailored to business management. Finom’s features include business accounts, invoicing tools, expense management, tax handling, and integrated financial reporting. It helps entrepreneurs save time on administrative tasks, providing them with an all-in-one solution for managing both their business finances and day-to-day financial needs. Finom also supports international transfers, but its focus is more on simplifying financial operations for businesses and freelancers.
In terms of pricing, Wise offers free accounts with a low-cost structure for international transfers and currency exchange services, whereas Finom provides tiered pricing plans, with basic plans for freelancers and more advanced features for businesses, including premium tools for invoicing, expense management, and more.
Overall, Wise is ideal for individuals who require efficient international money transfers and multi-currency accounts, while Finom stands out for businesses, freelancers, and entrepreneurs seeking an all-in-one solution for managing their business finances and administrative tasks.
Founded: 2011
Headquarters: London, UK
Users: +16 million
Countries available: 56
Account plans: multi-currency accounts
Go to Wise
Founded: 2019
Headquarters: Amsterdam, Netherlands
Users: +100,000 thousand
Countries available: 10
Account plans: 7 plan options
Go to Finom
Other comparisons about Wise and Finom
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.