When deciding between Wise and Openbank, 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
Openbank
How do Wise and Openbank compare?
Wise and Openbank are two digital banking platforms that offer innovative financial services, but they cater to different needs and markets with distinct areas of focus.
Wise, formerly known as TransferWise, specializes in international money transfers and currency exchange services. Its platform enables users to send money globally at low costs, offering transparent fees and real exchange rates. Additionally, Wise provides multi-currency accounts, debit cards, and various other financial tools designed for individuals and businesses with international financial needs.
Openbank, in contrast, is focused on providing comprehensive banking services to residents of Spain. Its platform offers a full suite of services, including checking and savings accounts, investments, loans, credit cards, and insurance. Openbank is geared more toward offering traditional banking solutions through a mobile app, with a wide array of financial products tailored to the needs of Spanish consumers.
Both Wise and Openbank offer free basic accounts. Wise charges fees for its money transfer and currency exchange services, while Openbank generates revenue from traditional banking products, such as interest on loans, mortgages, and fees for certain transactions.
In summary, Wise is ideal for individuals and businesses that need a cost-effective solution for international money transfers or multi-currency accounts. Openbank, on the other hand, is better suited for residents of Spain who are looking for a mobile banking platform with a full range of traditional banking services and financial products.
Founded: 2011
Headquarters: London, UK
Users: +16 million
Countries available: 56
Account plans: multi-currency accounts
Go to Wise
Founded: 1995
Headquarters: Madrid, Spain
Users: +2 million
Countries available: 6
Account plans: checking and savings accounts
Go to Openbank
Other comparisons about Wise and Openbank
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.