When deciding between Wise and Pockit, 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
Pockit
How do Wise and Pockit compare?
Wise and Pockit are two mobile banking solutions that offer digital financial services, each catering to different customer needs and focusing on distinct aspects of banking.
Wise, formerly known as TransferWise, specializes in international money transfers and currency exchange. It allows users to send money across borders with transparent fees and competitive exchange rates. Wise also provides multi-currency accounts, enabling users to manage multiple currencies, and offers a debit card for spending globally at low foreign exchange fees. The platform is ideal for individuals who need to send money internationally, make foreign transactions, or manage finances in multiple currencies. With its transparent pricing and user-friendly interface, Wise is especially popular among travelers, expatriates, and businesses with international transactions.
Pockit, on the other hand, focuses on providing accessible banking services to underserved and financially excluded individuals in the UK, such as those with poor credit histories or those who are new to the country. Pockit offers essential financial services like current accounts, debit cards, and cash withdrawals, with low fees and no hidden charges. One of the key features of Pockit is its wide network of over 30,000 locations in the UK where customers can deposit cash. This makes it a great option for individuals who need basic banking services without the traditional requirements of a full-fledged bank. Pockit also offers a premium subscription plan that includes additional benefits such as cashback rewards and free international transactions.
In terms of pricing, both Wise and Pockit offer low-cost accounts, with additional fees for specific services. Wise charges fees for its money transfer and currency exchange services, while Pockit offers a free basic account and premium plans with extra features.
Overall, Wise is best suited for users who need cost-effective international money transfers and multi-currency accounts, while Pockit is ideal for individuals in the UK seeking low-cost, accessible banking services with the option to deposit cash at convenient locations.
Founded: 2011
Headquarters: London, UK
Users: +16 million
Countries available: 56
Account plans: multi-currency accounts
Go to Wise
Founded: 2014
Headquarters: London, UK
Users: +900,000 thousand
Countries available: United Kingdom
Account plans: prepaid debit cards
Go to Pockit
Other comparisons about Wise and Pockit
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.