Compare Wise and Openbank

How do Wise and Openbank compare?

Wise and Openbank are two mobile banks that offer digital financial services to their customers. While both companies provide innovative features and user-friendly interfaces, they have different areas of focus.

Wise (formerly known as TransferWise) is focused on providing international money transfers and currency exchange services. Its platform allows users to send money internationally at a low cost, with transparent fees and exchange rates. Wise also offers multi-currency accounts, debit cards, and a range of other financial services.

Openbank, on the other hand, is more focused on providing banking services to residents of Spain. Its platform allows users to manage their finances, including checking and savings accounts, as well as investments and loans. Openbank also offers a range of financial services, including credit cards and insurance.

In terms of pricing, both Wise and Openbank offer free basic accounts. Wise charges a fee for its money transfer and currency exchange services, while Openbank generates revenue through traditional banking services, such as interest on loans and mortgages, as well as fees on certain transactions.

Overall, both Wise and Openbank offer unique digital banking solutions that appeal to different customer segments. Wise may be more attractive to users who frequently send money internationally or need multi-currency accounts, while Openbank may be a better fit for residents of Spain looking for a mobile banking solution that offers traditional banking services and a range of financial products.