Wise vs SoFi
On the standard spending profile, Wise has the lowest net annual cost (€0). Wise offers the highest cashback (0%). Pick Wise if you prioritise simplicity and exchange integration; consider SoFi if you prefer a mature custodial ecosystem.
| Wise | SoFi | |
|---|---|---|
| Tier | A | A |
| Rating | ★ 4.5 | ★ 4.3 |
| FX markup | 0.43% | 0% |
| Cashback | 0% | 0% |
| Annual fee | Free | Free |
| Estimated net annual cost | €0 | €0 |
| Custodial | Custodial | Custodial |
| Network | Mastercard | — |
| Regions | EU/EEA, UK, US, APAC, LATAM | US |
| Licences & safety | EMI, FCA, FinCEN MSB | National Bank Charter (2022) |
Frequently asked questions
Wise vs SoFi: which is better?
On the standard spending profile, Wise has the lowest net annual cost (€0). Wise offers the highest cashback (0%). Pick Wise if you prioritise simplicity and exchange integration; consider SoFi if you prefer a mature custodial ecosystem.
Which is cheaper, Wise or SoFi?
On the standard spending profile Wise has the lowest net annual cost: €0 versus €0 for SoFi.
Is Wise custodial or self-custody?
Wise is custodial: funds are held by the platform, while SoFi is custodial.
Which is better for spending abroad?
For foreign-currency spending SoFi wins, with the lowest FX markup: 0%.