Wise vs SoFi
For spending abroad FX markup matters, and SoFi does better (0% vs 0.47%). Neither wins across the board: weigh the points above against your use case before choosing between Wise and SoFi.
| Wise | SoFi | |
|---|---|---|
| Tier | A | A |
| Rating | ★ 4.5 | ★ 4.3 |
| Estimated net annual cost | €0 | €0 |
| Account fee | Free | Free |
| IBAN | dedicato · BE · BE, GB, US, AU, NZ, SG, HU, RO, TR | condiviso |
| Deposit guarantee | None (e-money account) | — |
| Multi-currency | Yes · 40 currencies | No (single currency) |
| Outbound transfers to third-party IBANs | Yes | Yes |
| Utility direct billing | No | No |
| SEPA direct debit (SDD) | Yes | No |
| On-chain crypto withdrawal | No | No |
| SEPA transfer | €1 | — |
| Card included | Carta Mastercard (€7 una tantum) | — |
| Interest on balance | 1.75% | 3.8% |
| Network | Mastercard | — |
| ATM withdrawal | 2.69% | not declared |
| Free ATM limit | £250/month free, then 2.69% | — |
| Fund custody | Custodial (platform holds funds) | Custodial (platform holds funds) |
| KYC | Full | Full |
| Supported countries | EEA, UK, US, APAC, LATAM · 160+ countries | US · 1+ countries |
| Regulator | FCA, NBB | FinCEN / OCC / SEC |
| OAM Italy registration | No | No |
| Segment | B2C | B2C |
| 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?
For spending abroad FX markup matters, and SoFi does better (0% vs 0.47%). Neither wins across the board: weigh the points above against your use case before choosing between Wise and SoFi.
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%.