Melio vs Wise: 2023 Comparison

Melio and Wise are two prominent providers in the financial technology (fintech) space that offer distinct approaches to the financial challenges of businesses. While Melio excels in simplifying domestic bill payments and vendor management, Wise (formerly TransferWise) stands out as a global leader in international money transfers and currency exchange. We provide a detailed Melio vs Wise comparison, helping businesses navigate their options for smoother financial operations.

• Melio: Ideal for businesses seeking strong accounts payable (A/P) and vendor management tools
• Wise: Optimal for businesses that send and receive international payments regularly

Sponsored Ad Melio has paid for this placement. However, our team of experts approved Melio as an appropriate product and our content remains 100% editorially independent.
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Melio vs Wise At-a-Glance Comparison

Monthly Platform Fee (per User)	$0	$0
Distinctive Features	No platform fees (pay per transaction) Approval workflows for bills and payments Multiple users allowed for no additional fee	Low-cost international money transfers Business debit card with 50-plus currencies Optional annual percentage yield (APY) of 4.13% on United States dollars (USD) balances
Customizable Account Permissions	✕	✓
Approval Workflows	✓	✕
Batch Payments	✓	✓
Business Debit Card	✕	✓
Mobile App	iOS	iOS and Android
Payment in Multiple Currencies	✕	✓
Optional Federal Deposit Insurance Corp. (FDIC) Insurance	✕	✓
Vendor Portal	✕	✕
For More Information	Read our Melio review	Read our Wise Business Account review

When To Use

Melio vs Wise: Pricing (Melio Wins)

Neither Melio nor Wise charge a monthly fee, but Wise charges a one-time registration fee of $31. Neither provider restricts the number of users. However, we chose Melio as the winner because it offers more options to pay, including check mailing. It also provides the option of faster ACH and check payments, which is unavailable with Wise, and while Melio charges 2.9% for payment by debit or credit card, Wise’s fees vary by currency and start at 0.43%.

In addition to the fees above, Wise charges additional fees related to its business debit card, which are detailed below:

• Registration fee: $5
• Withdrawing USD 100 per month, per account: Free for two or fewer withdrawals
• ATM fees over USD 100 per month, per account: 2% plus $1.50 per withdrawal
• Account funding transactions: 2%
• Converting money: From 0.43%, fee varies by currency

Melio vs Wise: Features (Wise Wins)

Melio and Wise have many of the same features, including the ability to make batch payments and international wire transfers, although Melio is limited to payment in USD. Both are compatible with QuickBooks, Xero, and FreshBooks, but Melio also integrates with Business Central while Wise also integrates with NetSuite, Sage, and Wave.

Both also offer a mobile app, but Melio’s is only compatible with iOS devices, whereas Wise’s is available for iOS and Android users. Melio allows for approval workflows and autocapture of receipts and bills, two features that Wise lacks.

However, we selected Wise as the winner in this category because it also lets you manage more than 40 currencies and switch between them when the exchange rate looks good. What’s more, it gives you access to digital business debit cards that you can provide to your employees.

Its unique features include no foreign transaction fees and the ability to set up spending alerts. You can also set up customizable account permissions and get access to optional FDIC insurance. Learn more about Wise’s business debit card as well as its other features in our Wise business account review.

Melio vs Wise: A/P (Melio Wins)

When it comes to A/P capabilities, Melio offers a couple of features that are unavailable with Wise—automatic bill capture, recurring bills, and the ability to track 1099 contractor payments with a report that is accessible from the desktop. Neither provider offers an intelligent virtual assistant, but because of Melio’s additional features, we selected it as the winner in this category.

Melio vs Wise: A/R (Melio Wins)

While neither Melio nor Wise offer the ability to track sales tax or customize invoices, both let you upload a logo to your invoice. Melio lets you set up recurring invoices—and this feature is unavailable with Wise, which is why we selected Melio as the winner in this category.

Melio vs Wise: Ease of Use (Tie)

Both Melio and Wise are cloud-based software with a user-friendly dashboard and an online help section. Because both are so easy to use, we ruled this category a tie.

Melio’s dashboard for paying bills

Melio vs Wise: Mobile App (Wise Wins)

Melio’s mobile app is available for iOS devices only, and you can only use it to make payments. Wise’s mobile app is available for both iOS and Android users, and you can use it to transfer funds, open new currency balances, pay bills, and convert funds. Although neither app lets you invoice customers, we chose Wise as the winner because of its additional capabilities.

Melio vs Wise: Customer Support (Wise Wins)

Melio provides customer support during regular business hours, which includes email and live chat support and access to online help resources and a searchable knowledge base. Wise provides the same type of support as Melio, with the addition of phone support.

However, it does not provide support hours on the website—it only states that its team is ready to help you by chat, email, or phone if your issue is too difficult or confusing. We chose Wise as the winner in this category because of the access to phone support.

Frequently Asked Questions (FAQs)

How long does it take for Melio to process payments?

What types of businesses are best suited for Wise?

Can Melio make international wire transfers in local currency?

Does Wise offer a mobile app?

Bottom Line

Melio was designed to simplify bill payments for small and midsize businesses, allowing them to pay bills electronically, track payments, send invoices, and manage their financial transactions. Meanwhile, Wise is primarily known for its international money transfer and currency exchange services. It enables businesses to send money internationally with lower fees and more favorable exchange rates compared to traditional banks.