Splitwise vs Wise: Everything you need to know

Splitting bills can get pretty complicated. Let’s say you’re at a restaurant, everyone is trying to figure out what they’ve eaten and how much their individual bill should be. It can get complicated to calculate how much you owe to the person who ended up picking up the tab.

And what if you’re abroad - which currency do you pay in? And what happens when there’s a large group, all needing to pay?

Bank transfers can lead to prolonged discussions and may result in multiple hoops to jump through. You might not have cash on your person, or don’t have the exact right amount needed in this situation. With such a large group, paying digitally seems like the best case scenario. Even then, it’s tricky to find a way to easily do so.

Luckily, there are solutions to help you avoid these pain points altogether, so you can pay up both efficiently and easily. Splitwise and Wise both offer a solution, but there are a number of differences between the two. Splitwise, despite the name, is not linked to Wise in any capacity, but it does allow users to split their bills. So does Wise.

Deciding which is better is entirely dependent on your needs. But this guide will discuss the key differences between the two, how group finances can be managed and the fees associated with these apps.

Before all of that, make sure to explore the other benefits of having a Wise account. You can send money internationally at low fees* and mid-market exchange rates, or use Wise to better manage your finances.

Learn more about Wise 🌍

Splitwise vs Wise: key differences

To really understand the differences between Splitwise and Wise, it’s best to get a grip of what each app is providing its customers. Splitwise is an expenses tracker that has a core purpose in mind. It is designed to help manage debts and trace shared costs, making it easier to settle payments. It is quite literally helping to split the bill.

Wise, on the other hand, is far more expansive in its role. It is a digital banking platform which has wider versatility beyond what Splitwise offers. You could use Wise to pay your bills, hold 40+ currencies and manage your international money transfers.

What is Splitwise and how does it work?

Splitwise is an app that helps you avoid those awkward ‘IOUs.’ It’s a platform that allows you to manage group expenses and calculate payments at pace. Available on multiple platforms and online, Splitwise should make it easier to figure out who owes who, how much needs to be paid and whether the money has already been sent.¹

Splitwise uses third-party partnerships in its bid to aid its users, meaning money is not directly handled by the brand. However, in the US there is a Splitwise Pay feature allowing for direct bank transfers. In the UK, it utilises Tink, but is also linked to PayPal and Venmo internationally. Ultimately, it promises its users less stress when sharing expenses.

What is Wise and what are its core services?

Wise is much more than a way to track debts and make paying them easier. Wise is a platform that makes moving money as simple as it should have always been, across multiple currencies. Wise allows you to hold and convert 40+ currencies, provides a multi-currency card and helps you save on international transfers.

With a specialist team to support you with large amount transfers and the option to connect your Wise account to third-party partners like QuickBooks if you have a business account, Wise offers a safe and secure way to manage your money. With accounts for both personal use and business, Wise is for people going places in every sense.

Splitwise vs Wise: comparing purpose and functionality

Fundamentally, Wise and Splitwise have two separate purposes. Wise is a more generalist platform, while Splitwise is a little more specific. However both can be used to split bills and transfer cash, albeit with varying functionality.

Expense tracking and bill splitting

For Splitwise, tracking expenses and splitting bills is all taken care of through the app’s algorithm. Users can simplify their bills, by inputting their information, customising how much each person owes and allowing the Splitwise app to do the rest. Users can create a group, simplify the debts and then settle up using the app. More members can be added and anyone can add a new expense.

Wise, on the other hand, hosts its own bill splitting feature. This allows users to divide their costs instantly, allowing anyone to pay in their own currency. It even works if you’re not on Wise, meaning anyone, anywhere in the world can use the feature with a simple link. Unlike other providers, users can also split and sum up multiple transactions at the same time. You can therefore choose to pay multiple expenses at once in whatever currency you choose.

International money transfers and currency exchange with Wise

Wise is also useful for currency exchanges, with a wide range of currencies accepted through the platform. That means it has international uses. You can take Wise with you on trips abroad and make international transfers at mid-market rates to 140+ countries.

Managing shared finances and group payments

Shared finances and group payments have one thing in common. They demand easy management to liaise between multiple people. However, sharing finances is very different to conventional, one-off group payments.

How to settle up group payments

In the battle between Splitwise vs Wise, both allow you to easily settle group payments. Through Splitwise, you can create a group and settle up to complete your payment. For Wise, you can also create a group and divide the transaction how you see fit, using the Bill Split feature.

Shared finances

Using Splitwise you can also share finances on an ongoing basis. While the app is built more for one-off payments, there is still functionality to track payments, upload receipts and other evidence, and continue to settle up in a group. The app provides a useful running balance.

On Wise, users may find it more useful to appropriate the Spend with Others feature. This is a way to manage regular expenses, with friends, family or acquaintances who you spend alongside. This is a third-party account with an owner, where users can contribute money or spend it together (though the owner of this account is the legal owner of the cash). Shared finances can then be paid from this account.

Splitwise vs Wise for group travel

For group travel, both Splitwise and Wise can be useful. Take the example of a holiday with a friend to compare the two. With Splitwise, make one-off payments or tally up a tab across the trip. Splitwise tracks the debts and provides a simple way to pay them off.

Wise, on the other hand, allows for simple payment across currencies as and when it is needed. Bill Split ensures you can split those international costs at no effort, while Group Sharing allows you to set up a third-party account that could be used throughout your trip.

Fees and features: Splitwise vs Wise comparison

Understanding how much Splitwise and Wise cost and what features they provide may help you decide which is right for you. First let’s look at Splitwise.

Splitwise Pro vs free version features

Wise Bill Split vs Spend with Others features

Wise Bill Split and Spend with Others might feel like similar features, but they have two fundamentally different purposes.

Wise’s Bill Split allows you to divide costs instantly and fairly, so people with and without Wise can pay their debts with a simple link. You can pay multiple transactions at once.

Spend with Others, on the other hand, encourages you to set up a shared account with an owner and multiple members. The group can spend and pay into this third-party account, but only with someone who lives in the same country or region as you.

This feature is available in the UK, Australia, Brazil, the EU, New Zealand, Singapore and Switzerland. In the UK you can have up to 5 people in a group, but only 2 groups.

Splitwise or Wise: which is best for you?

Splitwise and Wise both offer valuable services. Which one is best for you depends entirely on how you wish to use it. Splitwise offers a simple and effective process for splitting the bill. However, Wise offers wider functionality and could be especially useful if you travel a lot.

Whether you want to pay bills in euros from the UK or set up a shared account with friends and family, Wise may provide more flexibility.

Learn more about the Wise account

The next time you’re going on a group holiday or are simply out for a meal with friends, it’s a good idea to weigh up both options before deciding how you’re going to settle your finances.

FAQs about Splitwise and Wise

After learning about both Wise and Splitwise you may have some additional questions, which we’ve answered below.

Is Splitwise the same as Wise?

No, Splitwise and Wise are not connected in any way. While there is some confusion around the similarity in the names, Splitwise is not an offshoot company. However, Wise does offer its own Bill Split feature.

Can you pay directly through Splitwise in the UK?

Yes, while Splitwise does not directly handle the transactions and instead uses Tink, you can pay through the platform using the Pay by Bank feature.

Is Wise better than Splitwise for overseas spending?

Wise could be better for overseas spending, depending on your needs. Splitwise is good for splitting cash with personal contacts and acquaintances across currencies. However, Wise may be preferred for those who hold multiple currencies, want lower conversion fees* and perhaps move large amounts on a regular basis.

Do I need both Splitwise and Wise for a group trip?

Splitwise and Wise could both be very useful if you are considering a group trip. Both can offer you split-sharing capabilities and will help manage your expenses faster and easier.

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Sources Last Checked On: 09/03/2026