Splitwise is a free tool for friends and roommates to track bills and other shared expenses, so that everyone gets paid back. On the web, iPhone, and Android!
Organize purchase receipts, track warranty deadlines, and download a searchable offline copy with your photos and PDFs.
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Which is more popular?
Based on our record, Wise
seems to be more popular. It has been mentioned
24 times
since March 2021.
social mentions
0 vs 24
Personal Finance popularity
100% vs 0%
Base details
Website, pricing, platforms and company facts side by side.
User-Friendly Interface Splitwise provides an intuitive and easy-to-navigate interface, making it straightforward for users to add expenses, keep track of debts, and settle up.
Multi-Platform Availability Available on the web, iOS, and Android, Splitwise ensures users can access and manage their expenses from almost any device.
Expense Tracking The app allows users to easily log and categorize expenses, which can be particularly useful for group trips, shared households, or any shared financial responsibility.
Flexible Split Options Users can split expenses equally, by percentages, shares, or custom amounts, providing flexibility in how costs are divided among group members.
Currency Conversion Splitwise supports multiple currencies, which is handy for international travel or groups with members from different countries.
Bill Reminders The app sends reminders for outstanding balances, helping users to stay on top of their payments and avoid forgotten debts.
Integration with Payment Platforms Splitwise can integrate with payment platforms like PayPal and Venmo for easy settlement of balances.
Possible disadvantages
Privacy Concerns Since Splitwise involves sharing financial information with others, there could be privacy concerns for those unwilling to share detailed expense data.
Subscription-Based Features Some advanced features, such as expense exporting and additional integrations, require a Splitwise Pro subscription.
Manual Entry Requirement Splitwise requires users to manually enter expenses, which could be time-consuming and prone to errors if not done diligently.
Limited Automatic Reconciliation While Splitwise helps track who owes whom, it does not automatically reconcile or pay off balances, leaving users responsible for manual payment.
Dependency on Group Honesty The accuracy of the expense records relies on the honesty and diligence of all group members, which may not always be reliable.
Potential for Confusion The various options for splitting bills (equally, by shares, etc.) can sometimes lead to confusion or disputes among users over what is fair.
Low Fees Wise offers competitive and transparent fees compared to traditional banks and many other money transfer services.
Real Exchange Rates Wise uses the mid-market exchange rate, meaning users get the real exchange rate without any hidden markups.
Fast Transfers Many transfers through Wise are processed quickly, often within a few hours or a day, depending on the destination country and payment method.
Multi-Currency Accounts Users can hold and manage money in multiple currencies with Wise's Borderless Account, making it easier for those who deal with international payments regularly.
Transparent Pricing Wise is upfront about their fees and the total cost of a transfer, so users know exactly how much they'll pay and how much the recipient will receive.
User-Friendly Interface Wise offers a clean and intuitive application and web interface, making it easy for users to navigate and complete transactions.
Possible disadvantages
Limited Customer Support Wise's customer support is primarily online, and some users report difficulties in reaching live assistance or having slow response times.
Transfer Limits There are limits on how much money can be transferred in a single transaction or over a period of time, which might be restrictive for some users.
Lack of Physical Locations Unlike traditional banks, Wise doesn't have physical branches, which can be an inconvenience for those who prefer in-person banking services.
Verification Process New users or those making large transfers may have to go through a lengthy verification process, which can delay the initial transaction.
Not Available in All Countries Wise does not operate in every country, limiting its accessibility for some users looking to send or receive international payments.
Occasional Delays While generally fast, some transfers may experience delays due to various factors, such as banking hours, holiday schedules, or compliance checks.
Analysis
An editorial look at what each product does well and who it suits.
SplitwiseWise
Overall verdict
Splitwise is a highly effective tool for managing shared expenses, especially if frequent splitting of costs is involved. Its features make it easy to track who owes what, and its automatic calculations save time and reduce errors.
Why this product is good
Splitwise is popular because it simplifies sharing and tracking expenses among groups, making it ideal for roommates, friends on trips, or any group spendings.
It automatically calculates balances and reminds users about payments, reducing the awkwardness of asking others for money.
Offers a user-friendly interface both on web and mobile apps, which makes managing expenses convenient and accessible.
Supports multiple currencies, which is great for international travel groups.
Integration with payment platforms like PayPal and Venmo for easy settlement of debts.
Recommended for
Roommates who need to regularly split household bills and expenses.
Groups of friends or families who often travel together and need to manage shared travel costs.
Colleagues or classmates working on projects or events that require shared funding.
Anyone who wants to avoid the hassle of manually tracking and settling shared expenses.
Overall verdict
Overall, Wise is highly regarded as one of the top options for international money transfers. It is praised for its transparency, cost-effectiveness, and ease of use, making it a preferred choice for many users.
Why this product is good
Wise is considered a reliable and efficient service for international money transfers due to its transparent fee structure and competitive exchange rates. The platform uses a mid-market exchange rate with no hidden fees, making it a popular choice for individuals and businesses looking to transfer money across borders. Additionally, Wise is known for its user-friendly interface and fast transfer speeds.
Recommended for
Individuals needing to send money abroad frequently.
Expats living in foreign countries who need to transfer money to home accounts.
Freelancers and remote workers receiving payments from international clients.
Splitwise is among the most commonly used group payment apps that can easily keep a systematic record of all your informal debts including restaurant bills, travel expenses, cost of accommodation, and much more. With...
Splitwise employs an intelligent algorithm to calculate the exact amount owed by each user. It shows who paid for what, how much amount was paid by each member, and any outstanding balances. Furthermore, the...
For example, shared items like appetizers would be split among the entire group or just a few people in the group. The app can handily accommodate large parties by allowing you to add up to 10 people to each group....
Wise is a payments system specifically geared at cross-border payments. You can benefit from transparent pricing and its broad reach. It does focus on international payments, so if you're looking for recurring...
Wise is a well-known alternative to traditional banking and offers competitive rates for international money transfers. It operates on a peer-to-peer system, ensuring low fees by matching individuals who want to...
Wise offers fast, convenient transfers with transparent fees based on mid-market exchange rates, as well as a multi-currency account for both individual and business customers. While Wise offers several tools for...
Recommendations tracked on public social media and blogs since March 2021.
Splitwise0 mentionsWise24 mentions
Tracking Splitwise since Mar 2021.
Which bank in vietnam have the lowest fee for overseas remittance?
I don't think you need to be a holder of both. I put my mom on my Wells Fargo account and she sent to my account. There is also https://wise.com/us/ . This one I have used to send to someones account in Vietnam. It does have slightly...
Source:
over 3 years ago
We are happy to welcome you to Auction 88 — Coins of The World.
They invoice in Euros (Czech Republic) so also be aware of fees on payments. I've successfully used TransferWise (https://wise.com/us/).
Source:
over 3 years ago
Recommend me a first credit card with 0 foreign tx fee
It's not a credit card. It's just a way to convert currency w/o a fee. https://wise.com/us/.
Source:
over 3 years ago
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