We compared the best UK bank accounts: Wise, Starling, Monzo and Revolut to find out which of the top four gives the most value for people moving to the UK, living in the UK, and travelling around the UK and Europe.
One of the first things you need to set up in the UK is a bank account and card for day-to-day living. In the past, people had to apply for traditional bank accounts which were very difficult to get and had high fees for overseas use. However, in the last few years there has been the development of new digital banks which are affordable, convenient, and most importantly, make it easy for you to set up an account quickly without too many requirements. They also provide debit cards which can be used safely and cheaply for your daily expenses in the UK as well as for overseas travel.
This is why, it is no surprise, they have become incredibly popular. However, there are now many UK digital banks each offering multiple accounts with different features. We researched the most popular options and have given a side by side comparison to help you make the right choice based on your unique needs and situation.
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Best UK Bank Accounts for People Moving to the UK
Note: The details below are based on information available when this article was published. They may change over time. For further details see their individual websites.
| Bank: | Monzo | Revolut | Wise | Starling |
| Bank account | Monzo account | Standard account | Multi-currency account | Personal current account |
| Awards | Best Mobile App | Best for Travel | Best Overall | |
| Application Requirements | Contact details, proof of identity (passport, UK driving licence, BRP, National ID card), selfie video (need a phone with a camera) | Contact details, proof of identity (passport, driver’s licence, BRP), selfie photo. May/may not ask for proof of address (utility bill, bank statement, UK driving licence, council tax letter) | Contact details, proof of identity (passport, driver’s licence), proof of address (varies with country you apply in) | Contact details, proof of identity (passport or UK driving licence). May/may not need to provide proof of address (utility bill, bank statement, UK driving licence, council tax letter) |
| Must be a UK resident to apply | Yes (applications outside the UK are rejected and you will not be able to apply again. You must give them a UK address) | No, can apply outside the UK, in Australia and other countries, but to get the below prices you need to apply in the UK to get the UK’s T and C’s. | No, can apply from outside the UK | Yes (applications outside the UK are rejected and you will not be able to apply again. You must give them a UK address) |
| Account details | Monzo provides a UK current account which can only hold GBP but will convert to foreign currencies when you are using Monzo overseas. | Revolut allows you to create one personal account but you can create many wallets, each holding a different currency. These different currencies can be exchanged within Revolut. | Wise can provide you account numbers in up to 10 currencies so you can receive payments locally in up to 10 currencies/countries (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD) | Starling allows you to create UK and EU accounts. You cannot hold other currencies inside the account, unlike Revolut or Wise, but Starling will convert to other currencies when you make card payments or ATM withdrawals |
| Security: | Monzo | Revolut | Wise | Starling |
| UK bank license | Yes | No | No | Yes |
| FSCS (Financial services compensation scheme) (means you will be compensated for any losses up to a limit if the bank goes bankrupt etc.) | Yes, up to £85,000 | No | No | Yes, up to £85,000 |
| Fees: | Monzo | Revolut | Wise | Starling |
| Opening an account | Free | Free | Free | Free |
| Account fees | Free | Free | Free (unless you use Wise to invest) | Free |
| Card fees: | ||||
| First card | Free | Free card but need to pay delivery fees (varies by location; fees shown on app; approximate standard delivery £5, express delivery £20) | £7 (From £12 for express delivery in 1-2days) | Free |
| Replacement card (in UK) | £5 (Note: 2 cards free per year if you meet certain criteria) (No charge for stolen, frauded & expired cards) | £5 +delivery fee (varies by location; fees on app; approximate standard delivery £5, express delivery £20) | £2.50 (Free if replacing an expired card) | £5 |
| Replacement card (outside UK) | £30 | £5 +delivery fee (varies by location; fees on app; approximate standard delivery £5, express delivery £20) | £2.5 | £10 |
| Deposit fees: | ||||
| Post office cash deposit | £1 per deposit at PayPoint locations (can deposit £5-300 in one go; Maximum £1000 deposit every rolling 180 days) | Do not allow cash deposits | Do not allow cash deposits | Free for first £1000 per calendar year. Over the limit: 0.7% fee |
| Spend fees: | ||||
| ATM withdrawal fees | Free £200 limit per 30days. Over the limit: 3% for all withdrawn funds. (In the UK and EEA the free limit is £250 per rolling 30 days). Note if you use Monzo as your main bank and you fit their criteria all withdrawals in the European Economic Area are free | Free £200 limit per month or first 5 withdrawals per month (whichever comes first). Over the limit: 2% fee on all withdrawn funds with a minimum of £1 per withdrawal | Free £200 limit per month or first 2 withdrawals per month (whichever comes first). Over the limit: 1.75% fee on all withdrawn funds + £0.5 per withdrawal | Free but limit of 6 ATM withdrawals daily and max £300 (or equivalent currency) per day |
| Debit card payments | Free | Free | Free | Free |
| Currency exchange fees: (Digital banks will show you the fees before you confirm a currency conversion. It is best to compare individual currency conversion fees due to exchange variability) | Uses Mastercard market exchange rates (0.35-2.00% fee) (this occurs at the time of payment as you can only hold GBP in your Monzo account) | Revolut exchange rate (set by Revolut) for first £1000 per rolling 30 days. Over this limit: +1% fee. If exchanging on weekends: +1% fee | From 0.41% (varies with currency). Uses mid market exchange rates. | Uses Mastercard market exchange rates (0.35-2.00% fee) |
| Money Transfer Fees: | Note: Account funding transactions topping up E-wallets, cryptocurrency accounts in certain currencies incurs a 2% charge | |||
| Sending money to another account from the same company (i.e. Revolut to Revolut account) | Free | Free | Free (small conversion fee if you send to a different currency) | See below. Based on account location. |
| Sending money to an account in the UK | Free | Free | From 0.43% (For currency conversion. Fee varies by currency). Free if currency conversion not required | Free (Note: £20 for CHAPS payments) |
| Sending Euros to SEPA countries (EU/EEA countries, UK, Switzerland) | Monzo has partnered with Wise to do international transfers. The fees are the same as what you would pay if you used Wise directly | Free when you send Euros to an account in one of the SEPA countries | From 0.43% (For currency conversion. Fee varies by currency) | 0.4% Starling transfer fee (for currency conversion) + £5.50 SWIFT delivery fee (some currencies will offer a local network fee (£0.30-0.90) option instead of the SWIFT fee)) |
| Sending money internationally (excl. SEPA countries) | Monzo has partnered with Wise to do international transfers. The fees are the same as what you would pay if you used Wise directly | Fees vary based on the currency you are sending the money and where you are sending it to. | From 0.43% (For currency conversion. Fee varies by currency). If sending EUR to someone outside SEPA there is an additional charge of €3.55 EUR | 0.4% Starling transfer fee (for currency conversion) + £5.50 SWIFT delivery fee (some currencies will offer a local network fee (£0.30-0.90) option instead of the SWIFT fee)) |
| Holding fees: | No | No | No | No |
| Other Finance features: | Monzo | Revolut | Wise | Starling |
| Receive payments | Free from another Monzo account or another UK bank account in GBP. Monzo cannot receive international payments reliably. Any payments received in Euros will be converted into GBP (1% currency conversion fee, capped at £1000) | Free for local and international bank transfers (except USA accounts: £8) . You can receive bank transfers in 28 different currencies. Free from UK or EEA issued cards. A small charge applies for cards not in the UK or EEA & commercial cards. | Free to receive payments locally in up to 10 currencies/countries (AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY, USD (non-wire)). Receiving USD wire payments: $4.14 USD. Receiving CAD SWIFT payments: $10 CAD | Free from another UK bank account in GBP. For receiving international payments, free if in same currency as your Starling account. Otherwise 2% conversion fee. (Note: if you receive Euros to a Starling GBP account they will be converted to pounds & you will be charged a 2% currency conversion fee. It will only remain in Euros if you receive Euros in a Starling Euro account) |
| Cheque deposit | Yes (Can receive cheques by post. Cannot issue cheques) | No | No | Yes you can receive cheques. Cheques less than £1000 can be deposited via app. Cheques greater than £1000 need to be sent by post. Daily limit: £2000 |
| Savings account | Yes you can earn interest in your Savings Pot (Several options with different rates. Provided by Monzo or Monzo’s partner banks) | Yes (via Revolut’s partner bank) | No | Yes |
| Currencies available for exchange | Most major currencies | 30+ | 50+ | 30+ |
| Personal loans | Yes | Yes | No | No |
| Overdraft | Yes (if eligible) | No | No | Yes (if eligible |
| Automatic rounding up card payments into spare change | Yes | Yes | No | Yes |
| Cash backs | No, only available for premium cards or when you sign up for linked cash back services like the Tail app (Pilot cashback program for Standard accounts underway so this may change soon) | Up to 3% on Revolut Stays bookings. Not on card payments | Yes, via Tail app | |
| Additional current accounts | No | No, only one Revolut account per person but you can have multiple cards | No, only one personal account per person | Yes, one additional personal account |
| Additional junior accounts | N/A | Yes, one Revolut <18 account linked to your main account which you can control for kids (6-17y) | N/A | Yes for kids (6-15y), £2/month |
| Digital features: | Monzo | Revolut | Wise | Starling |
| Apple and Google Pay (Mobile payment services) | Yes but virtual cards are only available with premium accounts (Monzo Plus and Premium) | Yes | Yes | Yes |
| Instant spending notifications | Yes | Yes | Yes | Yes |
| Spending categories for organisation | Yes (Pots) | Yes (Vaults) | Yes (Jars) | Yes (Spaces) |
| Split the bill | Yes | Yes | No | Yes |
| Easy sending payment options (payment links) | Yes | Yes | Yes | Yes |
| Direct debit/recurring payments | Yes | Yes | Yes | Yes |
| Pay online with single use virtual cards | No (only for premium accounts) | Yes you can make disposable virtual cards you regenerate for each purchase for added security | No but you can have up to 3 virtual cards and you can freeze them | Yes |
| Instant card lock/freeze | Yes | Yes | Yes | Yes |
| Changing card PIN (choose a 4 digit pin only as any longer will not be accepted in Europe) | Can only do on major bank ATMs which offer “PIN services” and accept Visa or Mastercard. Recommended to only do this in the UK | Can only do on major bank ATMs which offer “PIN services” and accept Visa or Mastercard. Recommended to only do this in the UK | Can only do on ATMs which offer “PIN services” | Can do on UK Mastercard ATMs by selecting “PIN services”. Recommended to only do this in the UK |
| Support: | Monzo | Revolut | Wise | Starling |
| Online customer support | Yes (in-app chat) | Yes (in-app chat) | Yes | Yes |
| Phone support | Yes | Yes but only for cancelling your card | No | Yes |
Best UK Bank: Starling Bank
Starling bank has the best current (transaction) account for everyday living in the UK. It is great value for customers with low card fees and higher free ATM withdrawal limits than the other online UK banks. Your money is also very secure with Starling as the first £85,000 you deposit is protected by the UK’s Financial Services Compensation Scheme (FSCS). Make sure you apply when you have a physical address in the UK otherwise your application will be rejected and you will not get a second chance.
Starling’s debit card can be used overseas but Revolut and Wise are much better for travel with better currency exchange rates and money transfer services.
Best UK Bank for Travel: Wise
The best card for travellers is jam packed full of competition which is great for us! Wise takes pole position with mid-market currency exchange rates, transparent money transfers and the option to set up a Wise account and get a Wise’s debit card before you leave home and fly to the UK. It is for these reasons I use Wise for my international money transfers and I use the Wise multi-currency debit card for travelling overseas.
Most user-friendly: Revolut
Revolut is the most user-friendly with great functionality and lots of features. Its standard account is very popular in the UK. Revolut’s fee increases have made it less competitive but it is still a great account and debit card to have. I liked using this app the best and their split bill feature was great when having dinner with friends who also used Revolut.
Verdict on the UK Bank Accounts You Need
The Wise multi-currency account is the best account to set up before you move to the UK. It can be set up from Australia and it will be useful for your initial international money transfers as you send money to the UK to set yourself up. The linked Wise debit card allows you to make currency exchanges at the mid-market exchange rate without any mark ups and it is a great card to use for card payments and ATM withdrawals on your way to the UK and when you first start living in the UK. It will also allow you to receive payments from a UK employer before you have found a permanent place to live.
Once you have a place to rent in the UK and you have a physical address, the next account we recommend setting up is the Starling personal current account (Do not try to apply for this account until you have a physical UK address because you will be rejected and you cannot re-apply later). This account is super convenient and is a great everyday transaction account for day-to-day living in the UK. It is also good for storing your savings as Starling bank has a UK bank licence so your money up to £85,000 is protected by the FSCS.
UK Bank Analysis on Fees, Applying, Security & Digital Features
Fees
All four banks give great value especially when compared to traditional banks. That being said we wanted to know which of them gives the best value.
We split the Fees into four major categories:
1. ATM withdrawals
2. Card fees (first card and replacement card fees)
3. Currency exchange rates
4. Money transfer fees
1. ATM Withdrawal Fees
All 4 banks have limits on their free ATM withdrawals.
Starling gives the best deal with no ATM withdrawal fees but you are limited to 6 ATM withdrawals or £300/day. The other three banks have free ATM withdrawal limits of £200/month (£250/month for Monzo in the UK and European Economic Area (EEA) (EU countries, Iceland, Norway and Leichtenstein)). Wise (2 withdrawals/month) and Revolut (5 withdrawals/month) also have limits on the number of withdrawals per month.
Once you have exceeded either the maximum ATM withdrawal limit or the number of monthly withdrawals (whichever comes first), you will be charged fees.
Note: Monzo does have a special deal where all ATM withdrawal limits in the EEA are free if you make Monzo your main bank and fulfil certain criteria.
2. Card Fees (first card and replacement card fees)
The first debit card you order in the UK from Starling, Monzo or Revolut is free. Wise charges £7 for their debit cards (incl. delivery). Revolut charges £5 for card delivery. Both Revolut and Wise also offer express card delivery for an additional £20 (can vary with location) and £12 respectively.
If you lose your debit card and require a replacement in the UK it only costs £2.5-10 to replace your card with all four banks. Revolut does offer an express card delivery service for approximately £20 though which is handy.
If you lose your card outside the UK it can get a little bit more expensive to replace:
- Starling: £10
- Monzo: £30
- Revolut: £5 (+ delivery fee)
- Wise: £2.5
3. Currency Exchange Rates
Currency exchange rates are cheapest on Wise and Revolut as they use the mid-market exchange rate (the true exchange rate). Revolut does have limits though:
- After the first £1000 exchanged per rolling 30 days there is a 1% mark up.
- An additional 1% markup on weekends.
Monzo and Starling use Mastercard’s market exchange rate which is usually slightly higher than the mid-market exchange rate. However, it is best if you directly compare individual currency exchanges among the banks as there are many variabilities and Wise and Revolut may not be the cheapest every time.
Wise’s transparency with currency exchange fees does make the whole process easier.
4. Money Transfer Fees
Money transfers to UK accounts and other accounts within the same company, i.e. Revolut to Revolut, are generally free across all four banks. There may be small charges for currency conversions if required.
When transferring to SEPA countries (Europe Union countries, UK, Switzerland), Revolut, Wise and Monzo are free (excluding currency conversions). Starling has an additional local network or SWIFT fee.
For international transfers to non-SEPA countries, Wise and Monzo are usually slightly better than the rest. However, depending on the size of the transfer and where the transfer is being sent Revolut can be very competitive and in some cases better.
Note: Monzo partnered with Wise for their transfer services. Hence, they offer transfers for the same price as Wise. However, Monzo cannot receive international payments reliably.
Best UK Bank at Money Transfers: Wise is the best. Wise usually offers the cheapest transfers but only by small margins. Where Wise steps up above the others is their transparency. They will give you more options than the other banks and will show you the exact fees you will be paying before you approve the transfer. Wise also has fast transfer options. Sometimes only a few hours.
Application
All four online banks are easy to apply for and have very quick processing times. They all require your contact details and “Proof of Identity” documents (passport, biometric residence permit, driver’s licence etc.). Monzo and Revolut also require you to send them a selfie video and selfie photo respectively.
In addition, Wise and Starling may request “Proof of Physical Address” documents (utility bill, bank statement, council tax letter etc.). If these banks do request this then Starling and Monzo will need a UK address. Wise will accept a home address in Australia or other countries it operates in. Revolut occasionally asks for proof of address but not always.
**Important to know**: Only apply for Starling and Monzo when you are living in the UK and have a physical address there. If you apply outside of the UK, you have a high chance of your application being denied and you will not be given a second chance to apply again.
Security
The most secure bank accounts are the Starling and Monzo accounts. This is because they both have a UK bank licence which means the Financial Services Compensation Scheme, set up by the UK Government, protects up to £85,000 of the money you store in there. Revolut and Wise are able to offer banking services and have bank licences in other countries but they do not have UK bank licenses. Hence, despite the many safeguards they have for your money they are not as secure as Starling and Monzo.
Card Security and Replacement
If you lose your debit card it’s going to be a big pain. Luckily, all four cards can be locked instantly on your phone and you can order a replacement card both in the UK and internationally. Wise and Revolut also allow you to set up a virtual card on your phone which you can use in the meantime.
Note: You should really have two or three cards on you so you can make use of all the free ATM withdrawals each card offers and have cards spare so if you lose a card you can still access your money while travelling.
Digital Features
The online banks are leagues ahead of the traditional banks when it comes to mobile app features. All four provide:
- Apple and google pay (mobile payment services)
- Instant spending notifications
- Spending categories you can create for more organised money management
- Direct debit recurring payments
- Instant card locking/freezing which keeps your card safe while travelling
- Easy send payment options if you are doing things with friends (IOU payment links, shareable QR codes)
Where they differ:
- Monzo, Revolut and Starling allow you to split the bill which is great for group dinners and travelling with friends.
- Wise, Starling and Revolut allow you to create virtual cards (Monzo only offers this for their premium customers). Revolut also has a feature where you can set up disposable virtual cards which you regenerate for every purchase. Starling bank also offers this safety feature. The others do not. Although Wise allows you to create 3 virtual cards which you can freeze at any time.
Best Digital Features: Revolut is the best in this category offering more digital features than the other online banks and providing the most versatile and user friendly banking services. However, people who are using Revolut for everyday transactions in the UK and for travel will not need many of the features offered. For example, stock and crypto trading.
Conclusion
Having the right UK bank account will make your life in the UK much easier. The bank account and debit card which works best for you will be largely be dependent on your lifestyle, preferences and what you plan to do while you are in the UK. Hopefully this in-depth comparison of the best UK bank accounts will help you decide which one/s will work best for you. Read here if you want to find out how to open a UK bank account when moving to the UK.
Note: Some of these UK banks like Monzo also have investing features (stock and cryptocurrency trading). These features were not included in the comparison as they are outside the scope of this article.
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