In this article, we examine the five best banks for British expats in Europe.
These accounts have been tried and true by long-term EU expats, so you can trust that they’ll be a fantastic fit for your new life overseas.
They all provide free basic account choices, and if you want more features, there are a number of premium upgrades available.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or use WhatsApp (+44-7393-450-837).
We recommend that most wealthy locals and expats invest offshore despite this list, and we can help with that.
The first on this list of best banks for British expats is Monese.
One of the top challenger banks in the UK, Monese was founded in 2015. It was established to do away with the time-consuming procedure of collecting utility bills and conducting credit checks.
The ease with which Monese may be set up is one of its greatest assets. To start using Monese, you don’t even need a utility bill. Instead, they use geolocation to confirm your address.
However, how does Monese compare to other top UK banks for British expats?
Wise (formerly TransferWise) began as a supplier of money exchange services but swiftly rose to become one of the most well-known companies in the industry.
With the introduction of its new multi-currency personal account and debit card in 2017, Wise made the transition to internet banking.
With the same cheap costs and currency rates as Wise’s standard money transfer and exchange services, the account complements those services.
Here, we’ll examine the Wise account from the viewpoint of an expat so you can determine if it’s appropriate for you.
Revolut was first introduced in 2015 as a prepaid card and mobile application that provided travelers with inexpensive foreign exchange.
Since then, Revolut has emerged as the preferred banking app among crypto aficionados and digital nomads. As one of the best banks for British expats in Europe, it is a great option for British digital immigrants traveling to the EU.
You can store GBP, along with EUR, USD, and a ton of other currencies, in your Revolut account without paying a fee.
Revolut accounts are excellent for foreign exchange and are free to open. The Revolut team recently made some significant app updates, and the result is a more faster and more enjoyable user experience.
Revolut is advised for regular usage in the EU, especially if you are interested in trading commodities, investing, or cryptocurrencies.
Starling, a significant competitor in the UK challenger bank market, opened its first account in 2017.
Since then, Starling has won praise for its user-friendliness and extensive feature set, making it one of the top UK bank accounts for British émigrés and expatriates in the EU.
Starling’s goal is to offer all the necessities for practical banking in the twenty-first century without any extras like physical branches.
Last on this list of best banks for British expats in Europe is N26.
N26, one of the first app-based online banks, was introduced in Germany in 2015. It once operated in the UK, however due to Brexit, it stopped doing so in 2018.
N26 currently only accepts inhabitants of the EU and only accepts EUR as payment.
N26 is still a great option for folks who already live in one of the EU’s 27 member states, which is why I’ve included it in this compilation. It serves as my main checking account, which I access daily when residing in Portugal.
Either through the app or the website, creating a free account is quick and simple.
To finish the setup procedure when using the website, you’ll need your smartphone.
Your first and last name, birthdate, nationality, and address are among the information that N26 requests.
German-based N26 is a legitimate banking organization. Germany’s deposit protection program will safeguard your funds up to €100,000 in value.
Large sums can be held in your N26 account with the same level of security as they can be in any traditional UK bank.
With various advantages, N26 now provides a variety of account alternatives. N26 Smart is €4.90 per month, N26 You is €9.90, and N26 Metal is €16.90 per month.
The opening and use of N26 Standard are still completely free.
The Smart option provides purchase roundups to help you save money, sub-accounts for better budgeting, the possibility to share sub-accounts with other users, and a dedicated phone support hotline.
A number of other travel insurance plans, including pandemic travel insurance, are available with the You option.
The more expensive Metal version includes a striking metal debit card (it’s hefty!) as well as a service line just for Metal users. With a few more options, it provides the same travel insurance plans as N26 You.
All of the features listed above, plus:
In terms of simplicity and ease of use, Monese provides the finest GBP/EUR account.
If you need to keep assets in many foreign currencies, Wise is the best option.
Revolut is the greatest option for purchasing stocks, cryptocurrency, or commodities, as well as offering competitive currency conversion rates.
Starling offers an excellent user interface and is a reliable UK bank offering GBP and EUR alternatives. It also provides a great free business bank account.
N26 is Europe’s finest EUR-only account for daily usage. Insurance options such as pandemic travel coverage are included in the premium accounts.
Even if you only use it as a backup account in addition to your current one, having one account in one of the best banks for British expats in Europe will provide you peace of mind while residing in the EU.