Here, we look at five of the best UK bank accounts for British expats in Europe, maybe in search of an EU passport.
These UK bank accounts for British expats have been tried by long-term EU expats, so they’re worth looking into.
If you want 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.
Following the conclusion of the Brexit transition period in December 2020, UK banks were no longer able to service EU customers unless they obtained the requisite banking licenses.
This license mechanism, known as passporting, permits EU banks to freely trade in any other member state of the European Economic Area (EEA) with no further authorization.
Keeping your previous UK account after relocating to another country might be tricky.
Some people believe that having a bank account established at a permanent UK address (such as that of a family or trusted friend) is essential for keeping that account operational.
Many digital nomads in the United Kingdom utilize their family’s address. In principle, a permanent émigré might do the same.
Keeping your UK bank account relies on several variables, according to research:
You may not wish to remove all financial links with the UK, even if you have gone permanently.
Perhaps you have a UK property that generates rental income to assist your EU residence application, such as the D7 visa in Portugal.
Perhaps you still owe money on a UK home or college debts. A UK-based bank account is required in such circumstances.
These are the top recommendations for the best UK bank accounts for British expats in Europe:
They all provide free basic account choices, with premium upgrades available if you desire more functionality.
The benefits and drawbacks will be outlined so you can determine which option is best for you.
Even after Brexit, each of them will continue to serve British consumers based in the EU.
These institutions are able to make this commitment because they have access to a broader range of cross-EU banking licences than traditional UK banks.
All of the banks mentioned in this post are exclusively available through app. There are no physical branches for any of them.
Monese, which was founded in 2015, has been named one of the UK’s finest challenger banks. No wonder why it’s among the best UK bank accounts for British expats. It was established to eliminate the time-consuming procedure of utility bills and credit checks.
One of Monese’s main advantages is its extremely simple setup process. Monese doesn’t even require a utility bill to get started. Instead, they use geolocation to confirm your address.
However, how does Monese compare to the finest UK bank accounts for British expats?
Wise (formerly TransferWise) started life as a money exchange provider, but quickly became one of the most trusted names around.
In 2017, Wise moved into online banking with the launch of its new multi-currency personal account and debit card.
The account works alongside Wise’s regular money transfer and exchange services, offering the same low fees and exchange rates.
Revolut launched as a prepaid card and smartphone app in 2015, providing travelers with low-cost foreign exchange.
Revolut has since become the preferred banking software for digital nomads and cryptocurrency lovers. It’s also a great option for digital émigrés, particularly Brits relocating to the EU.
GBP, EUR, USD, and a variety of additional currencies are all available for free in your Revolut account.
Revolut is a free account that is perfect for foreign exchange. The Revolut team just made several substantial improvements to the app, making it a more faster and more enjoyable experience.
Revolut is a great option for everyday usage in the EU, especially if you’re interested in crypto trading, investment, or commodities trading. It is truly one of the best UK bank accounts for British expats.
Starling opened its first account in 2017, making it a prominent player in the UK challenger bank industry.
Since then, Starling has garnered rave reviews for its simplicity of use and comprehensive feature set, making it one of the top UK bank accounts for British expats and EU émigrés.
Starling’s objective is to deliver all of the required features for simple 21st-century banking while removing all of the extras, like as physical branches.
Because you’ll need documentation of a UK address to register a Starling account, it’s a good idea to get started before you leave the country.
You can register an account using the address of a trusted friend or family as long as you provide evidence of address that connects your name to that address (e.g., driving licence, utility bill, bank statement). A smart bet is to go to your UK family home.
N26 is one of the first app-based online banks, having launched in Germany in 2015. It used to have a presence in the UK, but due to (yup) Brexit, it shut down operations in 2018.
N26 is currently solely available to EU citizens and utilizes EUR as its sole currency.
N26 is still a great option for folks who already live in one of the EU 27 nations, which is why I included it in our overview. It’s my main bank account, which I use on a daily basis in Portugal.
You’ll need an EU address where they can mail the card to establish a N26 account. I used a friend’s address to open my in the Netherlands.
It’s quick and simple to create a free account, either through the app or the website.
You’ll need your smartphone to finish the setup procedure if you utilize the website.
N26 requests information such as your first and last name, date of birth, country of residence, and address.
N26 is a legitimate banking organization with its headquarters in Germany. Your money is safeguarded up to €100,000 under Germany’s deposit protection plan.
Holding huge money in your N26 account is exactly as safe as in any of the traditional UK banks. That is why it is one of the best UK bank accounts for British expats.
N26 currently provides many account types, each with its own set of advantages. N26 Smart, N26 You, and N26 Metal are all available for €4.90 per month, €9.90 per month, and €16.90 per month, respectively.
The N26 Standard is still accessible and used for free.
Sub-accounts for better budgeting, sharing sub-accounts with other users, purchase roundups to save money, and a dedicated phone support hotline are all included in the Smart option.
You may choose from a variety of travel insurance products, including pandemic travel coverage.
The more expensive Metal version includes an eye-catching metal debit card as well as a dedicated Metal support line. It has the same travel insurance coverage as N26 You, but with a few additional features.
All of the choices listed above, plus:
The monthly premium for using N26 You or Metal to replace a variety of your previous travel and lifestyle insurance plans would be well worth it.
Even if you only use it as a backup with your existing account, having one of the best UK bank accounts for British expats will give you peace of mind while residing in the EU.