Setting up your finances as an expat in the UK can be a daunting task. However, a number of banks are aware of this fact and have introduced expat accounts designed to serve the needs of newcomers while also helping them reduce costs.
Aside from being able to store and send money, having a bank account in the UK is necessary for many different aspects of life, from being employed to renting property to paying utilities, council tax and phone bills. Choosing the right account can help you cut costs when sending money overseas by providing access to better exchange rates.
Below, we’ve explored a few examples of the different expat offerings available from banks and digital multicurrency account providers. By no means is the below list comprehensive, but it should give you a sense of the kind of features to expect, as well as eligibility requirements.
What is an expat bank account?
An expat account is a type of bank account typically offered by global/international banks that are tailored to meet the needs of people who live, work or have retired abroad. This often includes allowing individuals to hold money across multiple currencies, enabling transfers from anywhere or allowing access to international customer service teams. However, a number of expats are opting for digital/mobile multicurrency accounts, which is why we’ve included these too below.
Comparing UK bank expat offerings
High street banks
Many expats still turn to big-name high street banks as a means to protect their money. A number of UK banks are using their extensive networks to appeal to more expats, and as recognisable brands with solid customer support teams, they can offer peace of mind to expats – particularly for those relocating for the long-term. While they can be slower to onboard with, banks still remain a reliable option.
Barclays
Name of account: Barclays International Account
Eligibility:
- Requires ID and proof of address
- £100,000 (or currency-equivalent) deposit required, or annual income of £100,000 (or currency-equivalent)
Features:
- Hold funds overseas in over 40 currencies
- Dedicated Relationship Manager (for users storing minimum of £250,000)
- Mortgage support for investing in UK property
Lloyds
Name of account: International Current Account
Eligibility:
- Available across certain countries (see eligibility checker)
- Monthly fee for account types
- For International Classic, monthly fee of £5, €5 or $5 per account, waived if a balance of £5,000, €5,000 or $5,000 is maintained.
- For International Plus, monthly fee of £20, waived if a balance of £10,000 is maintained
Features:
- International Classic
- Choice of three currency accounts (sterling, euro and US dollar)
- Offers fee-free international transfers via mobile app
- Global hotel booking and refund support for delayed flights via Visa
- Dining/car hire discounts
- International Plus includes all of the above, as well as:
- Worldwide Travel Insurance for up to 62 days per trip for you and your family (eligibility rules apply, see website for details)
- Access to more than 1,700 airport lounges globally through Priority Pass
HSBC
Name of account: HSBC Expat Account
Eligibility:
- Minimum relationship balance of £75,000, or annual sole salary or equivalent monthly credits of £120,000
- Underfunding fee of £50 (i.e. if eligibility criteria aren’t met)
Features:
- Mastercard credit card with Priority Pass airport lounge access, worldwide assistance and reward points for spending
- Relationship management service to help with money management
- Fixed term deposit available in a choice of 19 currencies, with saving enabled for one month to three years
- Offshore banking (expat bank account held in Jersey)
Natwest
Name of account: International Select account, Cash Management Account
Eligibility:
- International Select
- Aged 18+
- Reside in Austria, Bahrain, Belgium, Bermuda, Canada, China (Expats only), Denmark, Finland, France, Hong Kong, Kuwait, Norway, Oman, Qatar, South Africa, Sweden, Switzerland, UAE, UK (non-domiciled only) or the US
- Open the account with a minimum deposit of £25,000 or pay in a mandated salary of £40,000
- Monthly account fee of £8
- Cash management
- Aged 16+
- Remaining criteria same as above
Features:
- International Select
- Manage and transfer multiple accounts via Natwest’s app
- Transfers up to £100,000
- Ability to lock and unlock debit card using the app
- Cash Management
- Manage and transfer multiple currencies online
- Instant access pot to withdraw savings at any time
- Fixed-term savings pot enables users to save in a range of currencies over a term that suits (three, six, nine or 12 months)
Santander
Name of account: Current Gold Account
Eligibility:
- Current Gold Account
- No minimum balance requirement or monthly fee
- International customers must maintain an overall relationship balance of £75,000
- Charges apply for international payments (see Santander website for more details)
Features:
- Current Gold Account
- Access to sterling, euro and US dollar
- Visa debit card available in the three currencies
- Quarterly interest
- Foreign exchange service offering commission-free rates for changing currency
Digital multicurrency expat accounts
Digital banks and fintech platforms are quickly growing in popularity for globally mobile expats. Services like Wise and Revolut offer fast account setup, sleek mobile apps and support for multiple currencies — without requiring a UK address or in-person appointment.
These accounts are suited to freelancers, digital nomads, international students or short-term residents who want efficient banking, without the bureaucracy. With features like real-time currency conversion, low-cost international transfers and borderless accounts, these platforms give expats financial freedom wherever they go.
Wise
Name of account: Wise Account
Eligibility:
- Aged 18+
- US resident (if applying for a UK account)
Features:
- Supports money transfers across 160 countries and 40 currencies
- Debit card enabling spending/cash machine use abroad
- Enables payments in 48 currencies
Revolut
Name of account: Revolut Personal Account
Eligibility:
- Aged 18+
- Legal resident of a supported country
Features
- Hold and exchange money in 30+ currencies
- Earn interest
- Transfer money to more than 160 countries in over 70 currencies
- Open a Pro account to manage freelance income
- Investing service (capital at risk)
N26
Name of account: N26 (Standard, Smart, You, Metal tiers)
Eligibility:
- Aged 18+
- Resident of supported countries
- Supported ID documents and can verify yourself in English, German, Spanish, Italian or French
- Monthly cost for different tiers (N26 Standard (€0/month), N26 Smart (€4.90/month), N26 You (€9.90/month), N26 Metal (€16.90/month)
Features:
- Free virtual Mastercard (physical card available for a one-time €10 fee)
- Two free ATM withdrawals per month in the Eurozone
- No foreign transaction fees on card payments
- Real-time notifications and spending tools on N26’s app
Higher tiers offer additional perks including
- 10 sub accounts with individual IBANs (Smart)
- Priority customer support (Smart)
- Unlimited free ATM withdrawals worldwide (You)
- Comprehensive travel insurance (You)
- Dedicated phone support (You)
- Exclusive partner offers (You)
- Metal Mastercard (Metal)
- Higher interest rates on savings (Metal)
- Extended insurance coverage (Metal)
- Access to exclusive experiences
Sending and receiving money internationally
Whether you use a digital bank or a high street one to handle your finances, chances are you’ll need to send money abroad while in the UK – whether that’s transferring finances back home, sending tuition fees or making purchases abroad. However, transferring money can often come with fees attached.
Before you make your next international payment, why not compare options? Use our money transfer comparison tool to find the best-value service for your needs.
This article is for general information purposes and does not constitute financial advice.
