Managing finances in the UK can be a complex task for expats from India, Brazil, Nigeria and other countries. Fortunately, several UK banks offer user-friendly mobile apps tailored to meet the unique needs of international residents. This article dwells on the UK banking apps and can help you choose the one that suits your needs.
Opening a UK bank account
If you came to the United Kingdom from abroad, you will need a bank account to receive your salary, make purchases and send money online. Online banking apps will surely make your life easier, so opting for a UK bank with a user-friendly mobile app is a wise strategy. However, you also need to consider:
• Security and reputation: choose a well-known solution to get the best banking app experience rather than come across scam;
• Ease of opening an account: different banks may have different requirements for their clients, expats in particular;
• Reviews: stick to the banking apps that are favoured by other clients, especially by fellow expats;
• Terms: find an account that will allow you to save money rather than overspending it.
Whatever banking app you choose, you will need to send money from the UK to India, Brazil, the Philippines or another country sooner or later. The benefits of online money transfers for expats in the UK include more favourable exchange rates and savings on fees: withdrawing money from your UK card or app in the home country may incur additional payments.
For seamless money transfers, stay with Profee. We offer a 0% fee for your first transfer to any destination and no fees at all for sending money to Nigeria, Brazil, the Philippines, and some other countries.
Now, let us dwell on the most popular banking apps in the UK.
Monzo
Monzo calls themselves 'Britain’s Best Banking App’ and boasts a wide range of features. These include instant spending notifications that keep payments secure and help expats stay calm about their funds. Custom pots and spending insights make it easy to save money fast, even for expats settling in the UK. Last but not least, an account at Monzo may be opened with just a UK address.
Naturally, even the best UK banking apps have their ups and downs: in August this year, the Monzo app was down for a few hours. However, it still stands out as a top choice among banking apps in the UK.
Don't miss our lates list of most deleted mobile apps.
Revolut
Based in London, Revolut clearly aims to be the best banking app in the UK. From trendy design to lucrative transfer terms (for sending money to other Revolut users), this banking app is worth considering if you are seeking an efficient solution for managing your finances in the UK.
Having accounts in different currencies in one online banking app is also a huge advantage for expats. Premium plans powered by Revolut include additional options like travel insurance and airport lounge access.
Want to learn more? Switch to our detailed Revolut Review.
Starling
Starling Bank has favourable terms for overseas card usage or ATM withdrawals, as well as accounts in EUR and GBP – this is exactly what many expats expect of the best banking app. Starling offers interest paid on current account balances for those looking to save money wisely. Another feature that expats in the UK may find handy is the 24/7 in-app customer support.
Barclays
Barclays offers an International Banking service for high-net-worth individuals. While the banking app includes features for any need—from card freezing to spending insights—the numerous offices around the UK may be a go-to option for those preferring traditional banking.
Lloyds
If you earn at least 50,000 GBP annually, you may benefit from Lloyd’s international account. The advanced banking app offers money management tools and card control. What’s more, Lloyds offers mortgages for expats who plan to settle in the UK – which can be managed via the app.
HSBC
Listed among the best banking apps by experts and services (Small World in particular), HSBC is perfect for expats, thanks to its global presence. Expats with a significant income or savings may get the Premium account. Naturally, the HSBC online banking app provides global account access and international transfers.
As the fintech landscape evolves, these mobile-first banks are increasingly becoming the go-to choice for expats seeking flexibility and cost-effectiveness in their UK banking experience.
