Banking Guides

The honest answer: most expats need more than one account

No single account does everything well. The standard expat banking setup is: a Wise or Revolut account for international transfers and multi-currency holding, a UK-regulated account for Direct Debits and UK financial footprint, and a local account in your destination country for everyday expenses. Start with these three and add as needed.

💸 Wise Multi-Currency Account — best for transfers and holding foreign currency

Wise holds 40+ currencies in one account, converts at the mid-market rate, and generates local bank details in GBP, EUR, USD, AUD and more. Direct debits in most currencies. Not a full bank account (no FSCS protection on UK balance) but the most practical tool for multi-currency expat life. Full Wise review →

🏦 Starling Bank — best UK-regulated account for expats

Starling is a UK-regulated bank (FSCS protected up to £85,000). Fee-free spending abroad, no ATM fees abroad, and the app works from anywhere. Essential for maintaining UK Direct Debits — your gym, utilities, subscriptions. Not good for holding foreign currency. Keep for UK-denominated needs. Open before you leave the UK — harder once you are abroad.

🌍 HSBC Expat (Jersey) — best for high-value asset holders

HSBC Expat offers multi-currency accounts, preferential exchange rates and relationship management. Requires a substantial minimum balance (typically £50,000+ equivalent). Best for expats with significant assets who want a relationship bank, global transfers and investment products in one place. Not necessary for most expats — the Wise + Starling combination is cheaper and more practical for everyday use.

📱 Revolut — useful as a secondary spending account

Multi-currency spending with mid-market rate up to monthly limits. Good for daily expenses across multiple countries. Weekend markup on currency exchange and monthly limits on free plans are the main caveats. Works best alongside Wise rather than instead of it. Full Revolut review →

1. Open Starling (or Monzo) before you leave the UK — easier with a UK address still active. Keep for UK Direct Debits.
2. Open a Wise account — generate local bank details, set up multi-currency holding, use for international transfers.
3. Open a local bank account in your destination country — required for local Direct Debits, rent payments and cash-intensive economies. Timing depends on your visa/residency status in each country.
4. Add Revolut if useful — optional. Best added once the above are established.