Finding the Best Bank Account for Your UK Travels
Travelling to the UK can be an exciting adventure, but navigating foreign currency and bank charges can quickly dampen your spirits especially when there’s a fair few terms and conditions to read through. I have compiled a list of my personal best bank accounts for travellers. (UK) – I am just a fellow traveller sharing their thoughts. I am not a financial expert, please don’t take my opinions as investment/financial advice.
Choosing the right bank account can make a significant difference in how much you spend and how smoothly your trip goes. See my mini guide below.
Challenger Banks: A Traveller’s Friend
- Monzo: This mobile-first bank has become a favourite among travellers. They offer fee-free foreign transactions and ATM withdrawals, making it easy to spend without worrying about hidden costs. Their user-friendly app allows you to easily track your spending and set budgets.
- Revolut: Similar to Monzo, Revolut boasts a multi-currency account, allowing you to hold and spend in various currencies. This can be particularly handy when travelling to multiple countries.
- Starling Bank: Another mobile-only bank, Starling Bank offers competitive exchange rates and fee-free foreign spending, making it a convenient option for travellers.
- Chase UK: This bank can be a decent option for travelling within UK & Europe due to its lack of foreign transaction fees and competitive exchange rates. Similar to the banks as mentioned above However, it is crucial to be aware of potential ATM fees and withdrawal limits. (Account Dependant)
Traditional Banks with Travel Perks
- HSBC Premier: While geared towards high-net-worth individuals, HSBC Premier offers comprehensive travel insurance and other perks that can be valuable for frequent travellers.
- Lloyds Bank: Some of their packaged bank accounts include travel insurance, providing an added layer of security for your trip.
- Nationwide: This building society offers a range of travel-related benefits, such as emergency cash withdrawals and travel insurance, making it a convenient option for those who prioritise peace of mind.
Beyond Traditional Accounts
- Prepaid Travel Cards:
- Examples: Revolut Travel Card, Wise Card, Curve Card
- These cards are loaded with funds in advance and can be used for purchases and ATM withdrawals abroad. They can be a good option for those who prefer to carry cash or are concerned about security.
- Travel Money Cards:
- Examples: Travelex Money Card, FairFX Card
- These cards are often linked to a specific travel provider or tour operator. They allow you to hold and spend multiple currencies, making them convenient for multi-country trips.
Choosing the Right Account for You
The best bank account for your UK travels depends entirely on your individual needs and travel style.
- Consider your travel frequency: If you’re a frequent traveller or plan to spend a significant amount of time abroad, look for accounts with low or no fees for foreign transactions and ATM withdrawals.
- Factor in your budget: Some accounts have monthly or annual fees, so choose one that aligns with your financial plan, be advised though, some accounts that do have fees may benefit you and you may take a saving from the extra benefits as opposed to buying the benefits not associated with your banking accounts.
- Prioritise your needs: Consider what features are most important to you, such as travel insurance, emergency cash withdrawals, a user-friendly app, a branch to walk into etc… Your needs should really be the deciding factor as to which bank you see take the top spot on your list.
By carefully evaluating your needs and comparing the different options available, you can find the best bank account to ensure a smooth and financially stress-free trip to the UK.
I hope this helps you plan your travels!
Disclaimer: This information is for general guidance only and does not constitute financial advice.
