XClose

Students

Menu

Digital banks

Information on the different types of digital banks and their requirements.

Recent years have seen a rise in mobile-only banking services, which offer traditional banking services but are purely app-based and do not have high street branches. These digital options do however offer online and telephone customer support to their clients. They are particularly useful to help you manage your money, as many have built-in budgeting features. Most people use the apps in conjunction with their more traditional bank accounts.


Some of the main digital-only services are Monese, Monzo, Revolut, Starling, Chase and Wise. These normally open accounts for international students if the appropriate documentation is provided and meets their requirements.

The features that these mobile banking services normally provide are:

  • instant notifications on spending
  • the ability to set and monitor savings goals
  • the ability to lock, unlock and cancel your card through the app
  • ‘split the bill’ functions that make it easy to split bills and pay friends
  • fee-free overseas spending within certain limits

It is important to note that some of these mobile banking services set monthly or daily limit on cash withdrawals and payments before applying a charge. It is therefore vital to go through the terms and conditions before you decide to open an account.
It is also important to check whether a digital bank is regulated and authorised by the Financial Conduct Authority (FCA) to ensure that its conduct is monitored and controlled, and whether it is protected by the Financial Services Compensation Scheme (FSCS) which could entitle you to a compensation of up to £85000 if the digital bank goes out of business.

It is important to note that some of these mobile banking services do not like you making numerous cash withdrawals, and will only let you withdraw cash a couple of times per month before applying a charge. Not all digital options have an overdraft function, and may charge for it. It is therefore important to check the details of the services on offer before opening an account.  

Information from digital banking services

UCL does not endorse any particular service but if you wish to consider opening an account with one of the mobile options mentioned, below is some information about the accounts offered and documentation required.

The information provided is correct to the best of our knowledge but may be subject to change. 

Monese

How to open an account

  • download the Monese app on either iOS or Android
  • follow the instructions and set up with your email address and phone number
  • verify your identity with a picture of a passport or National ID card, and take a selfie video

Facilities and services

  • a free student account with access to a Classic Plan (usually £5.95 a month) for free for 12 months
  • compatible with Google Pay and Apple Pay
  • current accounts for both GBP and EUR
  • a daily ATM withdrawal limit of £300 in the UK
  • cash deposits and withdrawals via Post Offices or Paypoint
  • fee-free to pay and withdraw abroad
  • low cost to transfer money globally into eight currencies
  • regulated by the FCA but not covered by FCSC

Resources and useful links

Contact

Monzo

How to open an account

  • download the Monzo app on either iOS or Android.
  • follow the instructions and set up with your email address and a UK phone number
  • verify your identity with a picture of your passport, national ID, or BRP, and take a selfie video
  • provide a UK address

Facilities and services

  • personal and joint current accounts
  • compatible with Google and Apple Pay
  • cash and cheque deposits into your Monzo account
  • a daily ATM withdrawal limit of £400 in the UK and a monthly limit of £5,500
  • fee-free when you spend up to £200/month with a Monzo card abroad
  • Get your student loan paid a day early
  • sending money to nearby Monzo customers without bank details needed
  • regulated and protected by the FCA and FCSC up to £85,000

Resources and useful links

Contact

Revolut

How to open an account

  • download the Revolut app directly from either Google Play or the Apple App Store
  • follow the instructions and set up with your phone number
  • verify your identity with a picture of a valid government-issued photo ID and a picture of your face

Revolut may request a copy of your legal right to remain in one of their supported countries (e.g. visa, residence permit).
You can order your first physical Revolut card free of charge. To do so, go to the ‘Card’ section in the app and choose ‘Physical’. Make sure your delivery address is correct down to the flat number level.

Facilities and services include

  • compatible with Google Pay and Apple Pay 
  • fee-free for ATM withdrawals up to £200 per month, then a fee of 2% of all withdrawals above this
  • keeping balances in different currencies in your account
  • exchanging currencies via the Revolut app, and transferring money abroad in over 25 currencies using Interbank Exchange Rate
  • trading stocks, commodities and crypto currencies
  • round ups of purchases to the nearest pound to save in a ‘Vault’
  • authorised by the FCA but not protected by the FSCS

Resources and useful links

Contact

Starling

How to open an account

Please note that Starling currently supports phone numbers from 39 countries to open an account.

  • download the Starling app from either Google Play or the Apple App Store
  • follow the instructions and sign up with your phone number
  • verify your identity with a picture of your passport or EU/EEA ID card, and take a selfie video

Proof of address may be asked. If you are required to provide proof of address, provide one of the following documents:

  • UK bank statement with current address
  • utility bill with current address
  • council Tax letter with current address

Once you are all set up, you can order your new contactless MasterCard debit card from within the app.

Facilities and services

  • personal, joint, and Euro current accounts
  • compatible with Google Pay and Apple Pay
  • cash deposits and withdrawals via the Post Office  
  • a daily ATM withdrawal limit of £300 in the UK and up to six times withdrawals per day
  • mobile cheque deposits up to £500
  • fast and secure money transfers to bank accounts in 38 countries worldwide with 20 currencies, with no hidden fees
  • managing personal finances through recommended third-party financial products on Starling Marketplace
  • regulated and protected by the FCA and FSCS up to £85,000

Resources and useful links

Contact

Chase

How to open an account

  • download the Chase UK app directly from either Google Play or the Apple App Store and accept the App Terms and Conditions
  • follow the instructions and sign up with your phone number
  • provide a picture of a valid photo ID (passport, UK driving licence, or EU national identity card) and a selfie

You'll also need to provide your UK home address, email, citizenship/tax residency and employment status. In some cases, they may request additional information or documents. 

Facilities and services

  • compatible with Google Pay and Apple Pay 
  • current and saver accounts
  • cashback on your everyday debit card spending for a year
  • withdraw up to £500 a day from cash machines (whether in the UK or abroad)

Resources and useful links

Contact

Wise

How to open an account

Facilities and services

  • biometric security through face and voice recognition along with a passcode
  • buy goods and services online using your Wise debit card
  • send and receive money from countries all over the world
  • transfer money between your home country bank account and your UK Wise bank account at very low interest rates 

Resources and useful links

Contact

Contact International Student Support

askUCL

MediaCentral Widget Placeholderhttps://mediacentral.ucl.ac.uk/Player/17b92cH1

Follow Student Support and Wellbeing

Useful links

Funnelback feed: https://cms-feed.ucl.ac.uk/s/search.json?collection=drupal-professional-...Double click the feed URL above to edit