If you’re coming to the UK to study for a Master’s, PhD, or as an exchange student, having a local bank account can make daily life much more convenient. Most places in the UK accept Apple Pay, making cashless payments extremely easy.
However, opening an account with a traditional bank can be a bit of a hassle. Even after passing the initial online application, some banks still require you to visit a branch in person to complete the process.
That’s why this article focuses on online banks — Monzo and Revolut — and shares personal experiences with the application process, along with their pros and cons, to help you decide what’s best for you.Documents You’ll Need to Open a UK Bank Account:
- Proof of identity: It’s best to use your passport.
- Bank letter: This confirms your student status and your UK address. Most universities provide this through an online self-service system. If not, you can email your uni to request a digital version. If you’re not living in university accommodation, a tenancy agreement can also be used as proof of address.
- When signing up for an online bank, you’ll be asked to take a selfie, record your voice, and even film a short video to verify your identity. So, it’s a good idea to complete the registration in a quiet place with good lighting!
Monzo
Pros:
- Free physical card delivery, making it easy to deposit or withdraw cash.
- Much faster approval process compared to traditional banks — you’ll usually receive your card quicker too.
- Offers better interest rates than many high street banks. As of April 2025, the easy-access savings account earns 3.5% interest, with instant withdrawals. There’s also a fixed one-day notice account offering 4.02% interest, where you can withdraw your money the day after requesting it.
- Nearby Friends feature: Turn on Bluetooth to instantly transfer money to friends nearby — super handy when splitting the bill after a meal!
- Register using a referral link and after your first card payment within 30 days, you’ll receive a welcome reward. (Current promotion gives you a random bonus between £10 and £50 — you’re guaranteed at least £10!)
Revolut
Pros:
- Great for international travel — you can open multiple foreign currency accounts, with competitive exchange rates when converting GBP to EUR or USD.
- Transferring money to friends is quick and easy — just scan their QR code, no need to manually enter names or account details. The app interface is very user-friendly.
- Super fast verification process — some users get approved in as little as 5 minutes!
Cons:
- Ordering a physical card requires an additional fee. (If you’re planning to get one, feel free to use my referral link)
That wraps up my experience with online banking in the UK — hope it helps make your student life a bit easier.
