Which is better for expats in Europe — Wise or Revolut?

Wise is better if you regularly send money internationally or need a true multi-currency account with local bank details in multiple countries. Revolut is better as a daily-spend card with budgeting tools, though its free plan has monthly limits on fee-free currency exchange. Most expats use both.

Can I use Revolut or Wise as my primary bank in Europe?

You can use either for day-to-day spending, card payments, and international transfers. However, neither is a fully regulated bank in every EU country. For salary deposits, direct debits (rent, utilities), and establishing credit history, a local bank account at a traditional bank is still worth opening once you have a local ID number.

Does N26 work in all EU countries?

N26 is available in most EU countries plus Switzerland. It withdrew from the UK in 2020. N26 is a fully licensed German bank (BaFin-regulated), which makes it a stronger choice for those who want a regulated bank account with EU deposit protection up to €100,000.

Is Monzo available outside the UK?

As of 2026, Monzo is UK-only. It does not issue accounts to residents of EU countries. If you have moved from the UK to Europe, you can keep your existing Monzo account but cannot open a new one with a European address.

Best Bank Account for Expats in Europe (2026)

Moving to a new European country means navigating a confusing banking landscape: local banks want your address, your ID number, and sometimes a proof of income before they will open an account. Meanwhile, you need to pay rent, get a salary deposited, and send money home — starting from week one.

Neobanks and multi-currency accounts have made this significantly easier. Here is how the main options compare as of 2026.

Quick Comparison

Account	Best for	Fee-free FX limit	EU bank licence	UK available
Wise	International transfers, multi-currency	No limit (fee applies)	No (e-money)	Yes
Revolut	Daily spend, budgeting	€1,000/month (Standard)	Yes (Lithuania)	Yes
N26	Primary EU bank account	Depends on plan	Yes (Germany)	No
Monzo	UK residents only	N/A	Yes (UK)	Yes

Wise: Best for International Transfers

Wise (formerly TransferWise) is the benchmark for international money transfers. It uses the mid-market exchange rate with a small transparent fee — typically 0.4–1% depending on the currency pair.

What Wise gives you:

Local bank details in 8+ currencies (EUR, GBP, USD, DKK, SEK, NOK, and more) — you can receive salaries and wire transfers as if you have a local account
A multi-currency balance you can hold in 40+ currencies
A Wise debit card for spending in local currency abroad

What Wise does not give you:

A full banking licence in most countries — it is an e-money institution, not a deposit-taking bank
Overdrafts, credit facilities, or interest on balances (unless using specific features)
The ability to set up direct debits easily in some countries

Best for: Anyone who regularly moves money between countries or currencies, receives salary in one currency and spends in another.

Revolut: Best for Daily Spending and Budgeting

Revolut is the most feature-rich neobank for everyday use across Europe. The Standard (free) plan includes:

Fee-free currency exchange up to €1,000/month (mid-market rate)
Instant spending notifications and budget tracking
A Revolut card accepted everywhere Visa/Mastercard is accepted
Vaults (savings pots), group bills, and stock/crypto access on paid plans

Revolut holds a banking licence in Lithuania (and is pursuing licences in additional EU countries), meaning EU accounts get deposit protection up to €100,000.

Watch out for:

The free plan throttles exchange rates on weekends (a markup applies)
Customer support quality is inconsistent — resolution can be slow for account issues
The free tier's €1,000 FX limit is easy to exceed for anyone paying rent or making large transfers

Best for: Expats who want a feature-rich daily card, budgeting tools, and occasional international transfers below the €1,000 monthly threshold.

N26: Best Regulated EU Bank Account

N26 is a full German bank, licensed by BaFin and covered by German deposit protection (€100,000). For expats who want a 'real' bank account in Europe — the kind that employers and landlords recognise — N26 is the strongest neobank option.

The free N26 Standard account includes:

A German IBAN (accepted for SEPA payments, salary, and most direct debits across Europe)
Mastercard debit card with up to 3 free ATM withdrawals/month in the Eurozone
No monthly fees on the standard plan

N26 is available in most EU countries but not the UK. If you are moving from the UK, you cannot open a new N26 account.

Best for: Expats in eurozone countries who want a fully licensed bank account for salary receipt, rent direct debits, and building a European banking history.

Monzo: UK Only

Monzo is a strong account for UK residents but does not operate in EU countries as of 2026. If you hold an existing Monzo account from when you lived in the UK, you can keep it and use the card across Europe — but you cannot open a new account from an EU address.

Recommended Setup for Most European Expats

Rather than choosing just one, most experienced expats use a combination:

Wise account — for salary receipt in local currency, international transfers, and holding multiple currencies
Revolut Standard — for daily spending, budgeting, and the convenience of a second card
Local bank or N26 — for direct debits, rent payments, and anything that requires a local IBAN

This setup covers virtually every financial need from day one, without paying monthly fees on any account.

Check current fee tables and account features directly with each provider — pricing and feature sets change regularly.

Frequently asked questions