Mobile Banking for Abroad Students in Europe

Studying in Europe is becoming more popular and relevant, due to the high quality of education and the prospect of building a brilliant international career. During this period, a student gains not only knowledge but also masters the culture and plugs into the everyday environment of the host country.

Adaptation involves many processes, but our goal is to make sure that while you are in your new place of study, you will be able to live and support yourself and have access to your financials. Opening a bank account in a foreign country is not an easy task, and is often even impossible if you are not a resident. However, thanks to modern technologies, you can rely on the banking solutions of fintech companies that can help you get a bank account most conveniently.

In this article, we will consider some excellent mobile banking accounts for students, as well as their benefits and fees.

Please note: The indicated score rating of the company is not the main criteria by which the current list was formed. However, its importance should not be underestimated. The score consists of a combination of the following components: TrustPilot score, general pricing of the services, social media presence, the popularity of the service, onboarding difficulty, and support quality.

Revolut

Revolut Ltd is a fintech company founded in 2014 that currently operates in 35+ countries. Starting as a money transfer service, it has expanded further and become one of the most popular neobanks in the world. Today, it provides 18 million users with banking services including accounts with IBAN, prepaid MasterCard or VISA debit card, commission-free currency exchange, stock trading, cryptocurrency exchange, and peer-to-peer payments.

✅ Pros: Cheap international transfers, no hidden exchange rates, simple sign up
❌ Cons: Available only to students (or resident citizens) from Europe

Plans:

• Standard (free)
  Free withdrawal limit £/€200, then 2%;
  Currency exchange with no fees (Mon-Fri): £1,000/m limit.

• Plus (£2.99/month)
  Free withdrawal limit £/€200, then 2%;
  Currency exchange with no fees (Mon-Fri): £1,000/m limit.

• Premium (£6.99/month)
  Free withdrawal limit £/€400, then 2%;
  Currency exchange with no fees (Mon-Fri): unlimited.

• Metal (£12.99/month)
  Free withdrawal limit £/€800, then 2%;
  Currency exchange with no fees (Mon-Fri): unlimited.

Transfer fees: 0 - 0.5%

Extras: cashback, daily interest on savings, protection coverage, priority customer support

Monzo

Monzo Bank Ltd is a digital bank founded in London in 2015 that currently operates all over the world where Mastercard is accepted. It serves more than 5 million customers via smartphones and offers current and business current accounts, joint accounts, payment cards, savings accounts, overdrafts, and consumer loans.

✅ Pros: Good app, simple sign up, deposits are protected for up to £85,000 per person by the FSCS
❌ Cons: Travel money is not as cheap as competitors

Plans:

• Standard (free)
  Free withdrawal limit £200, then 3%.

• Plus (£5/month)
  Free withdrawal limit £400, then 3%.

• Premium (£15/month)
  Free withdrawal limit £600, then 3%.

Currency exchange fee: 0.35 - 2.00%

Transfer fees: Free within the UK, in GBP. An international transfer is with €0.50 fixed rate, and a 0.41% variable fee if you send money in a different currency than GBP.

Extras: daily interest on savings, insurance, overdrafts, loans, discount and offers.

Starling

Starling Bank Ltd is an innovative British bank founded in 2014 that allows customers to set up international bank transfers to 38 countries, choosing from a range of 20 different currencies. Its loyal customer base has reached 2.1 million in 2021. It provides its users with all kinds of personal and business accounts alongside a child card and a range of lending products.

✅ Pros: Fast and easy set up, good app, no monthly fee for services, SWIFT transfers, deposits are protected for up to £85,000 per person by the FSCS
❌ Cons: Only available to UK residents, losing a card abroad is charged with £60 fee

Withdrawals: no fees for withdrawing sterling from ATMs in the UK or using the Post Office counter service. There is also no fee for withdrawing cash in foreign currency outside the UK. However, the Mastercard exchange rates will apply to any such withdrawal and you may also be charged a fee by the local ATM provider.

Currency exchange fee: 0.4% transfer fee + local fees

Transfer fees: sending money outside of the UK is charges with 0.4% transfer fee + local fees. Plus £5.50 for a SWIFT payment.

Extras: daily interest on savings, insurance, overdrafts, loans

Bunq

Bunq is one of the oldest international mobile banks founded in 2012 that allows customers to create up to 25 sub-accounts and 3 physical cards, and 5 virtual debit Mastercards. It received a banking license from the Nederlandse Bank in 2015. Its loyal customer base has reached more than 2 million in 2021. Bunq provides current accounts, payment cards to both personal and business customers and IBAN bank accounts for cheap SEPA transfers. Besides a MasterCard (prepaid) card users can also have a Maestro Card.

✅ Pros: Good app, IBAN accounts, SEPA / SWIFT transfers, €100,000 funds insurance by Deposit Guarantee Scheme
❌ Cons: Comparatively high monthly account fee, supports only euros

Plans:

• Easy Bank (€2.99/month)
  ATM withdrawals: €0.99 up to 5 per month, €2.99 rest

• Easy Money (€8.99/month)
  ATM withdrawals: free 4 per month, then €0.99 up to 5 per month, €2.99 rest

• Easy Green (€17.99/month)
  ATM withdrawals: free 4 per month, then €0.99 up to 5 per month, €2.99 rest

Transfer fees: no transfer fees from bunq’s side

Extras: daily interest on savings, subscriptions, green programs, discounts and offers

Monese

Monese Ltd is a digital bank founded in 2015 that allows customers from all over Europe to open an account with no need of having permanent residency. It has been awarded as the best challenger bank at the European Fintech Awards and received €1.1m of funding from the European Commission for research and innovation. It provides virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, corporate cards to individuals, businesses.

✅ Pros: Fast & simple setup, SEPA - IBAN accounts, no proof of residency required, low fees
❌ Cons: No savings accounts, no FSCS protection

Plans:

• Starter (€0/month)
  ATM withdrawals: £1.5;
  International transfers: 2.5% fee, additional 1% fee on weekends.

• Essential (€1.95/month)
  ATM withdrawals: £200 free monthly;
  International transfers: 2% fee, additional 1% fee on weekends.

• Classic (€5.95/month)
  ATM withdrawals: £500 free monthly;
  International transfers: from 0.5% fee.

• Premium (€14.95/month)
  ATM withdrawals: £1,500 free monthly;
  International transfers: free.

• Currency exchange fee:
  Starter: 2.5% ( +1% on weekends)
  Essential: 2%( +1% on weekends)
  Classic: from 0.5%
  Simple: 2.0% (£2 minimum)
  Premium: free

Extras: daily interest on savings, credit builder, insurance, loans

N26

N26 is one of the oldest digital banks founded in 2013 that allows customers to sign up easily via mobile and web applications choosing between 3 different account types. It has reached the 7 million customers mark in 2021, proving its growth in Europe. N26 provides current accounts, payment cards, consumer loans to private individuals and businesses.

✅ Pros: Cheap international transfer, SEPA / SWIFT transfers, €100,000 funds insurance
❌ Cons: Deposits only support EUR and USD

Plans:

• Standard(€0/month)
  ATM withdrawals: 3 free ATM withdrawals per month, €2.00 per additional withdrawal;

• Smart (€4.90/month)
  ATM withdrawals: 5 free ATM withdrawals per month, €2.00 per additional withdrawal;

• You (€9.90/month)
  ATM withdrawals: 5 free ATM withdrawals per month, €2.00 per additional withdrawal;

• Metal (€16.90/month)
  ATM withdrawals: 8 free ATM withdrawals per month, €2.00 per additional withdrawal;

International transfers: transfers within and among EEA states and to Switzerland in EUR are free. Incoming transfers provided on the SWIFT network are 12,50€ + 0,1% of the transaction amount (transactions below 150€ are free of charge). Outgoing SEPA Instant Credit Transfers are 0.99 EUR per transaction.

Currency exchange fee: real exchange rates, no extra charge

Extras: daily interest on savings, overdraft, insurance, cashback

Finscanner is glad to support you in all your endeavors!

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