Monzo vs Starling vs Revolut for UK students

The short version

Monzo and Starling are UK banks. Revolut is a fintech that now holds a UK banking licence but treats a lot of things differently. For an international student, the practical setup is: open Monzo or Starling as your main current account, then use Revolut for international transfers and multi-currency spending. Most students end up with two of the three: one full UK current account for salary, bills and rent, plus one FX-focused app for sending money home.

The rest of this piece breaks down what each does well, what to watch for, and how to open the first one without a UK address or a BRP.

What each one actually is

Monzo

Monzo is a UK bank with a full banking licence. Balances up to £85,000 are protected by the Financial Services Compensation Scheme↗, the same protection you'd get at Barclays or HSBC. Over 10 million people in the UK use it as their main account, which matters because Direct Debits, standing orders and salary payments all work exactly like they do at a high-street bank.

Monzo runs entirely from an app. There is no branch to walk into. The card is Mastercard. Cash withdrawals in the UK are free from any ATM.

Best for: your day-to-day UK current account, especially if you like bill-splitting features (Monzo's Shared Tabs and Pots are the strongest in this group).

Starling

Starling is a UK bank with a full banking licence, FSCS-protected up to £85,000. Founded in 2014, it was the first fully digital challenger bank to get authorised. It's a Mastercard debit card, app-first, no branches.

Starling has a reputation with international students for two reasons. First, it charges nothing for spending or withdrawing abroad, at any amount, on any Standard account. Second, its customer service is 24/7 and phone-based, which is unusual for a digital bank.

Best for: students who travel a lot within Europe, or who want the option of talking to a human when something breaks.

Revolut

Revolut has been UK-authorised as an e-money institution for years and was granted a full UK banking licence in July 2024. It went through a mobilisation phase, which is a period where a new bank gradually turns on services under supervision. Depending on when you read this and which Revolut entity your account sits with, FSCS protection may or may not apply. Check inside the app under Legal, and search "Revolut" on the FCA register↗ before parking large sums with them.

Revolut's strength has always been foreign exchange. You get near-interbank rates for spending and transfers up to a fee-free monthly limit (Standard plan currently around £1,000; check the app because Revolut changes this without much warning). Above that limit or on weekends, a small percentage fee applies.

Best for: sending money home, receiving money from home, and spending abroad in currencies your main bank card would penalise you for.

Opening one before you've got a UK address

This is the situation that breaks most students. You have just landed. Your accommodation might not accept mail until next week. Your BRP is being posted to the university's Alternative Collection Location. And you need a bank account to receive your first payment, tap in on the Tube, or pay a deposit.

Here is what actually opens.

• Revolut: usually opens in an evening. You verify with your passport and a selfie video. It does not require a UK address. Top up from an existing overseas card and use it the next morning.
• Monzo: opens in one to three working days for most international students. Verified with your passport. An address is required, but Monzo accepts student halls addresses, and if you do not have one yet, some students have opened it against a friend's or hotel's address and updated it in-app the following week. Chat support will help.
• Starling: strictest of the three at account opening. Wants a UK address you can prove with a document dated in the last three months (a signed tenancy, a university offer letter with an address, or a council letter). If you have that, opening is fast, often same-day. If you do not, wait until you do and use Monzo or Revolut in the meantime.

If you want the paperwork chain in detail, the Luodi bank account guide walks through what each provider will and will not accept as proof of address.

Spending in the UK

Once your card arrives, everyday UK spending looks the same across all three. Contactless up to £100, Apple Pay and Google Pay from day one, free UK ATM withdrawals.

Two differences worth flagging.

Direct Debits and salary. Monzo and Starling accept UK Direct Debits and standing orders exactly like a high-street bank. Revolut technically supports them now, but some UK employers, councils and landlords still refuse a Revolut sort code for salary or rent, mostly out of habit rather than any technical block. If your university's finance office or your landlord queries a Revolut account number, you save an argument by having a Monzo or Starling one to hand.

Overdrafts and interest. Monzo and Starling offer overdrafts (subject to a credit check, which is often unavailable to new arrivals with no UK credit history) and pay interest on current account balances. Revolut Standard pays no interest on GBP by default; higher-tier plans do.

Spending and withdrawing abroad

If you are flying home for winter break or going on a Ryanair weekend to Berlin, this is where the three actually diverge.

Starling: no fees, no limits. You get the Mastercard exchange rate on the day. Overseas ATM withdrawals are also free. This is the cleanest offering of the three if you spend abroad regularly.

Monzo: no fees on spending or on ATM withdrawals up to a monthly cap (currently around £200 per 30 days both inside and outside the EEA; check the app for the exact figure). Above the cap, ATM withdrawals cost 3%. Card spending itself remains free at the Mastercard rate.

Revolut: near-interbank rate up to your monthly FX allowance, then 0.5% above it. ATM withdrawals abroad are free up to a monthly cap, then a fee. Weekend markup of 1% on most currencies. Paid plans (Plus, Premium, Metal, Ultra) lift these limits and are only worth it if you actually use them.

Sending money home (or receiving from home)

If your parents wire you tuition, or you send money back for family, this is a real number over three years. Doing it through the wrong provider costs hundreds of pounds.

Do not use your high-street bank for international transfers if you can avoid it. Barclays, HSBC and similar mark up the exchange rate by 3 to 4% on top of a flat fee.

Between the three:

• Revolut: cheapest for supported currencies, especially inside its fee-free FX allowance. Transfers to another Revolut user are instant and free.
• Monzo: uses Wise under the hood for international transfers. The rate is the same as using Wise directly, with the convenience of doing it inside Monzo.
• Starling: also uses a partner for international transfers. Fees are competitive but usually slightly higher than sending via Wise or Revolut on the fee-free plan.

For sums above about £2,000, do the maths on both Wise↗ and Revolut before hitting send. There is a longer breakdown in the Luodi money transfer guide.

Fees to actually watch for

Monthly account fees are £0 on all three Standard plans. That is not where the money goes. The fees to watch:

• Weekend FX markup on Revolut Standard (1% on most currencies). If you are topping up during a Saturday shopping trip in Milan, you pay more than you would midweek.
• ATM withdrawal cap on Monzo abroad (3% after the monthly free allowance).
• Cash deposit fees. If you get paid cash for a hospitality shift, you can deposit it at a PayPoint. Monzo and Starling both charge small fees per deposit; Revolut generally does not accept cash deposits. Check each app for the current amount before you turn up at the till with £150 in tips.
• Subscription creep on Revolut paid plans. Plus, Premium and Metal each add features (higher FX limit, travel insurance, LoungeKey passes) at monthly fees ranging from a few pounds to about £15. Only worth it if you actively use them.

Which one to open first

If you would only open one bank account in your first month:

• Landing on a Sunday, no UK address yet, need to spend tomorrow: Revolut, then upgrade to Monzo or Starling within a fortnight.
• Halls address already sorted, want a proper current account for salary and rent: Monzo or Starling. Between the two: Starling if you travel a lot in Europe, Monzo if you want the strongest bill-splitting features and biggest brand recognition with UK employers.
• Parents wiring you money regularly from India, China, Nigeria, Malaysia, or the Middle East: open Revolut as a second app on top of your Monzo or Starling account, and compare the rate against Wise on every big transfer.

For most students, the two-account setup is Monzo or Starling plus Revolut. Nothing stops you having all three, but two apps is usually enough friction.

Frequently asked questions

Do international students actually need a UK bank account?

Yes, in practice. UK employers, most landlords, council tax offices, and student loan providers pay to or take from a UK sort code and account number. Foreign cards work for buying groceries, but not for receiving your salary or paying rent by Direct Debit. If you are going to be here more than a few months, open one in your first week or two.

Can I use only Revolut without a "real" UK bank?

You can, and many students do for a term or two. The two friction points to expect: some UK employers and landlords still hesitate over a Revolut sort code, and Revolut's FSCS position is worth checking on the FCA register↗ before you hold your full year's rent in it. Most people end up opening a Monzo or Starling account alongside within their first year.

Which of these three will accept my BRP or eVisa?

All three accept BRPs, eVisas, and passports as ID. What varies is proof of address. Monzo and Revolut are more flexible with student halls addresses and less formal proof. Starling is strictest and usually wants a signed document with your name and address dated within three months. If you are waiting on your BRP, you can still open Monzo or Revolut with a passport. See the official rules for immigration status documents on gov.uk↗.

What happens to my account when my visa ends?

Your account does not automatically close. If you leave the UK, you can keep the account open as long as you can log in and pass their occasional identity re-checks. Some students keep a UK account running for years after they leave, particularly if they might come back for work on a Graduate route or Skilled Worker visa.

Are Monzo, Starling and Revolut FSCS-protected?

Monzo and Starling are both fully UK-licensed banks with FSCS protection up to £85,000 per person per bank. Revolut has held a UK banking licence since 2024. Check the app and the FCA consumer page↗ for its current authorisation status before keeping large balances there. E-money accounts (which Revolut historically was) are protected differently, safeguarded rather than FSCS-covered.

Can I open one before I fly to the UK?

Revolut, yes. You can sign up with your home address and switch to a UK address after you land. Monzo and Starling both require a UK address at the point of opening, so they are second-week jobs rather than pre-departure ones. Some students plan around this by opening Wise (which lets you get a UK sort code and account number from abroad) for the first payment, then moving to Monzo or Starling once they have moved in.