UK Challenger/Digital accounts

[CeeJay]

My UK bank, which I have had an account with for over 30years will not allow me to open any other account as I am resident in France, but will allow me to keep existing one open.

Therefore I have been contemplating using one of the new "Challenger/Digital" banks which require limited proof of address, I have a UK property.

If anyone has used one of these banks I would be grateful for experiences.

[pomme]

Is there anything in particular you want to know about?

I use the UK Monzo and Revolut for internet only banking, mainly just for ordering online. Although I have used the cards when paying small amounts in various countries. I don't use them for full banking and usually only keep a balance of about £250.

I use Revolut for currency transfers from UK to France (usually £500-1000 to top-up my French account for special purchases). The Revolut exchange for most currencies on weekdays (Mon-Fri) are at the instantaneous interbank exchange rate. The last couple of transfers I've done only took a day in total. A transfer from my Lloyds account to Revolut, conversion by Revolut into euro and then the transfer to Boursorama

I've not had problems with either. You will see complaints on the internet but I don't think they are probably really worse than any other bank.

Monzo has a UK banking licence. Revolut has a European licence through Lithuania and I think has now applied for a UK banking licence.

.

[CeeJay]

Pomme

Thanks for that, actually looking at Monzo, sounds interesting.

[jotanran]

you need to open your mind a little more, this topic you mention is complicated