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Best Challenger Banks In UK

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Updated Aug 18, 2025
By RemitFinder

Table of Contents


If you are an expat or foreigner in the UK, there are many established UK banks that offer services to foreigners. Generally, the UK banking ecosystem has been dominated by the big 4 UK banks, namely, Barclays, NatWest, Lloyds and HSBC.

That said, there are numerous challenger banks, sometimes also called online banks or digital banks or neobanks, that have sprung up globally and especially in UK and Europe. This is no surprise as online banking has revolutionized the way people manage their finances.

With the increasing demand for convenient and hassle-free banking services, these online-only banks that have emerged in the UK pose a major challenge to traditional brick-and-mortar banks. That is why they are also called challenger banks.

Challenger banks are usually online banks and are sometimes called digital banks or neobanks. These online banks are called challenger banks as they are continuously disrupting traditional big banks.

These challenger banks offer various services from opening accounts to applying for loans, all from the comfort of your home and without going to any physical branch or location. Not having physical offices helps online banks be more cost-effective. As a result, many times these banks offer competitive interest rates and lower fees compared to traditional brick-and-mortar banks.

With so many options available, choosing the best online challenger bank for your needs can be difficult.

In this article, we will take a closer look at the best challenger banks in the UK. We have researched and evaluated each bank based on its best features to bring you a comprehensive list of the top online banks in the country.

Whether you are looking to manage your day to day finances, earn more on your savings, or simplify your banking experience, this article will provide you with all the information you need to make a better and more informed decision.



An image of stacks of coins of varying sizes with the title - Best Challenger Banks In UK



An Overview of UK Online Banking

Online banking has become an integral part of the financial landscape in the UK, with millions of people using digital platforms to manage their finances.

Whether you want to check your account balance, make payments or transfer funds, online banking provides a quick, easy and convenient way to manage your money. With the rise of fintech and the increasing use of smartphones and other mobile devices, the popularity of online banking in the UK continues to grow.

One of the key advantages of online banking in the UK is the increased accessibility it provides. With online banking, you can manage your finances from anywhere with an internet connection and any time of day or night. This convenience allows you to stay on top of your finances, whether at home, at work, or traveling.

In addition, online banking platforms often offer a range of tools and features that make it easier to manage your finances, such as budgeting tools, financial planning resources, and alerts to help you stay on top of your spending.

Another advantage of online banking in the UK is its increased security. With advanced encryption and two-factor authentication, online banking platforms have been designed to protect your sensitive financial information from cyber threats.

Furthermore, online banks are often required to meet strict regulatory requirements, which helps ensure the safety of your funds.

Online banking presents many key advantages like ease of use, 24x7 access from anywhere, lower costs and high security.

Overall, online banking in the UK provides a convenient, secure, and accessible way to manage your finances. Whether you are looking to save time, simplify your banking experience, or stay on top of your spending, online banking has something to offer everyone.



What Are Challenger Banks?

Challenger banks, also known as digital banks or online banks or neobanks, are a new breed of financial institutions that operate exclusively online.

Unlike traditional brick-and-mortar banks, challenger banks have no physical branches and provide their services through a mobile app or website. This makes them highly accessible, as customers can manage their finances from anywhere with an internet connection and any time of day or night.

Online, challenger or neobanks are accessible via apps and websites and generally do not have any physical branches.

Digital banks offer various services including personal and business banking, loans, and investments. They also provide features such as budgeting tools, savings goals, and alerts to help customers stay on top of their finances.

Many digital banks also offer high-yield savings accounts, which offer better interest rates than traditional banks. This can be a great way to boost your savings and grow your wealth.


How Do Challenger Banks Work?

Essentially, challenger banks operate like any other bank, with one key difference: they use technology to provide their services. Customers open accounts, deposit funds, and perform transactions using a mobile app or website.

Since challenger banks are mostly fully online banks, they use advanced security measures like encryption and two-factor authentication to protect customer data and funds. They also partner with established financial institutions to hold customer deposits and maintain customer accounts.


Are Online Challenger Banks Safe?

Challenger banks generally follow even more stricter security measures as compared to traditional banks since they are fully online and hence more vulnerable to online scams and attacks.

There are no physical branches with guards and security equipment, so online banks usually enforce the highest security protocols to keep their customers' money and information safe at all times.

In addition, like traditional brick-and-mortar banks, challenger banks are also fully registered with and regulated by governmental and financial watchdog institutions. This ensures that they further comply with all legal, financial and regulatory requirements imposed by various institutions.

Online challenger banks generally follow very strict security measures to ensure the safety of their customers' money and information.


Best Challenger Banks in the UK

Now that we have explained what challenger or online banks are, let's take a look at the best challenger banks in the UK.


1. Starling Bank: Best Overall UK Challenger Bank

Founded in 2014, Starling Bank has today become one of the most popular digital challenger banks in the UK baking industry. As one of the pioneers of online-only banking, Starling Bank is widely recognized as the leading neobank in the UK.

Here are some impressive numbers that showcase Starling Bank's journey thus far:

  • More than 3 million accounts
  • 4 account types that cater to both personal as well as business needs
  • Thousands of team members
  • 3 offices in the UK in London, Cardiff and Southampton
  • 0 branches with sole focus on online banking to keep costs low
  • Funded planting 100,000 trees as part of their focus on sustainability


Best Challenger Banks In UK - Starling Bank



Let's check out Starling Bank account types and key benefits of using Starling Bank.


What types of bank accounts does Starling Bank offer?

Starling Bank has the below account types:

  • Current Accounts that include the below sub-types:
    • Personal account
    • Joint account
    • Euro account which is a Euro (EUR) denominated account in the UK
    • Starling Kite which is a debit card for children
    • Teen account for 16 and 17 year old youth
  • Business accounts that include the below types:
    • Business bank account
    • Solo trader account for individual-owned businesses and side hustles
    • Multi-currency accounts in the form of US Dollar (USD) and Euro (EUR) accounts in the UK
  • Lending products
    • Personal overdraft facility
    • Business overdraft services
    • Business loans
  • International money transfers using which you can send money abroad to bank accounts in 36 countries worldwide

Starling Bank has a comprehensive suite of banking and financial products that cater to the needs of individuals as well as businesses alike.

What are the benefits of a Starling Bank personal account?

Starling Bank accounts come with tons of benefits. Below is a list of some of top advantages of having a Starling Bank personal account:

  • 24x7 Online Access: Manage your money anytime and from anywhere using Starling Bank online banking as well as Starling Bank mobile app.
  • Starling Virtual Cards: Use virtual debit cards for purchases, bill pay and much more, but with the added benefit of setting up strict budget for the card as well as enhanced security. Plus, you can delete or lock your card anytime to prevent fraud or unauthorized access.
  • 25% Fixed Rate Savings: Invest anywhere from GBP 2,000 to GBP 1,000,000 for 1 year in a Starling Fixed Saver account and earn a guaranteed 3.25% interest on your savings. Additionally, you earn 0.05% interest on funds up to GBP 85,000 in your currency account.
  • Mobile Cheque Deposit: Use the Starling mobile app to easily deposit cheques of up to GBP 1,000 directly in your account.
  • Starling Connected Cards: If you need to give someone money to spend but without access to your account or card, you can use a Connected Card which they can use to spend the funds. There is a limit of GBP 200 for funds held in a Connected Card.
  • No Monthly Fees: Starling Bank does not charge any monthly maintenance fee for current and joint accounts. Note that there may be fees for other services2.

In addition to the above, you get access to tens of thousands of ATMs for free, access to free tools for budgeting and saving, instant notifications for account activity and 24x7 customer support.

RemitFinder likes Starling Bank for charging no monthly fees, providing 24x7 online access and useful features like Virtual and Connected Cards. There are numerous additional advantages to Starling Bank personal accounts.

What are the benefits of a Starling Bank business account?

If you are a solo entrepreneur or a small or medium business, Starling Bank has business bank accounts for you. Below are the main benefits of these accounts:

  • 0 Monthly Fees: With your Starling Bank business account, you pay 0 monthly account maintenance fees. Plus, there are no charges for payments within the UK.
  • Useful Integrations: Starling has many useful integrations with various financial tools and products like Xero, QuickBooks, FreeAgent and many others. This makes it easy for small business owners to connect various systems to view their data in one place.
  • Receipt Capture: You can add digital receipts to payments via this useful feature.
  • Mobile and Online Banking: You get access to the Starling Bank mobile app as well as Starling Bank online banking facility for 24x7 access to your account.
  • Connect Other Accounts: Starling Bank allows you to connect accounts from other banks as well to provide a unified view of your money.

In addition to the above, you also get access to local and international payments (local payments with in the UK are free with Starling Bank), free ATM withdrawals, scheduled payments, 24x7 customer support access and instant payment notifications.

RemitFinder likes Starling Bank for providing fee-free business accounts that come with various financial app integrations, 24x7 mobile and online banking and many other useful features.

Starling Bank has revolutionized the online banking experience by offering many services that were not seen before in the banking industry. We recommend you give them a try.


Starling Bank's focus on Sustainability

One of the key things that sets Starling Bank apart is their focus on sustainable banking. Below are some steps that Starling Bank takes to ensure a greener and heathier planet:

  • Fully online operations thereby avoiding costs associated with operating branches
  • Paperless operations from day one
  • Starling Bank personal and business cards are made from recycled plastic since 2021
  • Starling Bank's packaging is fully recyclable including the use of a water based glue that is safer for the environment
  • 3 Starling Bank offices in the UK run on renewable energy
  • Starling Bank has partnered with Trillion Trees and funded planting of 100,000 trees by March 2023

There is a lot more that Starling Bank does to keep our planet safer and greener. Check out their website for more details on how Starling Bank achieves sustainable banking3.

RemitFinder salutes Starling Bank for their dedication and focus on sustainable banking, and implemented numerous measures to help save our planet.

Is Starling Bank Safe?

Starling Bank takes the security of your money and information seriously, and below are some of the security measures they have in place to protect you.

  • Completing Know Your Customer (KYC) using a government issued photo identification like your UK driving license or passport.
  • Doing video identification to further ensure you are opening your account and not someone else.
  • Relying on mandatory PIN and biometrics that include fingerprint and facial recognition to ensure Starling Bank mobile app security on your mobile phone.
  • Setting up a personal password whenever you authorize payments to double check that you are transacting on your behalf.
  • Providing full card controls whereby you can freeze and unfreeze your card in real time.
  • Providing Virtual Debit Cards that hide your account details and are fully secure.

In addition to the above, your eligible deposits of up to GBP 85,000 with Starling Bank are protected by the Financial Services Compensation Scheme.

Finally, Starling Bank is regulated by the Financial Conduct Authority (FCA) as well as authorized by the Prudential Regulation Authority.


What is Starling Bank's SWIFT Code?

You will need Starling Bank's SWIFT Code if you intend to receive money from overseas into your bank account.

Starling Bank's SWIFT Code for British Pound (GBP) accounts in the UK is SRLGGB2L. For accounts held in Euros (EUR), the code is SRLGGB3L.

If your sender asks for the 11-digit version, you can provide SRLGGB2LXXX and SRLGGB3LXXX, respectively.


What is Starling Bank's Sort Code?

Since Starling Bank is branchless, there is a single Sort Code in the UK for Starling Bank.

Starling Bank's Sort Code is 608371.


2. Wise: Best Multi-Currency Account

Wise was founded in 2011 and has grown by leaps and bounds since then. Initially incepted as an international money transfer company promising fast and economical global remittances, Wise has now grown into much more with their flagship multi-currency bank account and the Wise Card.

Wise went public in July 2021 with a company valuation of GBP 8 billion, making it one of the most successful fintech and money transfer IPOs of recent times. Couple with this, Wise started a rebranding process and expand beyond international money transfer services.

Here are some numbers that showcase Wise's strength:

  • More than 16 million customers
  • Monthly international money transfers of more than GBP 6 billion
  • More than 50 global currencies supported
  • More than 175 countries supported across the world
  • Revenue of USD 767 million in 2022, representing a 33% YoY growth


Best Challenger Banks In UK - Wise (formerly TransferWise



Despite being a specialist in international money transfers, Wise also offers an attractive multi-currency account, the details of which we present below.


Wise Multi-Currency Account

If you travel overseas frequently for work or leisure, you should take a look at the Wise Multi-Currency Account which lets you hold funds in up to 50 global currencies in parallel. These 50 currencies enable you to use your Wise Card in 175 countries worldwide.


What are the benefits of a Wise Multi-Currency Account?

Here are some of the biggest advantages of having a Wise Multi-Currency Account:

  • Send, receive and spend money all over the world as if you were a local.
  • Hold your money in up to 50 currencies that can be used in 175 countries.
  • Interconvert funds in various currencies within seconds at great exchange rates and transparent fees.
  • Easily receive money in your Wise account using IBANs and account numbers for up to 10 currencies.
  • Make purchases worldwide with a single Wise account and card.
  • Easily purchase stocks using Wise Assets product directly from your Wise account.

RemitFinder likes Wise for providing a truly global multi-currency account and card that can be used almost anywhere in the world. Wise also provides excellent exchange rates and charges transparent fees.





Wise International Business Account

Wise also supports the financial needs of businesses by providing an international business account targeted for the needs of business owners. Where you are part of an organization or a small business owner or a solo entrepreneur, you should check this account to see if it meets your needs.

Wise International Business Accounts are used by more than 300,000 business every quarter for many of their banking and financial needs.


What are the main advantages of the Wise International Business Account?

Below are the biggest benefits of having a Wise International Business Account:

  • Pay employees, suppliers, contractors and vendors in more than 70 countries directly from your account. There are no hidden fees or FX Markups involved.
  • Setup local accounts in up to 10 currencies along with account numbers and IBANs. This makes it very easy to get paid by customers and partners from all over the world.
  • Provide your team members with Wise Business Debit Cards with spending limits on each card. The Wise Business Debit Card can be used in more than 170 countries and supports over 50 global currencies.
  • Easily move data from accounting and financial software like Xero, FreeAgent, QuickBooks and many more.
  • Earn up to 3.66% variable interest rate on funds in British Pounds (GBP) by opting in to use the Wise Interest service.
  • Make batch payments to pay up to 1000 employees instead of paying everyone one by one.

There are many other additional features that come with the Wise International Business Account which include access controls for team members, payroll management and expense tracking.

If your business deals with international customers, partners or vendors, the Wise International Business Account might be a great fit for making and receiving payments from all over the world.

Is Wise Safe?

As a public company handling billions in money transfers every month, you can rest assured that Wise takes the security and safety of your money and private information very seriously.

Below are some security measures that Wise has in place to protect you and your money:

  • Relying on 2-Factor Authentication (2FA) for enhanced security.
  • Implementing international safeguarding whereby customer funds are held in accounts that are separate from Wise's own operational funds.
  • Maintaining a dedicated security team that stays up to date with the latest safety and security protocols.
  • Keeping customer funds as cash and liquid assets instead of loaning them out to earn interest. 60% of customer funds are invested in US and UK government bonds and securities, and the rest in reputable banks.
  • Providing 24x7 customer support in 14 languages so you can speak to someone anytime you detect any potentially fraudulent activity on your account.

Additionally, Wise is authorized and regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations Act of 2011. This ensures that Wise has to continuously meet rigorous security guidelines set by the FCA.

Wise implements various security measures to keep their customers' money and information safe.

What is Wise's SWIFT Code?

Wise's SWIFT Code is TRWIGB22XXX. Make sure to provide this information to your overseas sender if you intend to receive funds in your Wise account from overseas.


What is Wise's Sort Code?

Wise has 2 Sort Codes in the UK for their London office, and these are 231470 and 230801.


3. Monzo Bank: Best For Growing Your Savings

Established in 2015, Monzo Bank was an early entrant in the UK challenger bank space and pioneered many of the online banking practices that are commonplace today.

After starting out as a mobile app based financial and banking app, Monzo obtained its UK banking license in 2017 and henceforth started offering current accounts to customers.

With more than 5.8 million customers as of July 2022 and almost 2000 employees, Monzo is next on our list of the top challenger banks in the UK.



Best Challenger Banks In UK - Monzo Bank



Let's see what Monzo has to offer to customers in the UK.


What type of accounts does Monzo offer in the UK?

You can open any of the below types of accounts with Monzo:

  • Monzo Current Accounts
    • Regular Monzo Account
    • Monzo Plus Account
    • Monzo Premium Account
    • Monzo Business Account
    • Monzo Joint Account
    • Monzo 16-17 Account
  • Monzo Savings Accounts
    • Monzo Instant Access Savings Account
    • Easy Access Savings Account (provided by Paragon)
    • Fixed Deposit Accounts
    • Easy Access Independent Savings Account (ISA)
  • Loans and Credit
    • Monzo Flex
    • Overdraft services
    • Loans

Monzo providers numerous types of current, savings and lending product and services. Pick the ones that suit your needs the best.

What are the key benefits of using Monzo?

Below are the biggest advantages of banking with Monzo:

  • Fully digital access with Monzo online banking as well as Monzo mobile apps (available for both Android and iOS).
  • Many useful features like instant notifications, monthly spending summary, different ways to send money and make payments.
  • Convenient and very useful feature called Monzo Pots whereby you can create separate pools of money for various purposes.
  • Access to overdrafts of up to GBP 2,000 if you meet the requisite eligibility criteria.
  • Access to Monzo Plus and Monzo Premium accounts that come with even more services albeit at a monthly cost.
  • Eligible funds in Monzo accounts for up to GBP 85,000 are protected by the Financial Services Compensation Scheme (FSCS).

What are differences between Monzo Free, Monzo Plus and Monzo Premium Accounts?

With Monzo, you can have a standard Monzo account, or a Monzo Plus or Monzo Premium account.

Here are the differences between the standard Monzo account, Monzo Plus and Monzo Premium:

  • Standard Monzo Account: The regular Monzo account is free, and provides a host of useful features that help you make purchases, save and manage your money easily. You have access to Monzo Pots for setting aside money for specific uses. You also get instant notifications and send money to friend and family quickly.
  • Monzo Plus Account: With the Monzo Plus Account, you get many additional features on top of the Monzo Free Account. These include ability to see other bank accounts and credit cards in Monzo, earning interest on your funds, personalized budgeting recommendations, access to Virtual Cards, access to your credit score and much more. Monzo Plus comes with a monthly fee of GBP 5, and you must purchase a minimum 3 month plan.
  • Monzo Premium Account: If you want to take your banking experience with Monzo to the next level, you can opt for a Monzo Premium Account. Additional features include a crips Monzo white metal card, worldwide insurance coverage for your phone, international travel insurance and earning interest on your savings. The monthly fee for Monzo Premium is GBP 15 and you must purchase at least a 6 month plan.

You can elevate your banking experience with Monzo by purchasing the Monzo Plus or Monzo Premium accounts. You get a ton of useful features but for a monthly fee.

What are various savings accounts that Monzo provides?

When it comes to growing your money with Monzo, there are some excellent options at your disposal. Let's see what they are below.

  • Monzo Instant Access: With this option, you get 40% Annual Equivalent Rate (AER) on your savings. You can access your funds anytime you need them and interest is paid monthly. There are also no minimum deposit requirements.
  • Monzo Easy Access: Earn 25% AER that is paid out monthly with Easy Access. Note that this account is provided by Paragon. There is also a GBP 10 minimum deposit.
  • Monzo Fixed Deposits: You can also open fixed deposits with Monzo as long as you can deposit a minimum amount of GBP 500. Monzo provides 3, 6, 9 and 12 month term fixed deposits for interest rates of 2.75%, 3.95%, 4.10% and 4.32%, respectively. Interest is paid at term end, and the accounts are provided by Paragon and OakNorth.
  • Easy Access Independent Savings Account (ISA): This interest earned on money held in this account is tax-free and you earn 3.05% AER paid out monthly. There is a GBP 10 minimum deposit and this account is provided by Investec.

RemitFinder likes Monzo for providing comprehensive savings accounts options that meet numerous needs like liquidity, growth of your savings and tax savings.

Which Monzo saving account should I go with?

With quite a few savings accounts available with Monzo, you may be wondering which option to go with. Here are some guidelines that may be helpful to choose the right Monzo savings account for your needs.

  • If you need the money anytime, go with Monzo Instant Access since this account provides full liquidity at all times.
  • For short term savings for purchases or some major bills, consider the Monzo Easy Access account.
  • For longer term savings, Monzo Fixed Deposits may be a good choice. For example, if you are considering purchasing a major item or putting money together to buy a house, this option may be a good one for you.
  • If you want to earn tax free interest on your savings, use Monzo Easy Access Independent Savings Account (ISA) account.

With such a good variety of savings vehicles available, the chances that your savings goals will be met by Monzo should be very good.


Is Monzo Safe?

Monzo has been in operation for many years and has successfully demonstrated that they keep customer finds and information safe. By relying on best practices for security and safety, Monzo keeps their online banking as well as mobile apps safe.

Monzo Bank Limited is registered in England and Wales with company no. 09446231. Monzo Bank Ltd is regulated by the Financial Conduct Authority (FCA) as well as the Prudential Regulation Authority (PRA).

Additionally, eligible deposits of up to GBP 85,000 in every Monzo customer's accounts are protected by the Financial Services Compensation Scheme (FSCS).

Finally, Monzo also put a strong focus on fraud prevention and detection4. A glaring example of the strength of Monzo's fraud analysis is when they found signs of a Ticketmaster data breach in June 2018 before Ticketmaster itself discovered it. Monzo was instrumental in discovering the breach two months before its public admission by Ticketmaster.

Given all the above considerations, your money and information should be safe with Monzo.


What is Monzo's SWIFT Code?

Monzo's SWIFT Code is MONZGB2L or MONZGB2LXXX if the 11-digit version is needed.

If you plan on receiving funds from overseas into your Monzo Bank account, make sure to send the above SWIFT Code to your overseas sender. This will ensure the money gets to your account without any problems.


What is Monzo's Sort Code?

Sort Codes in the UK are important to route money within the country's banking system.

Since Monzo is an online-only bank, it has a single Sort Code.

Monzo's Sort Code is 040004.


4. Monese Bank: Fastest And Easiest Account Opening

Monese, a fintech startup that offers a great alternative to traditional banks, is next on our list of UK's top most challenger banks.

Founded in 2015, Monese offers current account, international money transfers and debit cards to its customers across 31 countries. Customers can hold Monese accounts in 3 popular currencies- British Pounds (GBP), Euros (EUR) and Romanian Leu (RON).

Monese reached an impressive milestone of more than 2 million customers in January, 2020, and continues to grow stronger with time.



Best Challenger Banks In UK - Monese Bank



Let's check out various offerings from Monese that could be advantageous if you wish to bank with them.


What types of Monese accounts are available in the UK?

Monese offers many types of accounts in the UK that include the below:

  • Instant Accounts
  • Joint Accounts
  • Business Accounts
  • Business Pots

Monese accounts can be opened very quickly with minimal documentation and no hassles. All you need is the below:

  • Email address
  • Phone number
  • Photo ID like a passport

You do not need to provide any other documentation, make appointments or undergo credit checks.

New Monese online accounts can be opened within just a few minutes by providing email, phone and a photo ID.

What are the benefits of a Monese account?

Your Monese account comes with a ton of useful features and benefits; we list some of the primary ones below.

  • Multi-currency accounts: With Monese, you can hold funds in 3 currencies - British Pounds (GBP), Euros (EUR) and Romanian Leu (RON). This means you can make purchases in local currencies in various countries that support these 3 currencies. Plus, you can make instant money transfers between your Monese accounts for free.
  • Mastercard debit card: Your Monese account comes with a contactless Mastercard debit card for global purchases and spending in stores, online and at ATMs. There are also no hidden fees.
  • Fast local payments: Monese integrates with UK Faster Payments which means you can make instant local payments.
  • International money transfers: Send money to many global destinations with support for more than 19 global currencies. Get great exchange rates and avoid bad rates and high fees that banks charge for international remittances.
  • Smart money management tools: Your Monese app comes with various useful features like smart budgeting tools, spending reports and instant transaction notifications.

In addition, you get access to other useful services like Monese Credit Builder, Insurance and integrations with Apple Pay, Google Pay, etc.

RemitFinder likes Monese for providing a frictionless and fast account opening process, multi-currency accounts, international money transfers and lots of money management tools.

What are various Monese membership plans?

Monese has 3 plans that are called Simple, Classis and Premium5, and below is a summary of each:

  • Monese Simple: If you choose Monese Simple Plan, you get the Monese multi-currency account with support for British Pounds (GBP), Euros (EUR) and Romanian Leu (RON) totally free of cost. This plan is great for everyday spending and purchases, making international money transfers as well as overseas travel.
  • Monese Classic: With the Monese Classic Plan, you get additional benefits and services on top of Monese Simple accounts. These include lower fees and higher limits and allowances for various services. Plus, you get added protection for paying bills and purchases as well as for electronic devices like your mobile phone. Monese Classic comes at a cost of GBP 5.95 per month.
  • Monese Premium: If you wish to elevate your banking experience with Monese to the highest levels, you can purchase the Monese Premium plan for GBP 14.95 per month. Benefits include even more lower fees, higher limits, maximum insurance coverage and VIP customer service when you need help.

You can check out the differences in detail between Monese Simple, Monese Classic and Monese Premium on Monese's dedicated pricing page on their website5. Once you compare the features of these 3 plans, you can pick the one that is best for your needs.


Is Monese Safe?

Monese implements numerous security guidelines and processes to ensure your and your money's safety. Some of these include the below:

  • When you join Monese, you have to provide a government issued photo ID as well as a short video of yourself. This helps prevent fraud by ensuring you are opening your account on your own behalf.
  • Monese implements safeguarding of funds to ensure your money is kept separate from theirs at all times.
  • Monese uses the latest technological advancements to keep your account and information secure. For example, Monese uses biometrics - both fingerprints as well as facial recognition - for multi-factor authentication (MFA) on your account.
  • Monese uses 3D Secure technology and sends you a one-time password (OTP) whenever you shop online using your Monese card.
  • Monese also implements single device access which means you can sign in into your Monese account from only one device at a time. This helps in preventing fraudulent access to your account from another device.
  • You can lock and unlock your Monese card anytime using the Monese mobile app to prevent any unauthorized access.
  • You get real time notifications for various transactions when you use your Monese account.
  • Monese also provides you with an in-app Virtual Card that is different from your physical card. This further enhances security when doing online purchases.
  • Monese implements real time monitoring of their systems to detect and prevent fraud.

Additionally, Monese Ltd is an England and Wales registered company. In the UK, Monese Ltd is a registered agent of PrePay Technologies Limited; the latter is an electronic money institution authorized by the Financial Conduct Authority (FCA) under the Electronic Money Regulations Act of 2011.

Monese's registration with PrePay Technologies Limited in the UK allows them to issue the Monese contactless debit card pursuant to a license by Mastercard International.

In EU countries, Monese EU SA is registered in Belgium and is authorized by the National Bank of Belgium. This allows Monese to issue electronic money and provide payment services in Europe.

Finally, Monese Credit Limited is also authorized and regulated by the Financial Conduct Authority (FCA) as a Lender and registered under the Payment Services Regulations Act of 2017.

Monese seems to put a lot of focus on security and safety to protect your funds and private information. Monese is also registered with and authorized by various financial institutions.

What is Monese's SWIFT Code?

Monese does not provide their SWIFT Code information online.

If you have a multi-currency account with Monese, and you intend to receive funds from overseas into your account, you can find the relevant Monese SWIFT Code within your account details page on the Monese mobile app. You can also find the SWIFT Code for Monese when you follow the steps to Add Money or do Bank Transfers.


What is Monese's Sort Code?

Monese does not provide their Sort Code information online. If you need Monese's Sort Code, simply look for it in the account details page on the Monese mobile app.



Best UK Online Challenger Banks - Our Recommendations

Since our review of the best UK challenger banks has been pretty detailed, we present a set of recommendations below for some banking scenarios of interest. Our recommendations below are based on our analysis of the top UK online banks presented above.


Which UK challenger bank is best for making international payments?

There are many choices to send and receive money from the UK, but amongst the top challenger banks we have evaluated, Wise seems to be the best choice for making international payments.

With Wise, you get very competitive exchange rates as well as low, transparent fees for your international payments and money transfers.

Additionally, you can also use your Wise multi-currency account in many countries worldwide and get great exchange rates and low fees.


Which UK challenger bank has the best multi-currency account?

In our assessment, the Wise multi-currency account is a top notch choice as you can hold funds in 50 popular currencies in parallel in your Wise account.

These 50 currencies enable you to utilize your Wise Card and spend money in over 175 countries.






Additionally, you can interconvert funds in various currencies in your Wise multi-currency account instantly with great exchange rates and low fees.


Which UK challenger bank account is the easiest to open?

Based on our assessment, Monese Bank allows instant bank account opening with 0 hassle. You can open a new Monese account in just a few minutes online - all you need is your email, phone number and a government-issued photo ID.

Monese takes the hassle out of new account opening with a fast account opening process with minimal documentation.

Which UK challenger bank is best for earning interest on savings?

Based on our in-depth analysis, Monzo Bank is the best UK online bank if you wish to earn interest on your savings.

Monzo provides quite a few savings accounts that can be a great fit based on your needs. For example:

  • If you want full liquidity on your savings while earning interest, you can choose the Monzo Instant Access savings account.
  • If you are able to put away your money for some time, Monzo Fixed Deposits are a great option as the interest rate is also higher.
  • If you wish to earn tax-free interest on your savings, you can go with the Monzo Easy Access Independent Savings Account (ISA) option.

Monzo Bank has numerous savings account options available. You can choose based on liquidity, flexibility, interest rate and tax-free income.

Which UK challenger bank supports maximum currencies?

From our list of the top UK challenger banks, Wise is the winner is you wish to hold funds in numerous currencies in parallel.

The Wise multi-currency account lets you hold money in 50 currencies in parallel. Plus, you can interconvert money between these currencies freely with highly competitive Wise exchange rates.






Which UK challenger bank is best for traveling overseas?

If you travel overseas frequently for work or leisure, there are a couple of really good options you can look at.

The Wise multi-currency account lets you manage your money in 50 currencies in parallel. You can also make overseas purchases in over 175 countries worldwide with your Wise Card.

Wise is a great option to make overseas purchases given their support for more than 150 countries worldwide.

Which UK challenger bank charges the lowest fees?

Starling Bank charges 0 monthly maintenance fees for their current and joint accounts. This is a great option in case you do not like paying account fees.

Note that based on the services you use as part of your Starling account, you may still have to pay some fees. Check your account to see what fees may be applicable for certain services.

Now that we have looked at the best challenger banks in the UK, we will present some advantages as well as risks of switching your banking experience to an online bank in the UK.



What Are The Benefits, Risks And Safety Concerns When Switching To An Online Bank?

If you are considering switching to an online bank in the UK, here are some pros and cons to consider.

Making the switch from a traditional brick-and-mortar bank to an online bank can offer several benefits like increased convenience, 24x7 access via online as well as mobile banking, better interest rates, lower fees, higher limits and access to many perks and benefits.

This is primarily because online banks are able to save on operational expenses by avoiding the overhead that comes with physical branches. This allows them to pass on savings to customers, thereby making them more competitive as compared to traditional banks.

However, switching to an online bank also involves some risks and potential safety concerns.

One of the main concerns is the security of your sensitive financial information. Online banks use encryption and two-factor authentication to protect customer data, but there is always a risk of cyber-attacks or data breaches.

If you are considering switching to an online bank, it is important to choose one with a strong reputation for security. Also, take measures on your end to protect your online financial activities, such as using a secure password and avoiding public Wi-Fi when accessing your account.

Another concern is the stability of online banks. While online banks are subject to the same regulations as traditional banks, they are often relatively new and have limited operating histories. This can make it difficult to assess the stability of an online bank, and there is always a risk that an online bank may fail or be acquired by another financial institution.

It is, therefore, important to research different online banks and choose one with a strong reputation, backed by a well-established financial institution, and ideally insured by a reputable financial institution.

Additionally, pay attention to your online bank's registration with financial watchdog institutions like the Financial Conduct Authority (FCA). FCA registration and compliance is a good sign that your bank meets rules and regulations enforced by the regulatory body.

Overall, switching to an online bank can offer several benefits, but it is important to consider the risks and safety concerns before switching. By researching different online banks, choosing one with a strong reputation, and taking steps to protect your online banking account, you can make the most of the benefits of online banking while minimizing the risks.



Conclusion

In conclusion, the best online challenger banks in the UK offer a range of financial services, including personal and business accounts, savings and investments, and loans. These banks have established themselves as leaders in the industry through their focus on convenience, technology, and customer satisfaction.

With their user friendly interfaces, robust security measures, and competitive rates and fees, the best challenger banks in the UK offer a compelling alternative to traditional brick-and-mortar institutions.

Whether you are looking for a simple current account or a more complex financial offering, an online challenger bank is definitely worth considering for your financial needs.



Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

RemitFinder is an online service that helps you track remit exchange rates. By checking and comparing the latest remit exchange rates, you can get the best exchange rate for your money transfers. RemitFinder, thus, helps you to get the best return for your hard-earned money.

Find the cheapest rate to transfer your hard-earned money - visit our site or download the app on Google Play or Apple App Store now.






References:
2. Guide to Starling Bank's fees
3. Starling Bank's sustainability efforts
4. Monzo's guide to fraud protection
5. Monese plans and pricing information



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