If you are moving to the UK, or already live there as an expat, digital nomad or international student, having a GBP account in the UK can help make it easier to manage your money in pounds. You can open a GBP account with a digital provider like Wise, or with a UK bank.
Account types, features and fees vary a lot depending on the product you select – with options for everyday spending, saving and business needs. This guide covers all you need to know.
What is a GBP currency account?
A GBP currency account is an account which lets you hold British pounds. Many GBP currency accounts also let you receive GBP payments, send money in GBP to others, or spend with a linked debit card.
Some GBP currency accounts hold British pounds only, while others are multi-currency accounts which support GBP as well as EUR, USD, CAD, AUD and other currencies.
Wise
For convenient, cheap cross border transactions, check out Wise. Open a Wise account to hold and exchange GBP and 40+ other currencies, and order your Wise card to spend and withdraw in 150+ countries. Accounts offer ways to send money to 140+ countries and receive payments globally in GBP, USD, EUR and more with local or SWIFT account details.
What can you do with a GBP account in the UK?
So – why might you want a GBP account? Here are some common ways you might want to use your new British Pound account:
- Hold a balance in GBP: If you’re a new arrival in the UK and need to pay bills in British pounds, holding a balance in pounds can be a huge help.
- Receive payments in GBP: Get paid from friends, family, clients or your employer in GBP.
- Send payments in GBP: Use your account to send GBP payments to others, to cover rent or a mortgage, pay for school or uni fees, or send money to family for example.
- Spend and withdraw GBP: With providers like Wise you can spend with a linked card, online and in person, and also get cash in the UK for spending day to day.
Types of GBP accounts
Here are the most common types of GBP accounts you’ll find in the UK market:
GBP currency accounts: Standard UK accounts support only GBP and can be offered as current accounts for day to day use, or savings accounts to earn interest for example. Options are available from pretty much all UK banks, for personal and business use. Here are the accounts we’ve picked out for this review:
- Barclays GBP Account: Barclays has a full range of savings and current accounts in GBP. We’ve selected the Barclays Bank Account – a current account – for this review, which also has an optional travel wallet feature.
- Lloyds GBP Account: Lloyds has GBP current accounts and GBP savings accounts, including some with monthly fees. We’ve used the Classic Account in this guide, which has no ongoing charges to pay.
- Starling GBP Account: Digital bank Starling has GBP accounts which also offer add-on EUR accounts for personal customers, with no ongoing fees for a GBP account.
Multi currency accounts: Multi-currency accounts support GBP as well as other currencies – providers like Wise let you hold over 40 currencies in one account. A multi-currency account allows you to convert between currencies whenever you want to. Some accounts offer ways to spend with a linked debit card, while most let you send payments in pounds and other currencies.
- Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including GBP, and SWIFT details for receiving international payments in 20+ currencies easily.
- Revolut Account: Hold 25+ currencies and get local details to receive GBP, with SWIFT details to receive other currencies.
Best GBP currency accounts in the UK
If you’re living in the UK, having a GBP account is pretty much essential to allow you to spend easily, pay bills, and cover your day to day needs. However, picking the best GBP account for your specific situation might take a little thought.
You can open a GBP account with a UK high street bank like Barclays or Lloyds, or with a digital only bank like Starling. These accounts are usually intended to hold GBP only, although you may also be able to add on some foreign currency account support as an extra if you like.
As someone living an international lifestyle, having a multi-currency account which can hold GBP as well as other currencies might be more convenient. Digital providers like Wise offer ways to hold GBP alongside many other currencies, and offer both payment services and handy debit cards for daily spending online and in person.
Here we’ve selected some different providers and banks offering GBP accounts for personal and business use, looking at convenience, cost and customer intention.
We’ve got a closer look at each coming up right after the table, so you can decide if any suit your own unique needs.
💡 At a glance | |
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Wise Account | Hold and exchange GBP and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in GBP, USD, EUR and more. |
Revolut Account | Choose from 5 different account plans which all offer a debit card, and support 35+ currencies for holding and withdrawal. Travel perks available on some account tiers. |
Barclays Bank Account | Barclays’ standard current account has no monthly fee and offers a travel wallet to add on multi-currency features if you need them. |
Lloyds Classic Account | No ongoing fees with the Classic account, which supports GBP for holding and spending. |
Starling GBP Account | Digital bank which has GBP accounts with no ongoing fees and a linked card – option to have eUR account balance for an additional fee. |
*Details correct at time of research – 18th September 2025
Wise GBP Account
Open a Wise Account online or in the Wise app, for personal or business use, and hold GBP and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in GBP, USD and more.
Accounts offer local and SWIFT details to receive payments, with no fee to receive GBP to your Wise account with local account information. There’s a small Wise fee to receive GBP SWIFT payments.
- Hold and exchange GBP and 40+ other currencies
- Mid-market currency exchange with low, transparent fees
- Use your Wise card in 150+ countries for spending and cash withdrawals
Account opening fee: No opening fee for personal customers. Business customers pay 45 GBP for full feature access. No minimum balance
Eligibility criteria: Available to residents of the UK and many other countries and regions globally
Supported currencies: 40+ currencies, including GBP and USD.
Monthly fees: None
Exchange rates: Mid-market exchange rates
Revolut Account
You can open 5 different types of Revolut Account as a personal customer in the UK, with an additional 4 plan options for business customers. As a personal customer you can choose a Standard plan with no monthly fee, or upgrade to a plan with maintenance fees up to 45 GBP/month.
Higher tier plans offer more no fee transactions, discounts and perks – but all accounts have a linked debit card and ways to convert in the account between 35+ currencies including GBP, EUR and USD.
Account opening fee: No opening fee, no minimum balance
Eligibility criteria: Available to residents of the UK and many other countries and regions globally
Supported currencies: GBP and 35+ other currencies
Monthly fees: Personal customers pay 0 GBP- 45 GBP/month, business customers 10 GBP- 90 GBP/month
Exchange rates: Weekday currency exchange uses the Revolut rate to plan limits. After this fair usage fees of up to 1% may apply depending on plan. Weekend exchange may attract an extra fee up to 1%.
Barclays GBP Account
The Barclays Bank Account holds GBP and is available for in app opening if you have a UK mobile number – or you can apply online or in branch if not. You won’t pay a monthly fee, but there may be some transaction fees which you’ll need to consider depending on the services you need. These include a foreign transaction fee when spending overseas with your linked debit card.
Barclays offers a Travel Wallet feature as an optional extra to this account which lets you add money in foreign currencies for overseas use. Fees of 2.75% apply when you convert from GBP to load a foreign currency to the wallet.
Account opening fee: No opening fee, no minimum balance
Eligibility criteria: Available to residents of the UK
Supported currencies: GBP
Monthly fees: No monthly fee
Exchange rates: Network rate + 2.99% for card spending, or there’s a 2.75% fee when you use the Travel Wallet feature to add foreign currencies
Lloyds GBP Account
Lloyds offers a range of current and savings accounts which support GBP. We’ve selected the Classic Account here as it has no monthly fee which may make it suited to new arrivals looking for a relatively low cost way to manage their payments. Some fees do apply though including potential overdraft costs if you use the facility, and foreign transaction fees when you spend in foreign currencies.
You can open this account as long as you’re a UK resident and aged 18 or older.
Account opening fee: No opening fee, no minimum balance
Eligibility criteria: Available to residents of the UK
Supported currencies: GBP
Monthly fees: No monthly fee
Exchange rates: Network rate + 2.99% for card spending – outside of Europe an additional 0.5 GBP fee also applies per payment
Starling GBP Account
Starling is a digital bank in the UK which offers easy ways for individuals to hold GBP, with an optional extra euro account. Business customers can also open a USD account – but there are some fees for foreign currency accounts which you’d need to consider before signing up.
Starling’s account has lots of neat features to help you save and budget, and there’s no fee for overseas card spending.
Account opening fee: No opening fee, no minimum balance
Eligibility criteria: Available to residents of the UK
Supported currencies: GBP
Monthly fees: No monthly fee
Exchange rates: Network rate with no foreign transaction fee when spending overseas
Fees for GBP accounts in the UK
The fees for GBP accounts can vary a lot depending on the account type and the provider or bank you select. Read the fee schedule carefully before you transact. Here are some fees to look out for:
- Monthly maintenance fee: You won’t usually find a monthly fee for most standard current accounts from UK banks, but costs may apply on premium account types. Providers like Wise don’t charge a maintenance fee.
- ATM withdrawal fees: You may find that some ATM withdrawals are available with no fee from providers like Wise and Revolut, but costs can apply if you withdraw frequently. Fees may be a flat charge or a percentage of the withdrawn amount.
- Foreign transaction fees: It’s common to find a foreign transaction fee of around 3% on card spending in foreign currencies – if you have a card from a flexible digital account provider like Wise or Revolut, you won’t pay to spend a currency you hold, and conversion fees can be lower than foreign transaction fees.
- International transfer fees: Sending payments to and from GBP may incur fees, including costs added to the exchange rate used for currency conversion. Compare both the rate and the fee applied before you transact.
How to open a GBP account in the UK
How to open a GBP account might vary slightly depending on the provider or bank you choose. However, the process is relatively similar across most services.
Before you start to open your account do check if you meet the eligibility criteria as banks may ask you to meet an age requirement, live in the UK and have a local UK mobile phone for example. You’ll then need to assemble the information and documents required by the provider – usually your proof of ID and address, and make your application.
With banks: You can usually open a GBP account with a bank in the UK by downloading their app if you meet standard eligibility criteria. There are also often options to open your account online or in a branch if you don’t have standard documents or a local phone for example.
With online providers: You’ll be able to open a GBP account with online specialist providers with your phone or laptop. Enter the personal and contact information required following the prompts, and upload images of the paperwork needed according to the onscreen instructions. Verification and onboarding is all managed digitally.
How to use your GBP account in the UK
If you’re an expat in the UK, an international student, or a business owner trading in GBP, having a GBP account can help you cut costs and transact with less hassle.
Having a multi-currency account in particular can make it easier to manage your money between your home currency and GBP, as well as any other currencies you need to receive, hold, send or spend.
Here are some ways you may want to use your GBP account:
- Send international money transfers: If you need to pay bills in the UK, using a GBP account can make the transfer process simple and reduce the costs of currency conversion.
- Hold and exchange GBP and other currencies: As an expat you may need to manage your finances across both GBP and your home currency, so being able to see your balance in both side by side, and convert between them, can make it easier to keep on top of your money.
- Receive GBP payments: Use a GBP account to receive money from an employer or client in the UK. Hold your money in GBP until you need it to send to others or spend.
- Use your debit card for spending and withdrawals: For day to day use, a GBP account with a debit card lets you spend when you’re in the UK or when you’re shopping online with UK retailers, with no additional costs if you hold sufficient GBP balance to cover a payment.
Conclusion
You can open a GBP account in the UK with a UK bank, or a digital first provider like Wise or Revolut. Accounts have different features and fees which makes them better suited to different customer needs.
UK banks offer core ranges of current and savings accounts in GBP, which often have no day to day fees, but can have high costs for spending in foreign currencies. These can be a good way to pay local GBP bills but don’t offer ways to manage your money in GBP alongside your home currency.
If you want an all round account which lets you send, spend, receive and hold GBP with 40+ other currencies, check out Wise. Wise offers all the features you need for everyday transactions, no matter which currency you need to use.