Best Bank for Student Moving to Europe
As an international student in Europe you need a bank account to receive your student loan, pay rent and manage day-to-day expenses — often before you've set up your local registration. Here are the best options.
Top picks
Revolut
Best free account for students. Open before you travel, instant virtual card, no foreign transaction fees, free budgeting tools.
N26
Excellent free bank once you have student accommodation address. Spaces sub-accounts great for student budgeting.
Wise
Essential for receiving money from parents or scholarships abroad. Best exchange rate, European IBAN for loan receipt.
Monese
What international students need from a bank
International students in Europe face a unique combination of banking challenges:
- You often arrive before your student registration is complete, meaning no local address proof
- You may be receiving money from parents in a different currency (GBP, USD, AUD, etc.)
- You need a low or zero monthly fee — student budgets are tight
- You may need to prove you have a European IBAN for accommodation, university admin, or student loan disbursement
- You may have no credit history in Europe
The good news: digital banks were practically designed for this situation. All of the options below can be opened without a local address, have free or very low-cost plans, and accept international students from almost any country.
Free accounts — prioritise zero monthly fees
As a student, your first filter should be: is there a genuinely free tier? Revolut and N26 both offer free accounts with no minimum balance. Wise is free to open (card costs ~€7 once). These should be your starting points.
Top picks for students
1. Revolut — The best all-round free account for students. Open in minutes from anywhere, instant virtual card, works across all EU countries, no foreign transaction fees, spend analytics to manage your budget, and a free Standard plan that never charges a monthly fee. If you only open one account, make it Revolut.
2. N26 — Once you have a local address at your student accommodation, N26 is an excellent free digital bank. The Spaces feature is particularly useful for students saving for specific goals (rent, travel, emergencies). N26 requires an EU address to open, so use Revolut first.
3. Wise — Essential if your parents or scholarship organisation is sending you money from abroad. Wise gives you the best exchange rate on international transfers — and with a Wise account, your family can send money at the mid-market rate without the bank markup. The EUR IBAN means you can receive student loans and scholarships too.
4. Monese — Designed specifically for new arrivals with no credit history. If you have been rejected by other banks (or don't want to try multiple applications), Monese has the highest acceptance rate and is designed for people starting fresh in a new country. The Simple plan is free.
Practical tips for students
- Open Revolut before you travel — it takes 10 minutes and you get a virtual card immediately.
- Give your university and accommodation provider your Revolut or Wise IBAN for payments. Both provide real European IBANs.
- Use Wise for receiving money from home — it saves significantly on exchange rate fees compared to traditional international bank transfers.
- Many European universities require a local bank account for certain administrative processes. Revolut and Wise IBANs are accepted in most cases.
- Keep your home country bank account active for the first year. You may need it for tax returns, student loan applications, and unexpected needs.