All three are miles better than using your UK high street bank account abroad. Your Barclays or Lloyds card will charge 3–4% on every foreign transaction plus £2–3 per ATM withdrawal. Over a 6-month internship, that's easily £200–400 wasted in fees.
The Three Main Options
Wise (formerly TransferWise)
Best for actually living abroad long-term
Wise gives you a real bank account in multiple currencies including EUR and USD. You can receive international payments (including stipends from foreign employers). The currency conversion fee is typically 0.35–0.6% — far lower than any high street bank. Widely used by UK interns in Europe, the US, and Asia.
Best for: Receiving stipend payments from foreign companies, long stays, Europe, USA, Australia.
Monzo
Best for budgeting and spending tracking
Monzo's UK account works well in Europe. The budgeting features (Pots, spending categories, instant notifications) are genuinely useful for managing a tight intern budget. Note: Monzo no longer covers free ATM withdrawals outside the EEA on the free plan — check the current limits.
Best for: European placements, students who want strong budgeting tools, backup UK account.
Revolut
Most currencies, best for Asia and Latin America
Revolut supports more currencies than Wise or Monzo, making it the best option for Asia (Indonesia, Japan, Thailand) and Latin America. Watch out for the 1% weekend currency conversion markup and the ATM fee after the monthly limit. The free tier is enough for most interns.
Best for: Bali, Tokyo, Bangkok, Cape Town, Latin America — anywhere outside EUR/USD/AUD.
Practical Tips
- ✓Always carry a backup card. If your primary card gets swallowed by an ATM or blocked, you need an alternative immediately.
- ✓Tell your UK bank you're going abroad — even if you mainly use Wise. Your UK bank may still be used for direct debits (student loans, subscriptions).
- ✓Use local ATMs sparingly — withdraw larger amounts less often to minimise fixed ATM fees. Look for ATMs attached to major banks, not standalone machines in tourist areas.
- ✓Never use your card to pay for big transactions (like a month's rent) in a currency you don't hold. Convert first using the app, then pay from that balance.
- ✓Set up notifications for every transaction. If your card details are stolen (common in tourist areas), you'll know immediately and can freeze the card in seconds via the app.
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