🏦 Banking in Poland
🇬🇧 🌍 1. How to Keep Your UK Bank Account Open While Living Abroad
For Brits, maintaining a UK bank account while living overseas is often a priority. Whether it’s for receiving pension payments, covering ongoing financial obligations in the UK, or simply for convenience when returning home to visit family and friends, keeping your account active can be essential.
💳 Know Your Bank’s Policy on Non-Residents
Before you move, or as soon as you can after relocating, it’s crucial to contact your bank to clarify its stance on non-resident account holders. Different banks have different rules, and understanding what applies to you will prevent any surprises down the line.
For instance, Barclays no longer permits individuals with a non-UK address to maintain personal current or savings accounts. However, other major banks, such as Lloyds and Santander, generally allow expatriates to keep their accounts active.
It’s a good idea to confirm what paperwork or updates your bank might need to keep your account operational. This is particularly important as large or unusual transactions from abroad might trigger security flags, leading to your account being temporarily suspended.
📱 Update Your Contact Information Regularly
Make sure your bank has your up-to-date contact details, including your new overseas address. Keeping your bank informed not only ensures your account remains secure, but it also guarantees you receive essential updates about your account in a timely manner.
Most banks provide online platforms where you can update your personal information, but it’s worth double-checking these changes directly with the bank to ensure they’ve been fully processed.
💼 Consider the Tax Implications
One important factor to be aware of when maintaining a UK bank account abroad are the potential tax implications. Depending on where you’re residing and the tax agreements between your home country and the UK, you may be required to pay taxes on any interest earned in your UK account.
To avoid any misunderstandings, it’s advisable to consult a tax expert who specialises in the tax matters of expatriates. They can help you understand how your UK bank account fits into your broader financial situation.
💵 Keep Your Account Active with Regular Transactions
To avoid your UK account becoming dormant, which could lead to complications when accessing your funds, it’s important to ensure regular activity. A simple solution is to transfer small amounts between accounts or set up a direct debit. Regular transactions not only prevent your account from being flagged but also make it easier to manage your finances from abroad.
By staying proactive with these steps, you can easily keep your UK bank account running smoothly, no matter where life takes you.
Are you an expat in Poland looking for financial advice? Look no further than Financial Advice Poland – an independent financial adviser with a specific focus and specialisation in helping expats in (or moving to) Poland to manage their wealth.
Retiring to Poland: Why So Many Brits Are Making the Move
💳 2. Opening a Bank Account in Poland
Setting up a bank account in Poland as an immigrant is a relatively simple task, provided you have the necessary documentation.
Typically, you’ll need to present identification (such as a passport), proof of residence (like a utility bill), and evidence of income (such as a work contract or payslips). Many Polish banks also allow you to open an account online, which can be particularly convenient for immigrants who haven’t yet arrived in Poland.
When selecting a bank, it’s essential to review the services they offer. While most banks provide online banking, mobile banking, debit and credit cards, and foreign currency accounts, not every bank offers these features. Therefore, it’s wise to compare options before making your choice.
💱 Currency Exchange
Currency exchange is another important factor to consider when banking in Poland. Immigrants often need to transfer money between various currencies, so it’s crucial to find a bank with competitive exchange rates and low fees for international transfers. Some banks provide multi-currency accounts, which can be particularly helpful for those who frequently deal with multiple currencies.
That said, many immigrants find that platforms like Wise or Revolut are more cost-effective for currency exchange, especially for international transfers.
💼 Business Banking
For immigrants who are self-employed or running their own businesses, opening a business bank account may be necessary. This process can be more complicated than opening a personal account, so it’s important to ensure you have all the required documentation and meet the specific requirements set by the bank.
Numerous banks in Poland offer business banking services, so comparing offerings can help you select the best option for your needs.
📜 Regulations
A significant challenge when banking in Poland as an immigrant is understanding local banking regulations. The Polish Financial Supervision Authority (KNF) oversees the country’s banking system, and banks must comply with various regulations, such as anti-money laundering laws. As a result, some banks may request additional documentation or verification for certain transactions.
To avoid potential problems, be aware of these regulations, as some immigrants have reported difficulties accessing their accounts or transferring money. It’s advisable to choose a well-established bank with a strong customer service reputation. Additionally, consulting a financial advisor or accountant familiar with Polish banking regulations can be very helpful in ensuring you understand the system fully.
🏁 Conclusion
To sum up, while banking in Poland as an immigrant can be a bit complicated, with the right information and support, it’s entirely possible to find a bank that suits your needs and provides the services you require.
💶 3. Managing Your Money as an Expat in Poland: Wise vs Revolut (and Traditional Banks)
Moving to Poland, especially to a city like Warsaw, brings with it a checklist of things to organise—and sorting your finances is right at the top.
Whether you’re planning to transfer money between the UK and Poland, open a local account, or simply want the most efficient way to exchange currencies, it’s worth understanding your options.
Based on first-hand advice from seasoned expats already living in Poland, here’s a breakdown of what you should know.
💳 Wise or Revolut – Which One Should You Choose?
If you’re still in the UK and considering opening a Wise or Revolut account before moving, the good news is: you can—and many expats recommend it.
Wise (formerly TransferWise) is the firm favourite for most people. It allows you to:
Transfer money between UK and Polish bank accounts quickly and reliably.
Open multi-currency accounts (GBP, EUR, PLN, USD, etc.).
Access transparent fees and see exchange rates before committing to a transfer.
Store money in different currencies and even earn interest on balances.
Get a debit card for spending in any currency.
Many users praise Wise for its ease of use, speed, and low costs, particularly when sending money from the UK to Poland. One expat even used Wise to transfer funds to purchase a house in Poland—with the full amount arriving the next day.
Revolut, while still popular, draws a more mixed response:
It also supports multi-currency accounts and has competitive exchange rates.
Some expats use it alongside Wise to compare transfer speeds and rates.
However, Revolut’s banking licence is limited in the UK, which means your funds aren’t protected by the Financial Services Compensation Scheme (FSCS)—a crucial detail if you’re concerned about security.
Many suggest Wise is the better all-rounder, particularly for long-term use and peace of mind.
💸 Transferring Money – What Works Best?
Most expats agree: transferring money from the UK to Poland using Wise is fast, reliable, and cheap. You can top up your Wise account with your Polish bank card and convert to GBP before sending back to a UK bank, if needed.
However, sending money from Poland to Wise (particularly in PLN) can be a bit more tricky. Here’s why:
Polish banks can be slower with transfers—even domestic ones may take several hours to days.
Wise’s PLN account is based in Belgium, so some Polish banks treat it as a foreign transfer.
You might face unexpected fees when transferring PLN from a Polish bank to Wise.
Despite these drawbacks, many expats still use Wise as their go-to tool—especially for moving larger sums or frequent small transfers from the UK.
🏦 Traditional Polish Banks vs Online Options
While Wise and Revolut are great digital solutions, some expats prefer a more traditional setup. For instance:
PKO Bank Polski offers currency accounts with favourable exchange rates.
Transferring GBP to a currency account at PKO, then converting to PLN locally, can work out cheaper than using apps like Revolut.
Doing the reverse (PLN to GBP, then sending back to the UK) is also possible—often with fewer fees than Revolut.
If you’re comfortable with Polish banking systems and can navigate the language, this may be worth exploring.
🌍 Living in Poland? Be Aware of Account Restrictions
It’s important to note that Wise and Revolut operate differently in the UK and the EU. Some expats have reported that once their residency changes to Poland, their UK-based Wise or Revolut accounts may be closed, or they may be required to open new EU-based ones instead.
That’s why some people recommend waiting until you’re officially in Poland to set up your accounts, so everything is aligned with your residency status.
⚠️ A Word About Protection and Security
One key concern for many is how secure your money is:
Wise is licensed and regulated in multiple jurisdictions, offering a good level of safety.
Revolut, while gaining ground, does not currently offer FSCS protection in the UK, as it operates under an e-money licence rather than a full banking licence (though it’s in the process of applying).
This might not be a deal-breaker for everyone, but it’s something to bear in mind—particularly if you’re planning to hold large balances in your account.
✅ Final Thoughts
Wise comes out on top for most expats, offering:
Flexibility
Multi-currency features
Transparent fees
Excellent user experience
Revolut can be useful as a backup or secondary option, but its limitations, especially regarding banking protection and certain transfer routes, are worth considering.
If you’re the type who prefers working with a physical bank, local banks like PKO can also offer surprisingly good deals, especially for currency exchange.
📌 Top tip: Try a mix. Set up Wise before you leave, and once in Poland, open a local bank account. This gives you flexibility and access to the best rates for each situation.
Need more help? Feel free to reach out to local expat forums or Facebook groups—Poland has a thriving expat community always ready to share tips.
Also read: Working in Poland: Employment & Work Permits for Foreigners
