Klarna Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Klarna Bank suits travelers who spend abroad and want a balance that costs nothing to hold. The monthly fee is £0 and the currency conversion fee is 0%, with deposit protection of FSCS up to GBP 85,000 behind every balance.
Key facts
- Best for
- Travelers and everyday spenders who want no monthly fee and no conversion charge.
- Monthly fee
- £0↗
- Deposit protection
- FSCS up to GBP 85,000↗
- Currency conversion fee
- 0%↗
- Transfer fee
- Free↗
- Legal entity
- Klarna Financial Services UK Limited↗
- Headquarters
- Sweden↗
- Founded
- 2005↗
- Support channels
- Email, Chat, Phone, Help-centre↗
- Audience
- Travelers
- Pricing model
- No monthly fee, Low FX fees
- Features
- Digital-only
- Official website
- klarna.com
Facts checked September 26, 2026, 2 sources
Apps and profiles
- Get the app
- App Store
Pros and cons
Pros
- Monthly fee of £0 on the balance, with free transfers as well
- Currency conversion fee of 0%, so foreign spending carries no conversion charge
- Balances held in the UK are covered by FSCS up to GBP 85,000
- Support covers email, chat and phone, so phone and chat are both there
Cons
- The account is digital only, so there is no branch to walk into
- Protection stops at FSCS up to GBP 85,000, leaving larger sums outside the scheme
- The balance is built for travelers, so savers get less from it
Who it suits
- Travelers who pay in another currency most weeks of the year
- Anyone happy to run the whole balance inside an app
- Savers who keep balances small and inside FSCS up to GBP 85,000
Who should look elsewhere
- Varo Visa Debit Card fits card-first spending better, since this balance is digital only
- Anyone wanting a euro-first account can weigh Bit2Me at a monthly fee of €0
- Crezu ES suits a Spanish account, and its monthly fee is €0
How Klarna Bank compares
9.3 vs 8.7
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9.3 vs 8.7
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9.3 vs 8.7
9.3 vs 9.0
9.3 vs 8.7
9.3 vs 9.5
9.3 vs 9.4
9.3 vs 9.3
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.1
9.3 vs 9.0
9.3 vs 9.0
9.3 vs 8.9
9.3 vs 8.9- 9.3 vs 8.9
9.3 vs 8.7
9.3 vs 8.5
9.3 vs 8.5
9.3 vs 8.5
9.3 vs 8.4
9.3 vs 8.3
9.3 vs 8.2
9.3 vs 8.1- 9.3 vs 8.1
9.3 vs 8.0
9.3 vs 8.0
9.3 vs 8.0
9.3 vs 9.1
Where Klarna Bank is available
- Available
- Australia, Austria, Belgium, Canada, China, Czechia, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden, Switzerland, United Kingdom, United States
- Licence in United Kingdom
- Financial Conduct Authority (consumer credit; payment services and e-money FRN 1021834) (987889), checked September 26, 2026
- Licence in United States
- California Financing Law (1353190), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to keep a Klarna Bank balance?+
The monthly fee is £0, so holding the balance costs nothing. Transfers are free too. The account is run on a no monthly fee and low fx model, and it is licensed for consumer credit, payment services and e-money in the UK.
Is there a fee for spending in another currency?+
The currency conversion fee is 0%, so a foreign purchase carries no conversion charge on top of the card rate. That is the main reason travelers pick this balance over an account with a wider spread.
How is my money protected?+
Balances sit under FSCS up to GBP 85,000, the UK deposit protection scheme. Money held above that cover falls outside the scheme, so keep anything larger elsewhere. The account is provided by Klarna Financial Services UK Limited.
Who regulates the UK side of Klarna Bank?+
The UK business is regulated by the Financial Conduct Authority, for consumer credit and for payment services and e-money. It also lists a California Financing Law licence for the United States. The parent group is based in Sweden.
Can I visit a branch or reach a person?+
The account is digital only, so there is no branch to visit. Support runs on email, chat and phone, which covers phone, chat, email and a help centre. Most questions are handled in the app rather than on the phone.
Who is this balance built for?+
The listed audience is travelers, and the account carries a low currency conversion fee to match. It suits people paying abroad most weeks and running the whole balance in an app. Cash habits are the other thing to weigh.
Who runs the account and how old is it?+
The account is run by Klarna Financial Services UK Limited. The group dates back to 2005 and is headquartered in Sweden. The licence and the deposit protection both sit with that legal entity.
Sources
- cdn.klarna.com/1.0/shared/content/legal/terms/en-GB/Klarn... checked September 26, 2026
Backs: Deposit protection, Features, Currency conversion fee, Legal entity, Pricing model, Monthly fee, Support channels, Transfer fee, Licences
“The virtual Klarna Card is available for online and contactless purchases only. The physical Klarna Card is currently only available to Klarna membership plan holders.”
- klarna.com/international/about-us checked September 26, 2026
Backs: Founded, Headquarters
“Three young Swedish entrepreneurs had a brilliant idea back in 2005”
- klarna.com/uk/memberships checked September 26, 2026
Backs: Audience
“Unlimited complimentary access to 1,900+ airport lounges”
Compiled from 3 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Currencies.
Related by the facts
Klarna Bank
Travelers and everyday spenders who want no monthly fee and no conversion charge.