Opening a Euro Account in the UK

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  • atush
    atush Posts: 18,730 Forumite
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    my hsbc and barclays ones are current accounts and have no monthly fee (but no interest) I haven't looked into linked savings as I dont' keep savings in euros.
  • nkomp18
    nkomp18 Posts: 193 Forumite
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    SliAbhaile wrote: »
    I opened a DB account in Germany without leaving London.

    It was a relatively simple process.

    The only hurdle - because I wasn't visiting the branch in person - was their requirement for a notarised copy of my signature. Unfortunately a normal high-street UK solicitor wasn't enough for them, they needed a German Notary to witness the signature. It wasn't difficult to find one in London but it cost a few quid.

    Visit the branch in question and this complication goes away.

    Now that's VERY useful information!

    I can open it by visiting in DB branch in the UK?
    I had assumend Deutsche Bank in Germany is different than the UK one, as it usually happens with these banks that operate under different rules in each country.
    I'll visit them to see what they say.
  • innovate
    innovate Posts: 16,217 Forumite
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    I wonder whether they really mean DB, or whether it is in fact DKB, who are advertising all over for accounts for non-residents. You have to speak German, too, if you want to have an account with them.
    http://www.dkb.de/privatkunden/dkb_cash/produktinfo/ausland/dkb_cash_weltweit/index.html?affiliate=ntzint&referer=28269.NETZEFFEKT_sem_WW001
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
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    Nein
    have restrictions such as unable to deposit in cash (like Nationwide)
    I need to receive some euros, I dont care about storing euro especially as I have no bills in that currency really. Would a simple nationwide account do, which one has the best exchange rates with no fees
  • nkomp18
    nkomp18 Posts: 193 Forumite
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    nkomp18 wrote: »
    Now that's VERY useful information!

    I can open it by visiting in DB branch in the UK?
    I had assumend Deutsche Bank in Germany is different than the UK one, as it usually happens with these banks that operate under different rules in each country.
    I'll visit them to see what they say.

    Today I did my research and discovered that DB has no retail branches in the UK, it only operates as an investment bank and they only talk to companies related to corporate banking.

    So exactly was it that you opened an account? I am very curious how you did it. What contact numbers did you use?
    It doesn't seem to be possible as far as I can see
  • atush
    atush Posts: 18,730 Forumite
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    sabretoothtigger wrote: »
    Nein

    I need to receive some euros, I dont care about storing euro especially as I have no bills in that currency really. Would a simple nationwide account do, which one has the best exchange rates with no fees

    Do you mean you just want an acct you can withdraw euros from (and not pay bills in euros)? Of so, getting a nationwide acct or any of the others that have foreign currency fee free debit cards would work. They have a CC too, that is great for spending.
  • Porcupine
    Porcupine Posts: 682 Forumite
    edited 14 September 2013 at 1:04AM
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    I have two accounts, a Citibank UK Euro current account and a Keytrade (Belgium) account.

    Citibank have a debit card, and a few branches in London where you can deposit cash. But they pay pitiful interest and charge £5/month on credit balances.

    Keytrade is easy to open as a UK resident and pays an OK (for the Eurozone) rate of interest. Be aware that you might get 3% in Ireland but it's, well, Ireland, with all the associated risks. Belgium's not quite Germany, but better than the PIIGS.
    Keytrade write everything in English and their internet banking is decent.
    They also have Luxembourg or Switzerland branches, which are more expensive.
    Worst case if I need to go and shout at them it's a quick Eurostar or Ryanair, but I've never even had to call them.

    The Belgian banking system is a bit different, but essentially they have an 'instant access' savings account at 1% plus 0.2% bonus if you keep money in for a year, and a 'term deposit' account where you get 0.25% plus a 1.5% bonus for keeping money there for a year. But both are flexible accounts you can withdraw at any time. It's a bit like our penalties for early withdrawal but in reverse (they show you a little graph of which packets of money have been in for how long)

    Both Citi and Keytrade have free SEPA payments which take about 24 hours. So what I do is pay in cash into Citibank whenever I'm passing through London, then ping it straightaway to Keytrade. On the first of the month, my Citibank balance is EUR0 and I don't pay any monthly fee. When I want to withdraw I ping it back to Citibank and I can use the debit card or withdraw cash. I just have to avoid anything in there on the first day of the month. (I recently got hit by the fee on a transfer than landed Sep 2nd which was a Monday - either they've worked out my wheeze, or it's the first working day of the month that counts)

    Keytrade also has a trading account, which is handy if you want to invest in Euro (but no ISA and fees are higher than the cheapest UK broker).
  • JohnRo
    JohnRo Posts: 2,887 Forumite
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    sabretoothtigger wrote: »
    Nein

    I need to receive some euros, I dont care about storing euro especially as I have no bills in that currency really. Would a simple nationwide account do, which one has the best exchange rates with no fees

    Is using something like transferwise a solution? Obviously not fee free but the fee is probably made back in the true mid market exchange rate they claim to offer.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
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    Im not sure if a normal bank account takes euros or not. I dont want the notes, a company wants to pay me euros and charges me for taking pounds. Just wondering if its cheap or who is best
  • SliAbhaile
    SliAbhaile Posts: 119 Forumite
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    nkomp18 wrote: »
    Today I did my research and discovered that DB has no retail branches in the UK, it only operates as an investment bank and they only talk to companies related to corporate banking.

    So exactly was it that you opened an account? I am very curious how you did it. What contact numbers did you use?
    It doesn't seem to be possible as far as I can see

    Yes Deutsche Bank UK will only consider you if you are making deposits of over EUR €1 million. I tried that route first too :)

    I got the branch details from a friend who lives in Germany. His local branch happens to be:-

    Deutsche Bank
    Roßmarkt 18
    60311 Frankfurt am Main
    Germany
    +49 69 91033802

    The chap I dealt with at the branch is Mr Tino Wagner. Phone him, he speaks perfect English. Even their online banking very helpfully has an English option.
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