Bank Account in Euros

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chodges84
chodges84 Posts: 166 Forumite
in Budgeting & bank accounts
Hi,

I need a bank account which will allow me to work in Euros. The bank account will be used for business transactions, on a new website which accepts payments in Euros for customers in Republic of Ireland. I have to have deposits made in Euros so I can accept Laser Debit cards, which are very popular in ROI (about 25% of people own them).

Can anyone recommend a fairly decent Euro bank account? Like i say, it is for business, but it can be a personal account, as payments are made in my name anyway, and their will be relatively small amounts of money initially.

Thanks,
Craig.

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  • innovate
    innovate Posts: 16,217 Forumite
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    You don't say, but I suppose you are a GB national? If you aren't but hold a passport for one of the other EU countries, you may have more options.

    If you are a GB national, you could check with the likes of Citibank, Credit Agricole, HSBC etc for their conditions for EURO accounts.

    But if you only do the occasional EURO transaction, someone like Paypal, or just a 'normal' merchant account that accepts credit/debit cards may serve the required purpose. One of those would also open the door for you to accept US dollars etc.

    In any case, you will have to carry the exchange rate risk - unless you 'fence' all your "Euro business" into a Euro account, i.e. never change funds in that account to GBP [or other currency].

    Hope this helps
  • chodges84
    chodges84 Posts: 166 Forumite
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    Thanks for the reply,

    I am a GB National, but don't hold a passport for any other countries.

    I already accept paypal, and in the short time the website has been running only 1 person opted to pay with it. The other 40 or so, all chose a credit or debit card. Additionally a few people dropped out at the Payment page and I wonder if its because they only have a Laser Debit card.

    I use Worldpay to process credit cards, and currently they charge the customer in Euros and then convert to GBP and put it in my account. This is fine, but I want to accept laser cards, They must charge the customer in Euros and then deposit into my bank account in Euros, so I need a bank account in Euros.
  • M_Thomson
    M_Thomson Posts: 1,596 Forumite
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    chodges84 wrote:
    Hi,

    Like i say, it is for business, but it can be a personal account, as payments are made in my name anyway, and their will be relatively small amounts of money initially.

    Thanks,
    Craig.

    You will find that the majority of current accounts for personal customers have a clause in them that says that you cannot use them for business.
  • chodges84
    chodges84 Posts: 166 Forumite
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    M_Thomson wrote:
    You will find that the majority of current accounts for personal customers have a clause in them that says that you cannot use them for business.

    True, but the money going in is basically my wage. I do business spending and everything on a different card. For years I've just my money going into my halifax personal account, and they are absolutely fine with it.

    Although, they are part of the Royal Bank of Scotlans, as are Worldpay, so maybe its preferencial treatmant. What I'm saying though, is that all business related activity will be through another account. I just need an account to deposit my money or 'wages'.
  • M_Thomson
    M_Thomson Posts: 1,596 Forumite
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    chodges84 wrote:
    True, but the money going in is basically my wage. I do business spending and everything on a different card. For years I've just my money going into my halifax personal account, and they are absolutely fine with it.

    Although, they are part of the Royal Bank of Scotlans, as are Worldpay, so maybe its preferencial treatmant. What I'm saying though, is that all business related activity will be through another account. I just need an account to deposit my money or 'wages'.

    Yep, but I am sure it will say somewhere in your t's and C's that you cannot do any business stuff on a Halifax current account. Also, I am sorry to be pedantic, but Royal Bank Of Scotland are owners of Natwest. Nothing at all to do with Halifax. Halifax and BANK of Scotland are joint partners in the HBOS group.
  • chodges84
    chodges84 Posts: 166 Forumite
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    M_Thomson wrote:
    Yep, but I am sure it will say somewhere in your t's and C's that you cannot do any business stuff on a Halifax current account.

    Could do, I'd better re-read them!
    M_Thomson wrote:
    but Royal Bank Of Scotland are owners of Natwest. Nothing at all to do with Halifax. Halifax and BANK of Scotland are joint partners in the HBOS group


    Ah right. I thought they were something to do with each other, seen as how their debit and credit cards are they same design, and Bank of Scotland posters up in my local Halifax etc.
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