Opening a Euro Account in the UK

nkomp18 · 10 September 2013 at 11:25AM

Hi,

I am struggling with this issue because I have a lot of Euros that I've been piling over the years. Most of them are my own childhood savings when I left my country ten years ago (which is part of the Eurozone) and some is gifts from parents/grandparents that came later to help me start a new life.

I want to put it in an account somewhere but I don't want to change all that money to pounds. On the other hand all the Euro accounts I find in the UK (which are scarce and few) give no interest whatsoever (like Barclays or Cater Allen) and have restrictions such as unable to deposit in cash (like Nationwide) but cash is all I have.

Is anyone aware of a euro account in the UK (offshore or not, not sure of the difference) where I can keep my euros safe but also deposit them in cash and with a decent interest? Ideally an account without monthly fees would be preferable.

There are some amazing euro saving accounts in Germany for non residents but I really want to avoid having to travel with all that money in order to deposit it if there's a way to do it in the UK.

If you know anything do let me know,
Thanks

atush · 10 September 2013 at 1:58PM

I have 2 euro accounts, one from Barclays (based in ireland) and one with HSBC (opened here but based in france).

tofu · 10 September 2013 at 2:36PM

Hi,

I am assuming that you pay for your € accounts (or at least you don't earn interest?).

I have been living in the UK for a few years, but I've simply kept a bank account with a German bank (and use online banking with it without a problem, as well as to invest in bonds). This also gives me a free credit card, which I use for all payments in €. Perhaps that could be an option for you as well?

I would be very surprised if you could make cash deposits in € in the UK without paying a hefty fee - I'd simply deposit them on my next trip to Germany, in a branch of my bank.

Freecall · 10 September 2013 at 5:36PM

I have an Euro account with Lloyds which although actually based in the IOM operates like any other current account. It shows up on my internet banking just the same as my other accounts.

They don't charge for the account or electronic movements in/out although there are some paid-for services available.

buffman · 10 September 2013 at 6:22PM

Does anyone know any good euro or dolar acccounts that pay interest? I currently use Nationwide International for my USD and am looking for somewhere for Euros.

zerog · 10 September 2013 at 7:09PM

AFAIK, the only countries that don't use the euro, where a regular bloke can withdraw and deposit euro banknotes directly into a EUR bank account are Hong Kong and Singapore. I believe it is also possible in Switzerland if you are very very rich. Maybe Gibraltar or Jersey and some African countries also offer this, or Carribean tax havens.

Any other country will make you convert via Sterling or their local currency.

innovate · 10 September 2013 at 7:37PM

nkomp18 wrote: »

There are some amazing euro saving accounts in Germany for non residents but I really want to avoid having to travel with all that money in order to deposit it if there's a way to do it in the UK.

I am very interested in these accounts - could you please post links, or at least name of the banks offering these accounts? Thanks

nkomp18 · 10 September 2013 at 10:46PM

Freecall wrote: »

I have an Euro account with Lloyds which although actually based in the IOM operates like any other current account. It shows up on my internet banking just the same as my other accounts.

I had looked into the Lloyds one but it doesn't seem to be possible to open one with cash.

nkomp18 · 10 September 2013 at 10:50PM

innovate wrote: »

I am very interested in these accounts - could you please post links, or at least name of the banks offering these accounts? Thanks

For instance in another forum I read about the DBK one which is in German but allows non residents to open one, and also Deutsche Bank in a branch in Germany will open a Euro savings account (not current account) to non residents as well. Both will allow you to open the account with a cash deposit.

I am interested in something like that from the UK, but I am starting to think that it's not possible.

The HSBC and Barclays ones are absolutely dreadful. Not only do they charge monthly fees of 5 quid a month (or 10 depending on the package) but they have 150 pounds fee for withdrawals and zero interest! !!!!!!...

innovate · 11 September 2013 at 9:06AM

Ah right, thanks. I thought when you mentioned amazing savings accounts that you were referring to interest rates.

SliAbhaile · 11 September 2013 at 10:40AM

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.

Opening a Euro Account in the UK

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