Starling Bank current account - charges for receiving EUR payments

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  • Hazzanet
    Hazzanet Posts: 1,713 Forumite
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    john100 wrote: »
    Has anyone tried to use the Ferratum Bank current accounts?

    Doesn't appear to be available to residents of the UK, although those in ROI can sign up.
    4358
  • colsten
    colsten Posts: 17,597 Forumite
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    Digging out an old thread for an update.

    Whilst receiving Euros into a Starling Euro account, and sending Euros to Euros, remains free (as is the actual Euro account), they will be charging 0.4% for converting Euro to GBP from September 1 2019. :(

    I think that will still be marginally cheaper than Transferwise Borderless, and possibly Revolut, too. The exchange rate used by all three seems much of a muchness. Starling will still beat the other two hands-down by offering full FSCS protection.

    The Starling debit card is not affected by this new charge.
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    colsten wrote: »
    I think that will still be marginally cheaper than Transferwise Borderless, and possibly Revolut, too. The exchange rate used by all three seems much of a muchness. Starling will still beat the other two hands-down by offering full FSCS protection.

    Agree on the value of FSCS protection, but Transferwise and Revolut both allow EUR debit card payments and ATM withdrawals, which Starling doesn't yet.
  • colsten
    colsten Posts: 17,597 Forumite
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    londoninvestor wrote: »
    Agree on the value of FSCS protection, but Transferwise and Revolut both allow EUR debit card payments and ATM withdrawals, which Starling doesn't yet.
    Point taken - though you could just send some Euros from Starling to Transferwise/Revolut (or other Euro account if you have) if you need debit card Euros.
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    colsten wrote: »
    Point taken - though you could just send some Euros from Starling to Transferwise/Revolut (or other Euro account if you have) if you need debit card Euros.

    Agreed, a system where you keep most of your euros in Starling and dripfeed out to TW or R only what you need to imminently spend would be a good way to work.
  • System
    System Posts: 178,093 Community Admin
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    londoninvestor wrote: »
    Agree on the value of FSCS protection, but Transferwise and Revolut both allow EUR debit card payments and ATM withdrawals, which Starling doesn't yet.

    Barclays Euro account allows incoming and outgoing SEPA payments (fee free) with FSCS protection along with the added benefit that you can withdraw and deposit Euro cash in branch.

    Until Starling allows card payments / ATM usage, it's actually inferior to Barclays.
  • colsten
    colsten Posts: 17,597 Forumite
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    Heng_Leng wrote: »
    Barclays Euro account allows incoming and outgoing SEPA payments (fee free) with FSCS protection along with the added benefit that you can withdraw and deposit Euro cash in branch.

    Until Starling allows card payments / ATM usage, it's actually inferior to Barclays.
    I bet Barclays won't even get close to Starling on the exchange rate. Barclays also seem to have some archaic features, such as you have to open the account in Branch, transferring money to/from the account must be done by phone, and to make payments from the account, you have to once again visit a Branch. Although you can get a cheque book to make payments in Euros (I'd love to see who on the continent would accept them as payment method). No mention of a debit card.
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    colsten wrote: »
    I bet Barclays won't even get close to Starling on the exchange rate.

    Returning to our previous theme, you could SEPA the money for free to Transferwise, Revolut or even Starling at the point where you need the conversion...

    I think you do have to open it in branch, but you don't need to go to a branch to make transfers (except perhaps to more niche countries):

    https://www.barclays.co.uk/content/dam/documents/personal/current-accounts/9911230LP_UK%2010.18.pdf
    bottom_right_of_page_2 wrote:
    You can make International Payments from a Currency Current Accounts through Online Banking. The specific currencies and countries that support International Payments through Online Banking are available on request.
  • colsten
    colsten Posts: 17,597 Forumite
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    Yes, agreed, you could complement Barclays with Transferwise etc but it seems all a step more complex than Starling plus TW/Revolut.

    londoninvestor wrote: »

    I think you do have to open it in branch, but you don't need to go to a branch to make transfers (except perhaps to more niche countries):
    I was just going by what their website says.....https://www.barclays.co.uk/current-accounts/euro-account/
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