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  • FIRST POST
    • jtgaoler
    • By jtgaoler 14th Sep 17, 4:06 PM
    • 10Posts
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    jtgaoler
    Starling Bank current account - charges for receiving EUR payments
    • #1
    • 14th Sep 17, 4:06 PM
    Starling Bank current account - charges for receiving EUR payments 14th Sep 17 at 4:06 PM
    Just opened a Starling current account and couldn't see their charges anywhere for _receiving payments_ in EUR.


    Here's the chat log:


    Q:
    I'm looking for details of your fees, charges and rates when receiving payments in EUR into the account. How do you calculate the exchange rate and what other fees do you charge?


    A:
    When receiving money the exchange rate can be set by the sending bank, or by us. It depends how they send the money. If it is left to us to process, the exchange rate will be the NatWest rate at the time. We do not charge any other fees but the sending bank may. Please note we currently cannot process SEPA payments.


    This looks like a great option to receive Euros.

    NatWest, for example, charges a flat fee of £1 (for amounts under £250 - I think [maybe a different amount]) and £7 for amounts above.


    Does anyone have experience receiving EUR into a Starling account?
    Is there any better option than this for receiving Euros into a UK-based account?


    I know lots of people have opened Irish/German accounts in the past to try and avoid some of the banking fees, so maybe this is a new route that has been missed.


    Or I'm missing something....... Is the NatWest rate rubbish??


    All comments welcome.


    Yours,
Page 1
    • eDicky
    • By eDicky 15th Sep 17, 12:32 AM
    • 2,778 Posts
    • 1,207 Thanks
    eDicky
    • #2
    • 15th Sep 17, 12:32 AM
    • #2
    • 15th Sep 17, 12:32 AM
    Or I'm missing something....... Is the NatWest rate rubbish??
    Originally posted by jtgaoler
    Yes, as is any bank when receiving and converting foreign currency.

    You can use Revolut to receive euros to a personal IBAN, convert at the perfect interbank rate without fees (up to £5k/mth, 0.5% thereafter), then send to your Starling account.

    Fineco Bank UK and TransferWise 'Borderless Account' are other options. Avoid the involvement of any regular UK bank in currency conversion.
    • jtgaoler
    • By jtgaoler 15th Sep 17, 8:26 AM
    • 10 Posts
    • 2 Thanks
    jtgaoler
    • #3
    • 15th Sep 17, 8:26 AM
    • #3
    • 15th Sep 17, 8:26 AM
    Avoiding a regular UK bank is fine as long as you can get a 'full' bank account from a challenger.



    For example, the beneficiary for the Revolut IBAN is "Revolut Ltd" and they require a payment reference. There is no IBAN linked to the current account, as far as I can see.

    I doubt I can convince my clients to pay into an account if I'm not the beneficiary.


    Do Fineco and/or Transferwise give you a full regular UK account?
    • eDicky
    • By eDicky 15th Sep 17, 10:07 AM
    • 2,778 Posts
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    eDicky
    • #4
    • 15th Sep 17, 10:07 AM
    • #4
    • 15th Sep 17, 10:07 AM
    Revolut now provide a personal IBAN, that is in your name, to receive euro payments from a third party. You just need to ask for it in the app. TransferWise Borderless Account and Fineco UK also provide this.

    It's not necessary to 'switch' your regular bank account just for this kind of purpose, you can use these 'challenger' accounts in addition and then send the funds to the bank account(s) you use for everyday purposes.
    • jtgaoler
    • By jtgaoler 15th Sep 17, 10:16 AM
    • 10 Posts
    • 2 Thanks
    jtgaoler
    • #5
    • 15th Sep 17, 10:16 AM
    • #5
    • 15th Sep 17, 10:16 AM
    Just getting the Rita, Revolut's Intelligent Trouble Assistant, in Support. It keeps repeating how to find the details for bank transfer in the app.


    Not exactly inspiring customer service, but maybe I'll get a human operator later...
    • eDicky
    • By eDicky 15th Sep 17, 12:36 PM
    • 2,778 Posts
    • 1,207 Thanks
    eDicky
    • #6
    • 15th Sep 17, 12:36 PM
    • #6
    • 15th Sep 17, 12:36 PM
    I'm not going to explain how Revolut works here, all the info you need is in the FAQs on the app. But it works fine, I've been using it extensively for over two years and never pay anything to a bank -
    you can do the same if you like...
    • jtgaoler
    • By jtgaoler 15th Sep 17, 12:48 PM
    • 10 Posts
    • 2 Thanks
    jtgaoler
    • #7
    • 15th Sep 17, 12:48 PM
    • #7
    • 15th Sep 17, 12:48 PM
    Thanks for the reply @eDicky!


    Above you wrote: "Revolut now provide a personal IBAN, that is in your name, to receive euro payments from a third party. You just need to ask for it in the app".


    I cannot see how you can ask for it in the app. The IBAN under "Bank transfer" is the IBAN for the Revolut Ltd account.


    Although this is "personal" in the sense that anything sent to that IBAN *with your reference number* is exclusively for you, the IBAN itself is for a different beneficiary.


    I can't see anything in the FAQ or on the app about an IBAN linked to your account number where you are the beneficiary.


    This is significantly different from the other current accounts I have, which have their own IBAN.
    • jtgaoler
    • By jtgaoler 15th Sep 17, 1:01 PM
    • 10 Posts
    • 2 Thanks
    jtgaoler
    • #8
    • 15th Sep 17, 1:01 PM
    • #8
    • 15th Sep 17, 1:01 PM
    So the missing piece of the puzzle (for me anyway ) is that Revolut now offers a personal IBAN *for EUR accounts*, not GBP accounts.


    You have to receive into the EUR account, then transfer/convert into the GBP account.
    • eDicky
    • By eDicky 15th Sep 17, 2:21 PM
    • 2,778 Posts
    • 1,207 Thanks
    eDicky
    • #9
    • 15th Sep 17, 2:21 PM
    • #9
    • 15th Sep 17, 2:21 PM
    Yes, when the euros have arrived in your Revolut EUR balance you can exchange them to GBP at any time (best on weekdays as they put a slight spread from the interbank rate during weekends). Then you can send the GBP to your bank. There's a personal sort code and account number available for your GBP. All this and a lot more is done in the app, so of course it's a little complicated until you get used to it.
    • eDicky
    • By eDicky 15th Sep 17, 2:48 PM
    • 2,778 Posts
    • 1,207 Thanks
    eDicky
    I cannot see how you can ask for it in the app. The IBAN under "Bank transfer" is the IBAN for the Revolut Ltd account..
    Originally posted by jtgaoler
    Try 'Top Up' > 'Bank Transfer' > EUR and it may offer the personal IBAN. You need it to receive from a third party, only funds from accounts in your own name can be sent to the general Revolut account and your reference number.
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