Paid in euros. Urgent help needed.

System

I had a similar experience with French pensions. The pension funds' French bank was converting to GBP at its rate (which, in my case, apparently unlike the Dutch, was fair) and instructing a British bank to credit my (Nationwide) account in GBP by ordinary BACS transfer. After a fair amount of hassle, I have arranged to be paid in euro direct into a Citibank euro current account by SEPA credit transfer (which, incidentally, is free for the French pension fund).

97trophy wrote: »

the Citi accounts are great. They are slow to setup but when going it works well.

Hmm. My Citi euro current account does give me a VISA debit card, which works to withdraw euro from VISA ATMs, or make purchases, in euroland. But if I want to withdraw GBP from a UK ATM, they charge a lot. And if I want to transfer GBP to a UK bank account, I have to wait 15 minutes for their first line call centre to say they can't do it, and then another 15 minutes for 'customer service' to arrange it, and charge a hefty markup on the exchange rate.

97trophy

YoungNick wrote: »

And if I want to transfer GBP to a UK bank account, I have to wait 15 minutes for their first line call centre to say they can't do it, and then another 15 minutes for 'customer service' to arrange it, .

Or you could do it a lot quicker online?

System

97trophy wrote: »

Or you could do it a lot quicker online?

Er, how? Citi's website lets me set up payees on-line, but not make payments. According to the call centre, I can't make on-line or telephone automated payments from a euro current account. If you've managed to do it, please say more about how! Or is it only to your own Citi GBP current account - which I don't have, and don't really want?

97trophy

YoungNick wrote: »

I can't make on-line or telephone automated payments from a euro current account. If you've managed to do it, please say more about how!

I also have a GBP account.

Make a transfer from the EUR account into the GBP account. They will show you the fx rate before you confirm the transaction. The conversion is instantaneous. Then pay the GBP to wherever you want it.

If you don't have a GBP account - email them and it will be setup within 48 hours.

missile

Christmasshopper wrote: »

The story so far...
I have spoken to Barclays and they say the the money is already converted to sterling when it reaches my account. Now I have to find out who is converting it, at what exchange rate, and how much commission they are taking.
This is a surprise as the wage slip is in euros.

A phone call to your husbands employer might be quickest way forward. I guess your husband is not their only UK employee?

If he works in Holland(?) he could open an account there. When I lived there, I had an account with the AMRO. I would not recomend ABN :eek:.

System

97trophy wrote: »

If you don't have a GBP account - email them and it will be setup within 48 hours.

Thanks for the suggestion (which crossed with my editing of my post to make clear that I don't now have a Citi GBP account.) Won't Citi want to know the likely turnover on this GBP account? I was pleasantly surprised that they offered me a euro account, since the total turnover is only about 6000 euro a year. For my GBP business, I'm reasonably satisfied with Nationwide, but I suppose I could switch some of my transactions to Citi.

97trophy

YoungNick wrote: »

Won't Citi want to know the likely turnover on this GBP account?

Once I had the first account open they never asked me any further questions. My turnover is very low. I don't think they would be bothered about your turnover.

If they had faster payments I would use them more. That is supposed to be coming at some stage.

moniker_2

Christmasshopper wrote: »

The story so far...
I have spoken to Barclays and they say the the money is already converted to sterling when it reaches my account. Now I have to find out who is converting it, at what exchange rate, and how much commission they are taking.
This is a surprise as the wage slip is in euros.

Did you give the Dutch employer the IBAN, or just sort code and account number? If the former they should be able to pay you in euro. If the latter the payment is likely to have been converted into Sterling at the sending bank's end. Having foreign banks do the Sterling conversion is quite costly as the Sterling is no longer one of the major currencies that foreign banks deal with, so they charge a hefty margin for the conversion.

No need to open a euro account (unless you really want one) provided that the payment is set up correctly.