Paid in Euros?

ic198

I'm about to go and work in Europe for 6 months and I will be paid in euros from an account based in the Channel Islands. Does anyone have any advice on how this be done efficiently, without incurring charges and unfavourable exchange rates? I have read Martin's recent article on spending abroad and opening a Nationwide current account would seem the best way of spending abroad, but what is the best way of getting Euros paid in? Is it possible to avoid charges and unfavourable exchange rates, and where can I find out which accounts are best for this?

Darryl

Citibank offer Euro and Sterling current and savings accounts (current account application requires £20k income p.a.), with free transfers between them.

Don't know if this is the best approach, but it's the only one I know of.

What can your current bank offer you?

Darryl.

jonesMUFCforever

You don't really give enough information to get accurate advice.
Will you be paid in cash? cheque? or by a sysytem similar to BACS which will require you to open an account in Euros.
Please feel free to post more info.
Eric

ic198

I will be paid by BACS or similar, which seems to require an account to be opened in Euros. My current bank (HSBC) offers a euro account, but this charges £6 per transfer, £12 per cheque and the conversion rate is not the 'open market' value, its about 1.5% worse. As Martin's article made clear an HSBC current account was not a good account for spending abroad (and neither is the credit card) I'm happy to move.

I asked Nationwide and their current account can only accept sterling. They do have a Euro account with their offshore division, but this requires a minimum deposit of E1000 and charges E30 for every transaction moved to the sterling current account, and the conversion rate is about 1.5% worse. LloydsTSB offshore does an offshore Euro account linked to an offshore sterling account- this charges E90 a year maintenance and the conversion rate between the two accounts is again about 1.5% worse. However, at least with this account transfers are free (both between accounts and from the sterling account to a current account) and you can apply for a debit card on the euro account, for spending abroad.

Is there an easier way, or a way that avoids the unfavourable exchange rates? Does anyone know of a review of offshore accounts?

Fatboy_NSS

Abbey international has a Euro current account without charges, but your average balance has to be over €7500. You might just have to wait until you get there and open an account with a local bank.

jonesMUFCforever

Europe is a big place! Will you be working in the same country for all of the 6 months?
If so open a Euro account in that country?
If not I see that you have already investigated some of the other options with their pros and cons.
Eric

ic198

Sorry for not being more specific! I will be working on a boat touring the Med, so will not be resident in any one country- I think that means I will struggle to open a local account. The main countries will be Greece, Spain, Sardinia and France.

jonesMUFCforever

I would therefore go with one of the banks as posted above which have offshore accounts domiciled in Euros. I would further advise that you get an account with a Euro debit card as it looks likely that is the only way you will be able to draw funds out.
It will cost whichever one you choose.
Eric

normski_2

No expert I'm afraid but then none of the other posts appear to be either!!!! (No offence intended). How about contacting the English branch of a European Bank i.e. BNP Paribas, or one of the Irish Banks based here and see if they can shed any light on the matter? You may be able to open the account here before you go to save you the hassel later on.

All the best.

Normski