German bank account

zzzt

I couldn't really see anything relating to foreign bank accounts here, so wasn't sure where to put this. Hopefully someone here has experience or knowledge of this area.

Basically I lived and worked in Germany and while I was there the money obviously went into a bank account. When I came back to the UK, I left the bank account open. Partly because I thought (for whatever confused reasons) that it would be useful to have Euros. And partly because I was waiting for the Euro to get stronger so I get more pounds when I transfer.

I had the address changed to my UK address to stop them (hopefully) from sending anything to my old German address.

Anyway, it obviously isn't ideal, but today I looked at the account (it has online banking) and it had an Entgeltabschluss on the 30th Sep. It was only a small amount taken from my account. I believe this is a charge for just having the account. I never had one of these in the account before, but apparently they do have them on German bank accounts. I am thinking it could be because:
- I have had the account longer than I said I would when I signed up and they will now charge me
- I am being charged for a change of address
- There is no longer a regular wage going in

I don't really think any of those make much sense though.

Even though it's only a small amount, I obviously don't want to keep the account open if they're charging me for it. Does anyone have any idea about this?

Also while I'm here, when do you think would be a good time to transfer the money (or some of it) to my English bank account? I was thinking of waiting until the EUR to GBP goes about 0.9 again (if it will).

Alternatively, perhaps I can transfer it to a different account that has Euros somehow (plenty of countries to choose from..), maybe a savings account. Ideally it would be possible with a UK address and online banking. Is that even possible? It's not a lot of money, I'm not a rich guy trying to avoid tax or something. I just don't really understand this stuff.

agrinnall

Why don't you just open a Euro account in the UK? I imagine you'll be able to do that with most banks, I had one with Yorkshire Bank a few years ago. If your own bank does it then I'm sure it'll be pretty straightforward to open one with them, although it'll be worth checking to see if they charge to have one, and if they do look around online to see if any banks offer them free.

zzzt

I didn't realise UK banks might offer that. I will have a look around...

heloid

I would keep the German account to be honest, it's just a maintenance fee they're charging. You won't get a Euro debit card from a UK bank thats for sure.

zzzt

heloid wrote: »

I would keep the German account to be honest, it's just a maintenance fee they're charging. You won't get a Euro debit card from a UK bank thats for sure.

Hmm, it looks like most major UK banks will offer me a Euro account, but they charge quite a lot for this (particularly if you want a debit card).

The best options I've found are:
1. Apparently Irish banks will allow you to open an Irish Euro bank account with a UK permanent address if you go over to Dublin and show your passport. I don't know if this is still true or how good their rates are. Does anyone have up-to-date info on that? And is Ireland safe? :huh:

2. Citibank seem to offer the best Euro current account with a Visa card, but it gets no interest and charges €10 for SEPA transfers (I'm not sure about this, apparently it was disputed, but it's still listed on their terms).

3. There are Halifax.es Spanish accounts that are apparently available to UK residents, but I couldn't find much information on it on their website. I think they charge a lot for just about everything.

With my current German account I don't make any interest (which means I would much rather have most of this money somewhere better), and the card it has is not useful for holidaying because it is a Maestro that I believe only works in Germany and charges if I use it in a different bank. It is a "German public bank" (search for that on Wikipedia, I can't link)

I really don't know what to do now. Why isn't there a simple current account with interest (even a small amount) and a VISA card that doesn't have lots of charges? OR just a Euro savings account without a card would be OK, I don't need access to the money for at least a year.

bengal-stripe

zzzt wrote: »

........the card......is not useful for holidaying because it is a Maestro that I believe only works in Germany and charges if I use it in a different bank.

A German EC/Maestro Card will work worldwide as a Debit Card. You can also get cash out of any ATM worldwide, although there is frequently a fee of EUR 5.00 (but the exchange rate is so much better).

Your card will work fine here in the UK, just spend the dosh here.

Voyager2002

Firstly, I think the Euro is now relatively high against sterling. (I had planned to buy Euro for investment purposes, but was put off by the rate.)

Secondly, virtually no current account pays enough interest to be worth thinking about. If you are unlikely to need the money for a year or so, look for a savings account.

I suggest that you contact your German bank; ask them to explain the charge; explain what you need and ask if they can offer a savings account or some other product that does what you want. And it would be worth telephoning someone like Citibank so that you are clear about their terms and charges.

Other posters have said good things about the Lloyds TSB accounts in Spain. The website gives very little information, but apparently Lloyds branches in the UK can tell you more.

Fiddlestick

heloid wrote: »

You won't get a Euro debit card from a UK bank thats for sure.

You will if you go for a Euro-denominated current account from Citibank.

He will also be able to do a SEPA transfer and move his balance from the German bank over to the account with Citibank.

thatsean

You can get an account with an Irish bank easily enough, take the same ID that you would to open a bank account here. They tend to be funny about asking why you want the account - I work there every week so I could prove I had business in Ireland that supported the need for the bank account, but I'm sure you can come up with a reason for opening one.

Permanent TSB would get my vote, beware that all Irish banks charge maintenance and/or transaction fees.

Toe-Jam

zzzt wrote: »

Hmm, it looks like most major UK banks will offer me a Euro account, but they charge quite a lot for this (particularly if you want a debit card).

The best options I've found are:
1. Apparently Irish banks will allow you to open an Irish Euro bank account with a UK permanent address if you go over to Dublin and show your passport. I don't know if this is still true or how good their rates are. Does anyone have up-to-date info on that? And is Ireland safe? :huh:

This is true, any of the main banks will allow you to open account, but they vary a lot in cost.

Ireland is as safe as the UK at the moment. Take from that what you will. And if you open your account with Ulsterbank (Republic of Ireland), because it is owed completely by RBS, and in turn the British taxpayer, the UK compensation scheme applies to it, so you are insured up to £50,000 (soon to be £85,000). The other banks are insured by the Irish Government.

Ulsterbank, National Irish Bank, Permanent TSB , AIB, and Bank of Ireland will Allow you to open an account as a non resident.

Cons are;

All banks in Ireland cost 5 euro per year to operate, this is paid to the government.

National Irish Bank is a cashless bank, so you can only do transfers in an out of it, you can't go into a branch and deposit cash.

Ulsterbank (Republic of Ireland) is probably the best, and you will get wholesale rate currency conversion from Natwest and RBS cash machines over in the UK (any other machines or even using your debit card in shops is very expensive outside eurozone)

Permanent TSB, AIB and Bank of Ireland, are all chargeable accounts which cost 12-15 euros per quarter, unless you are using it as your main bank account.

zzzt

Toe-Jam wrote: »

Ireland is as safe as the UK at the moment.

And now? :eek: