Euro Bank Account

sarah258

Need some advice as I am pretty clueless on this issue;

I receive Euro payments from abroad through bank transfers and I was wondering how to set up an account so I don't get charged by Barclays everytime these payments come through?

The payments are not very big (less than 100Euros each time).

I've heard about Euro Bank accounts but I've heard that these accounts also charge? Does anyone know the cheapest way for me to receive Euro payments to the UK?

Thanks.

Sarah258

System

If the payments are arriving by Single European Payment Area (SEPA) credit transfers correctly quoting your IBAN and Barclays BIC, Barclays should not be charging you a fee. However, they will convert the euro to GBP at a rate of their choice, which they should tell you. This rate will include a 'spread' between their buying and selling rates for euro/GBP.

If you earn over £20000 a year, you can open euro and GBP accounts with Citibank. They do not charge a fee for the euro account. You can move money between the euro and GBP accounts on-line, at a fair rate (though still with a spread). You get a single debit card. You phone to switch whether this card is linked to your GBP or euro account. When it's linked to the euro account, you can withdraw euro free from VISA cash machines in the euro zone.

They only have a handful of branches, all in London, but you can pay in GBP at Lloyds branches.

slopemaster

YoungNick wrote: »

If you earn over £20000 a year, you can open euro and GBP accounts with Citibank. They do not charge a fee for the euro account. You can move money between the euro and GBP accounts on-line, at a fair rate (though still with a spread). You get a single debit card. You phone to switch whether this card is linked to your GBP or euro account. When it's linked to the euro account, you can withdraw euro free from LINK cash machines in the euro zone.
...

I have one these acccounts with citibank, works well for me.
And I don't earn £20 000.

System

slopemaster wrote: »

And I don't earn £20 000.

Either they had different rules when you applied, or you charmed them into accepting you
They now say that you have to earn £20000:
http://www.citibank.co.uk/personals/app_k2/pre_app.htm?merchant=citi

slopemaster

I never thought I must be charming!
I opened it less than a year back, I think.

Interesting that banks here are still charging for SEPA payments though. I had same problem with my bank in France charging to receive payments from the UK even tho they were in euros. I complained about it and they told me UK wasnt in SEPA. When I produced evidence that it is, they just said the rules don't apply yet anyway.

So I opened the linked citbank accounts and that works fine.
SocGen were horribly arrogant anyway.

Wasteofspace

I opened a Citibank Euro account a few years back and I was unemployed at the time. I only ever deposited a tenner in it.

Does anyone know if I can use Lloyds to deposit GBP into the Euro account?

knightfox

Wasteofspace wrote: »

I opened a Citibank Euro account a few years back and I was unemployed at the time. I only ever deposited a tenner in it.

Does anyone know if I can use Lloyds to deposit GBP into the Euro account?

I ave sent money from Lloyds to Citibank. Okay it will end up in Euro thats all.

Wasteofspace

Thanks Knightfox! Good to know!

markbodega

Sarah

If you don't need the money each month I'd build up a few months worth of payments and then bring over a lump sum once in a while via one of the larger well know currency co's.

Make sure the company you use is 'authorised' by the FSA rather than registered as this gives better protection. The larger more established players include HiFX, Currencies Direct, Travelex. You might also want to compare their exchange rates and charges with those online co's such as Paypal and Western Union.

With regards your bank. Yes you might be able to set up Euro and Sterling accounts with them which avoid bank fees but the exchange rates offered will still be poor incomparison to those co's mentioned above.

At the very least do the comparison for your own peace of mind.

slopemaster

Currencies Direct minimum is £3000; I asked recently