I'm going to be paid in Euros and need some advice!

Shepsi_2

Greetings all,

I have just got a new job but unfortunately I can only be paid in Euros. I was hoping that the wonderful MSE forum-goers might be able to suggest the best way of getting those Euros into my bank account in Pound form without half of it getting lost in fees, weighted exchange rates and the like.

At the moment, I'm thinking about getting a Euro-denominated current account with a UK bank and then transferring the money across when the rate is ok. Does anyone have any other ideas or specific suggestions as to which bank I should use?

Thanks in advance,

Shepsi

gfplux

One suggestion is to open a Bank account in the country of your employer. You are then in control of your money. The bank may issue you with a V pay debit card or a credit card. Your employer might help this to happen.
When do the payments start, have you plenty of time to put arrangements in place.
How much of your salary do you actually need in cash each month.
There are a lot of questions.
Can you supply more information.

Shepsi_2

gfplux,

Thanks for your reply. Details wise; I will be paid in Euros by a company registered in the British Virgin Islands; I don't need that much of the money each month but I would like to repatriate it (into GBP) so that it can't be affected by exchange rate fluctuations; and, the job starts in March, so I have quite a lot of time to get things sorted.

How tricky is it to open an account in a different country? Is the money protected? If I was going to either open a Euro-denominated account with a UK bank or just have the money sent directly to a UK bank, do you know which banks charge the least/weight the exchange rates the least?

Cheers,

Shepsi

Alisha2008

I know people that uses Paypal to transfer money between EU-UK, seems to have good exchange rates and no commision...

DevilsAdvocate1

I get a small amount of wages in Euros and my bank does not charge fees. It is First Direct Bank. The exchange rate is higher than the tourist rate as I think I get a business rate.

jimbob_too

I am currently paid in Euros - the money goes into a Euro account with Societe Generale (the French bank). My employer has a relationship with that bank so it streamlined the process of opening the account. I then registered with UKForex (actually Tranzfers.com, but they subsequently changed my account to UKForex, which is the same organisation) and transfer money across to my UK bank (Santander) in segments whenever the exchange rate seems reasonable. Before doing this I sometimes check the rates offered by other foreign exchange dealers via fxcompared.com, to make sure that the rate offered by UKForex is competitive.

This process seems to be better value than by doing a direct bank transfer, or by simply withdrawing from my French account in pounds at a UK cash machine (worst value of all!)

gfplux

Jimbob-two has done it before and offers good advise.
Just one thing to remember on security.
French, German and Luxembourg Banks have a similar Government guarantee in place like UK Banks so if either go down your money would be safe. Except the following world financial meltdown might take everything with it.
Your only exposure is when changing money through Forex or similar Company's. They are not guaranteed in any way and are subject to normal business problems just like your local High Street Shoe Shop.

Shepsi_2

Thanks everybody,

I'll continue looking into it using all your advice and post again if any more queries pop up.

Thanks again,

Shepsi