How do I get a € Euro bank account?

Peribanu

It depends how long you want to keep Euros, but it's possible to hold Euros on Currency Fair for an indefinite period pending exchange. Transfers into Currency Fair are free in Euros or Sterling (USD have to be sent by SWIFT/Wire which usually costs a bit), and transfers out cost 3 euros via SEPA, BACS or SWIFT. They hold client money in segregated currency accounts at Bank of America, so if the platform went bankrupt the money "should" still be there. It's like having a three-way currency account, Sterling, Euro, USD and you can swap between the currencies at close to the interbank rate.


Some will say "that's how the Crown Currency Exchange customers lost their money". But Crown was not regulated by the FSA (CF is regulated by the Central Bank of Ireland), and it did not hold client funds in a segregated client account. But of course there is always an element of risk.

jonesMUFCforever

Peribanu wrote: »

It depends how long you want to keep Euros, but it's possible to hold Euros on Currency Fair for an indefinite period pending exchange. Transfers into Currency Fair are free in Euros or Sterling (USD have to be sent by SWIFT/Wire which usually costs a bit), and transfers out cost 3 euros via SEPA, BACS or SWIFT. They hold client money in segregated currency accounts at Bank of America, so if the platform went bankrupt the money "should" still be there. It's like having a three-way currency account, Sterling, Euro, USD and you can swap between the currencies at close to the interbank rate.


Some will say "that's how the Crown Currency Exchange customers lost their money". But Crown was not regulated by the FSA (CF is regulated by the Central Bank of Ireland), and it did not hold client funds in a segregated client account. But of course there is always an element of risk.

So is it covered up to (soon to be) £75k or not as it would in a UK financial institution?
What you have written would worry me.

Graham_Trott

Regarding Citibank, I've held a private Euro account for some time. They only charge if the balance is less than a set level - I think it's £2500. The account has a SEPA IBAN number, which makes it ideal for accepting transfers.

I also have a UK limited company that often invoices in Euros. The only Euro bank account I have is the Citi one, but being a private account it's not good for business use, particularly in France, because French banks usually insist that the account being paid into is held in the name of the company being paid.

So I'm in the process of setting up a Valuto account for my company so it can be paid in Euros without excessive fees. As I understand it, Valuto uses a single account for each of their supported currencies, and all payments must be accompanied by my personal reference number. Once the money is in their system I can then transfer it to my UK company account. Does anyone have any experience of this?

Johane

I'm currently trying to open an account in Germany and most of the banks refuse immediately as I'm not officially registered in Germany (including DKB) even though I'm staying here (temporarily),
The comdirect however was very helpful - I just have to fill out the pdf form and not the online one and enclose a letter giving a German address (different to my official address in the UK where I pay tax) for actual correspondence.

eDicky

Johane wrote: »

I'm currently trying to open an account in Germany and most of the banks refuse immediately as I'm not officially registered in Germany (including DKB) even though I'm staying here (temporarily),
The comdirect however was very helpful - I just have to fill out the pdf form and not the online one and enclose a letter giving a German address (different to my official address in the UK where I pay tax) for actual correspondence.

So, just to confirm, Comdirect Bank will accept your account application using a UK residential address, with a correspondence address in Germany that does not need to be verified?

wolfie_bill_2

Hi I just wondered if there were any updates on this topic? We have bought some shares in Royal Dutch Shell and they offer the possibility of receiving dividends in Euros; which would be a quick, easy and low cost way of getting at least some of our Eurozone holiday money.
Any thoughts, please?

diamonds

eDicky wrote: »

So, just to confirm, Comdirect Bank will accept your account application using a UK residential address, with a correspondence address in Germany that does not need to be verified?

Yes, without a DE address.


Application needs to be by post, website gives GB as option but postcode errors past 5 digits.


https://www.comdirect.de/cms/hilfe-service-formulare.html


^last drop down menu for application forms/info

grumbler

wolfie_bill wrote: »

Hi I just wondered if there were any updates on this topic? We have bought some shares in Royal Dutch Shell and they offer the possibility of receiving dividends in Euros; which would be a quick, easy and low cost way of getting at least some of our Eurozone holiday money.
Any thoughts, please?

Check Barclays. They offer a free € account. AFAIK, it comes without a card, but you can withdraw €€ in a branch for your holiday.

diamonds

grumbler wrote: »

Check Barclays. They offer a free € account. AFAIK, it comes without a card, but you can withdraw €€ in a branch for your holiday.

You need a £ current account with Barclays, apply in branch for a Euro account ONLY. Free transfers between B accounts via phone only, payments anywhere else are in branch only.


It is a very poor account, a offline savings account where staff intervention is needed for everything.

diamonds

Nationwide International

Euro Savings Account http://www.nationwideinternational.com/interestrates/euro.htm

http://www.nationwideinternational.com/operating_files/pay_in/euro_worldtransfer.htm

Opening http://www.nationwideinternational.com/opening_files/how_to_open.htm


ID copies and bills (<3months old) take originals and copies into a UK branch to be certified by Nationwide manager for sending back.