Online Euro bank account

tariqnawaz

I'm a UK taxpayer currently working overseas and getting paid in Euros. I would like to receive the money as Euros to minimise exchange rate charges and other fees? My employer is in the EU. I want to be able to transfer online and withdraw (in Euros) when I'm in the UK. Could someone please advise me of a suitable account?

Elvisia

Can you not open up an account in the country you're currently in? I had a French bank account and was able to transfer money back home, or take home cash when I was visiting and change it at the highest rate.

tariqnawaz

wales100 wrote: »

Lloyds TSB offer an international account which allows it to be setup in euros, should be able to do what your looking for I think. hope this helps

Thanks, I'll look into Lloyds. I've heard Citibank is quite good. There are 2 companies, don't think they are banks, HiFX and London Currencies which have been suggested.

tariqnawaz

wales100 wrote: »

Lloyds TSB offer an international account which allows it to be setup in euros, should be able to do what your looking for I think. hope this helps

Elvisia wrote: »

Can you not open up an account in the country you're currently in? I had a French bank account and was able to transfer money back home, or take home cash when I was visiting and change it at the highest rate.

Thanks. I'm in Montenegro which has Euro for its currency but is not in the Eurozone or the Single Euro Payment Area (SEPA). So transfers, whether into or out of the country, are costly since they use intermediaries. I would like to use an account in UK for ease of withdrawal and transfers to my regular sterling account when the rate is favourable.

Earlier I should have said I'm looking into Currencies Direct, not London Currencies.

Porcupine

How much are you likely to be transferring?

Citibank's Euro/GBP/USD/etc accounts are easy to use and SEPA transfers are free, but currency conversion between them isn't that great. There's also now a monthly fee unless you jump through some hoops.

The alternative is an account in the Eurozone of which there are many, but trickier to open for a non-resident (various threads about options recently). They tend not to be set up so well for direct transfers to the UK, but you can convert via a broker.

Forex brokers are good for moving large amounts around (tens of thousands) but tend not to pass the time of day for a few hundred quid because they tend to revolve around telephone orders. Maybe some have online platforms for smaller amounts, I'm not sure. They're generally not FSCS members, so there's a bit of a risk keeping money with them for long periods.

I've registered with Currencies Direct, Foreign Currencies Direct and HiFX. HiFX are always quite expensive and I've never used them. CD was fine, FCD I had a problem where the payment information was wrong (at which end I don't know) and it took months to sort out, and I had to pay them £240 to fix it. The currencies market is pretty unregulated, so there's not much recourse. But I think it was £240 well spent as it made me realise how much the City financial services industry are sharks and to steer well clear.