Euro Bank Account

Kontiki

I'm considering opening a Euro account, I want it for drawing cash out when we are in Europe. I also have a dividend payment once a year from EADS (only a couple of hundred euro's) which is currently paid into my UK bank (I think by swift transfer so I get charged for that) & I also lose out a bit with the exchange rate.

I'm looking for an account which has minimal charges (preferably 0 ) with just a debit card so any help would be appreciated.

Ed

Bob_the_Saver

I feel a right tit for saying this but you're probably better off with a Metro Bank account and swallow the charges on the swift transfer.
I was trying to work in Martin for the 4 birds but couldn't be bothered
despite owls of protest from Mrs Bob the saver.
I know the banks are Robin bustards but even they have to make some money
sometimes.
I'm not raven about Metro bank even if I keep saying it Parrot fashion but I've found them to be eggcellent.
If I was you I'd Heron down there and open an account, I doubt you'll Egret it,
you'd be Cuckoo not to.
Don't forget Toucan open a join account.

Kontiki

Had a look at the Metro bank but can't find anything about Euro accounts?

Bob_the_Saver

The costs of one Euro payment in could easily be off-set by the Zero costs of Euro (or other) non-sterling spending. You'd need to do the maths.
Do you need a Euro account with the fluctuations?
Got an account in Euro's but money is in and out faster than you can say Hollande, it's just to pay a couple of bills.

Kontiki

I can get euro cash out of my Halifax Clarity card, clear the balance a day or so after & only pence charged.

I want to look at Euro accounts, I don't see the point in my having to pay to transfer then exchange a small amount of euros into my uk account if I can get a euro account at little cost if possible.

Bob_the_Saver

And if the Pound rises against the Euro?

I refer you to post #4

Unless you NEED a Euro account I suspect you're taking a sledgehammer to crack a nut.

Kontiki

Please read the title of the thread, as to your comment what if the Euro rises against the Pound which is a more likely event given the state of our economy.

Found the 'Ignore User' never bothered with it before but handy to get rid of time wasters who try to hijack threads for their own satisfaction.

Bob_the_Saver

£ against Euro in last 12 months

http://www.xe.com/currencycharts/?from=GBP&to=EUR&view=1Y

You'd have lost 8-9% over 12 month against the £ Smart move!

Also be aware that MOST accounts outside the UK have lots more charges than UK accounts.

Bob_the_Saver

Has he gone? has he run out of fingers and is taking his socks off? (and who knows what else)

Kontiki, We HAVE Metro Bank accounts and incurr NO charges or foreign transaction/exchange fees.
We HAVE a bank account in Euro's, because we HAVE to have one to pay some bills, but leave a minimal balance at present.

Maybe somehow you know more than we do because of your single little Euro credit once a year, either way you have my suggestion based on the information you provided.
If you plan to spend millions this advice might not apply but you have not said so.

You said,
"I'm looking for an account which has minimal charges (preferably 0 ) with just a debit card so any help would be appreciated."
A Metro Bank current account debit card is just that.

I might have missed something, please show me a better deal.

benjus

I think you're going to struggle to find a Euro account with a debit card and no charges.

There's a German bank (DKB) that has been mentioned by other users of this site which might offer what you want, but you would need to speak good German as they do not appear to have any service in English.

I have a Euro account in France with English speaking customer service (Britline) but it's not free. The account itself is €0.55 per month, and the debit card costs about €20 per year IIRC.

Citibank's Euro accounts are popular in the UK, but I understand that these are no longer free.

Personally, I don't think Bob's idea of using Metro Bank is such a bad idea. If you're planning to transfer money from the UK to your Euro account you will lose out on the transfer, so in that case Metro Bank is better. However, if you're determined to keep your money in Euros your only option is a Euro account.

111KAB

Cheapest euro account out here (Spain) seems to be with Barclays who charge a flat rate of 2€ a month however bank charges continue to be raised every month due to the Spanish banking problems. I bank with Bankia and pay 17€ pa for a debit card and 0.60€ for each direct debit. There is no annual management charge but if I go overdrawn the charges are excessive. I use a combination of Halifax Clarity and Nationwide cards for withdrawing cash and paying for goods. As far as I am aware no current accounts pay interest and really I would suggest you don't want to get into this as you will have the tax (UK and Spain) aspects to take car of.