Euro Bank Account

Kontiki

I think I am being charged about £20 for swift transfer of my EADS dividend & also suffer the exchange rate, this would possibly offset a charge for having a euro account. I am not looking at transferring any significant amount into euros just enough for any cash we might need when we are touring Europe in our motrohome so interest rates wouldn't be important.

I also use the Clarity credit card & usually clear the balance by the next day. Although we still have Nationwide accounts we no longer use them abroad. Not sure if I would be comfortable with Spain at the moment.

Bob_the_Saver

So it costs you approx £21 per year for your one euro credit.

If you have no bills you must pay by bank transfer or Euro 'direct debit' a Metro bank current account is in effect a Euro account. You keep your money in a currently appreciating currency (see post #8) rather than a falling one, you spend in Euros or withdraw Euros and you get the full Mastercard exchange rate with no charges at all so it's a MUCH better deal. I just can't see what possible advantage a Euro account would have for you in view of the fact that you have to pay more to maintain the account than you pay at the moment for this one Euro credit.
Why exactly do you want a Euro account since it's going to cost you more?

Kontiki

I'm sure that Bob the Savers word of wisdom are very enlightening but as I have put you on my ignore list I will just have to miss them.

Bob_the_Saver

Kontiki wrote: »

any help would be appreciated.

So why ask?...............have a nice day.

I guess he thinks a Euro account might impress someone but since half of Europe are stashing dosh in non-Euro accounts I'm not sure who he thinks would be impressed.

111KAB

I have copied Bob the Saver's words of wisdom because ..............
they are words of wisdom.
So it costs you approx £21 per year for your one euro credit.

If you have no bills you must pay by bank transfer or Euro 'direct debit' a Metro bank current account is in effect a Euro account. You keep your money in a currently appreciating currency (see post #8) rather than a falling one, you spend in Euros or withdraw Euros and you get the full Mastercard exchange rate with no charges at all so it's a MUCH better deal. I just can't see what possible advantage a Euro account would have for you in view of the fact that you have to pay more to maintain the account than you pay at the moment for this one Euro credit.
Why exactly do you want a Euro account since it's going to cost you more?

I have an overseas euro account (see previous post) but I have to maintain to pay direct debits etc ~ I just wish (mainly due to costs) that I didn't have to but I have no way out.

NFH

Try DKB in Germany. They pay 1.55% interest and there are no charges whatsoever. You get Visa and V-Pay cards. The account can be opened remotely by a non-resident of Germany.

The above suggestion to use a GBP account is absurd.

benjus

NFH wrote: »

Try DKB in Germany. They pay 1.55% interest and there are no charges whatsoever. You get Visa and V-Pay cards. The account can be opened remotely by a non-resident of Germany..

DKB has already been suggested above. Is it possible to open and run the account without speaking German?

NFH

benjus wrote: »

DKB has already been suggested above. Is it possible to open and run the account without speaking German?

Sorry, I missed that. The web site is indeed all in German, but Google Translate can help a lot. Although I speak German, I've managed to do this when I'm a customer of web sites in other languages that I don't speak.

Bob_the_Saver

NFH wrote: »

Try DKB in Germany. They pay 1.55% interest and there are no charges whatsoever. You get Visa and V-Pay cards. The account can be opened remotely by a non-resident of Germany.

The above suggestion to use a GBP account is absurd.

Am I missing something?

I can't see the advantage in this case. The OP is only getting a couple of hundred paid in Euros so he'd have to transfer the rest (at a cost that would wipe out any small interest) and then he's holding it in Euros that over the last year or 18 months have been losing value against the £. Surely keeping the cash in Sterling with an English speaking bank until the point of use is easier and cheaper. Now if the £ kept falling against the Euro that might be different. Also any interest however small from foreign investments (interest) should be declared on a tax return.
Anyway the OP say "not looking at transferring any significant amount into euros just enough for any cash we might need when we are touring Europe in our motrohome" (sic) so we're not talking high finance, he just another tourist.
What would be the advantage in this case of a Euro account?
As I said we have a Euro account because we need it to pay a couple of bills by
the internet when travelling but I'd much rather be able to ditch it if we could.

benjus

NFH wrote: »

Sorry, I missed that. The web site is indeed all in German, but Google Translate can help a lot. Although I speak German, I've managed to do this when I'm a customer of web sites in other languages that I don't speak.

What about contacting customer services?