Opening a Euro Account in the UK

SliAbhaile

Opening a Euro account in the UK really is a service which is missing from the UK banking world.

As mentioned above I went through the same hoops the OP is currently going through. Why is it this so difficult?

Another friend opened a Swiss Post Office account (in Geneva airport for convenience) and they allow him switch his currencies at will. He usefully moved a large part of his cash on deposit to NOK a long time ago.

If the Swiss Post Office can offer this sort of flexible service why can't our banks at least offer us the facility of holding the currency of 17 of our nearest neighbours?

JohnRo

SliAbhaile wrote: »

... If the Swiss Post Office can offer this sort of flexible service why can't our banks at least offer us the facility of holding the currency of 17 of our nearest neighbours?

If UKIP got their way it'd be a capital offence...

It's a fair comment though, seems just a little ridiculous.

pthompson

SliAbhaile wrote: »

Opening a Euro account in the UK really is a service which is missing from the UK banking world.

As mentioned above I went through the same hoops the OP is currently going through. Why is it this so difficult?

I found the process of opening an account with DKB both simple and efficient. You'll need to know a little German -- as they phone you (in my case 08:00 on a Saturday) to ask some basic questions such as why you want the account.

Verifying identity involves asking your existing UK bank to compare details on passport + utility bill with those on a form -- and rubber-stamping it. My local Santander branch (with whom I bank) refused because they 'hadn't known me personally for >2 years', but a random Barclays branch (I think they *assumed* I was a customer) happily did it with no question and no fee.

SliAbhaile

pthompson wrote: »

but a random Barclays branch (I think they *assumed* I was a customer) happily did it with no question and no fee.

You were lucky. My Barclays - who do know me because the manager keeps phoning me to try selling me their products every time a deposit hits my current account - refused to do this point blank. They said it was their policy, I think they actually said "we are not a solicitors".

dandicash_2

Ive seen some posts on opening a Euro account as a UK national. While DKB was easy to apply, they will only deal with German speaking clients. Not helpful

Ive seen HSBC and Barclays, far to expensive for transferring money to. I dont want any money £5 / €5 fees incurred and so Ive now looked at offshore accounts. Same problem....

Does anyone actually know of an account that I can open as a Brit where I don't have to pay monthly fees or extortionate trasnfer fees

I do not mind the odd 0.85% per transaction as i will only be transferring money 4 times a year but I want to deal on investments, and transfer this investment from a euro supplier to a european bank account:mad: any advice peeps?

buffman

Have you looked at Permanent Bank International?

http://www.permanent-bank.com/default.aspx

Porcupine

Keytrade, as I mentioned upthread, will do that. They also do investments themselves. They aren't as cheap as the cheapest UK broker for buying shares, roughly the same as you'd pay Barclays etc - but invest in Euro.

unicor

Barclays Bank offer a Euro account if your current account is with them.
It actually pays nominal interest, 0.10 % or something.
My Dad has one to receive a German pension- it's brilliant as he receives the Euros transferred in for free, and can withdraw them for free in cash. They even foot the bill for sending Euros by registered post delivery to my parents' house. Normally I think Barclays are rubbish but this account is good

Toe-Jam

I opened one with permanenttsb.ie last week They take the details over the phone and send you out a form to fill in. Post it back to Dublin and the account is opened.

stephennt

I use Citi for my Euro account; with the ECB rates as they are I don't think anyone gives a decent rate of interest, and you can avoid fees as long as you maintain a monthly balance above a certain level (I think £2k)