RBS... paying and receiving in Euros

RedXIII_2

Hi, i have a current account in GBP.

Problem is aI'm dealing with companies that work in euros, what charges I am looking at for payments?

Thanks

Lavendyr

I can't give you exact figures as we don't bank with RBS but our business account also allows us currency accounts, so we invite our European clients to pay into our Euro account and US clients into our $ account. We also spend in Euros quite often so this works well for us as the currency never gets converted. Just a thought in case it's something RBS could offer you too.

scottp_2

RBS
RBS can set you up a Euro account for the money to be paid directly into. You can then leave the money in until the exchange rate is one that you are happy with. As well as that, you can send payments in Euros back out of it without having to gamble on the exchange rate!
As far as charges go I am not sure but I wouldn’t have thought they would be too excessive!
These types of accounts are usually for businesses but I can’t see a reason why you couldn’t have one for personal use, it’s just that staff at counter/enquiries do not deal with them very often.
Your best bet would be to call your RBS branch and ask to speak to the Business manager or a business advisor and just have a chat; we are quite friendly you know!

If you don't want a Euro account you can send what is called a RoyWorld payment, with the quickest (Express) costing £27 and it takes 3 - 5 business days to arrive. The Economy (£20 I believe) takes around 10 business days but is only for payments up to £2000.

As for receiving the payments, it would not cost you anything (as long as the company sending it pays all the charges) but you may not get a very good exchange rate as mentioned earlier.

Hope that helps!