Euro currency account advice

BennettLG

Hi, I am getting married in Italy next year and over the course of the next 6 months will be paying various suppliers (wedding planner, hotel, music, catering etc) in Euros to an Italian account.
Until now I have been using TransferWise which has been working well. However, the exchange rate is good at the moment so I'm looking at how I can bulk buy Euros and keep them in an account to use as and when I need to pay suppliers in the coming months.
I visited my bank today and they said this was no problem, except I would need to pay a £15 charge every time I transferred money from my Euro account to the Italian account, even though it's in Euros. This obviously isn't preferable. Does anyone have any advice?

benjus

A Euro account in a Eurozone country would be the best bet, I think.

The only one I'm aware of that can be opened with a UK address is http://britline.com in France - the basic version without a debit card is pretty cheap to run (about €0.70 per month). They don't allow transfers outside France using the online banking system, but you can fax them (or perhaps email a scan) a copy of their international payment form: https://www.britline.com/banking-making-payments.html.

Alternatively, do you have any links with Italy that might help you open an account there?

eDicky

The only possibilities these days to open a euro account in a Eurozone country using a UK address are with Britline / Credit Agricole in France, and maybe still with some Irish (RoI) banks. Then you will be able to make SEPA transfers to Italy free of charge, after using Transferwise to convert and send your GBP from UK.

If it's not a huge amount, another and maybe simpler solution is to open a Revolut account, with its smartphone app (enter promo code MSE for a £5 reward after your first £10 top up). You can then convert to euros instantly at the mid-market rate, and transfer to the Italian account by sending the payee a link, if they are willing and able to use it. If they can accept card payment in euros from the Revolut that is also simpler. No fees at all! Or you can combine the two and withdraw euros to your Britline or other euro account. Order the Revolut physical card and use it when you are in Italy. It's a new thing but works well, I use it all the time, see the threads on the forum overseas board.

But bear in mind that you are speculating - the euro could fall even further between now and when the payments are due...

grumbler

I am not sure, but I think with Currencyfair you can make a conversion and keep € for some time before making transfer(s). Of course, there is a risk as the funds aren't protected.

Also, have a look at Revolut – perfect rates & no fees, plus £5 bonus.
Apparently, it "gives perfect interbank rate" and "you can hold pounds, euros and dollars on the card, and exchange between them instantly". Again, I believe, there is no any protection.