Which UK Bank account for accepting €?

azzap

Working freelance (golf caddy) on a casual basis overseas in the near future and will be paid in Euros. Any ideas on what's the best bank account to have for receiving regular Euro payments?

Also, ill need to figure out how to pay tax / ni (albeit I won't be earning much after travel expenses). Would a business current account be useful here? Never been 'self employed' so unsure what to do there.

colsten

https://forums.moneysavingexpert.com/discussion/5394537

grumbler

azzap wrote: »

Working freelance (golf caddy) on a casual basis overseas in the near future and will be paid in Euros. Any ideas on what's the best bank account to have for receiving regular Euro payments?

Unless the sender can use a currency broker for converting €/£, all UK banks will charge ~3% for conversion. Some banks also charge a flat fee for incoming international transfers. Those that don't charge are all pretty much the same.

azzap

grumbler wrote: »

Unless the sender can use a currency broker for converting €/£, all UK banks will charge ~3% for conversion. Some banks also charge a flat fee for incoming international transfers. Those that don't charge are all pretty much the same.

Yes I assumed any pay,net is €'s would be subject to a receiving fee. Perhaps opening a Euro's account (somehow, somewhere) and then using a transfer service would cut down on the fee?

mgdavid

you can open a Euro account at a German Post Office, pay in and then transfer and exchange to your normal UK account via a FX broker.

Or if you already have a £ account with Barclays you can open a Euro account with them. Pay in etc as above.

There's an MSE article / thread on FX brokers, but for example Currencyfair.com charge only €3 per transfer and their rates are far better than high street banks'.

sf000000

Barclays do it and it does not charge monthly fee (USD account does). Also it is a personal account.

grumbler

azzap wrote: »

Perhaps opening a Euro's account (somehow, somewhere) and then using a transfer service would cut down on the fee?

Any € transfer in UK will cost you. Using the same bank to change € to £ will cost the same ~3%.

mgdavid wrote: »

Or if you already have a £ account with Barclays you can open a Euro account with them. Pay in etc as above.

"Pay in etc as above" doesn't work when paying from a € account in UK for the above reason.

mgdavid

grumbler wrote: »

Any € transfer in UK will cost you. Using the same bank to change € to £ will cost the same ~3%.

"Pay in etc as above" doesn't work when paying from a € account in UK for the above reason.

as you didn't seem to read / understand my post I'll say it again:

"pay in and then transfer and exchange to your normal UK account via a FX broker. "
It doesn't matter where the bank accounts are , same branch or different continents, as long as they both have IBAN numbers, you transfer currency A out to the FX broker, do the conversion at €3 cost, then transfer currency B to your other account.

eDicky

mgdavid wrote: »

as you didn't seem to read / understand my post I'll say it again:

"pay in and then transfer and exchange to your normal UK account via a FX broker. "
It doesn't matter where the bank accounts are , same branch or different continents, as long as they both have IBAN numbers, you transfer currency A out to the FX broker, do the conversion at €3 cost, then transfer currency B to your other account.

But how is the initial transfer from a UK euro account to the FX broker made, without incurring charges?

Voyager2002

mgdavid wrote: »

as you didn't seem to read / understand my post I'll say it again:

"pay in and then transfer and exchange to your normal UK account via a FX broker. "
It doesn't matter where the bank accounts are , same branch or different continents, as long as they both have IBAN numbers, you transfer currency A out to the FX broker, do the conversion at €3 cost, then transfer currency B to your other account.

UK bank branches will not accept Euro cash to credit to a Euro account.

mgdavid

Voyager2002 wrote: »

UK bank branches will not accept Euro cash to credit to a Euro account.

Azzap (the OP) is paid in Euros on the continent - nowhere has he said it is in cash, that would be highly unusual for an employer to do.