Any tips on how to save money if paid in Euros?

wmoo28

Hi all.

At present in work in international motorcycling racing for a French team. I am paid in Euros (set amount each month) and I was wondering if any of you experienced people, may have any surprise hints or tips on how to prevent (as much as possible) losses in wages for when the exchanges rates alter? By this I mean, for example, would it be wise to open a French/EU bank account ( I'm guessing no as I would still have to transfer the money to my UK account - and of course, the banks will charge). Or alternatively, open a UK account with the Euro as the denominated currency?

At the moment, being paid in Euros is not a bad thing, however, we all know that the economy will strengthen. On the other hand, if there is another way, I'd really appreciate any help or guidance you may be able to offer.

Thanks in advance.

eDicky

wmoo28 wrote: »

By this I mean, for example, would it be wise to open a French/EU bank account ( I'm guessing no as I would still have to transfer the money to my UK account - and of course, the banks will charge).

Open the French account to receive your wages in euros. Britline, part of Credit Agricole, offers accounts with minimal fees for Brits, if there are obstacles with other banks. A euro account in Rep of Ireland would also work.

Avoid all bank fees and adverse exchange rates by using a service such as TransferWise to send funds to your UK account, mid-market rate and 0.5% fee.

And/or use Revolut for the transfer, interbank rates (weekdays) and zero fees on conversion up to £5000 equ. per month, 0.5% thereafter.

Username!_2

I thought creating a bank account in France is much more complicated. I`ve heard somewhere that you need to have citizenship as well as many others conditions

glider3560

Username! wrote: »

I thought creating a bank account in France is much more complicated. I`ve heard somewhere that you need to have citizenship as well as many others conditions

The EU Payments Account Directive requires banks in any EU country to open basic bank accounts for customers located in any other EU country.