English banks to get paid Euros into

adamwenn100

Good afternoon MSE,

I am looking at work abroad on yachts within the next month or two. However I am going to be paid either Euros or Dollars. I don't want to get paid these currency's into my normal Co-op bank account and then have to pay the banks high fee's to convert it into GBP.

I have been told about Resolute and another company that I can get banks with that allow me to transfer most currency's between banks for very minimal fee's. However you can only withdraw a small amount a month what could be a pain.

Does anyone know any good banks to open an account with and what accounts to open.

TIA.

eDicky

Perhaps you mean 'British' banks. Avoid foreign currency accounts with the major UK banks because you will still be subject to their adverse exchange rates.

Fineco Bank UK provide a multi-currency account with conversion to GBP at very close to the mid-market rate, then charge (I believe) 50p for a transfer to any other UK account.

The TransferWise 'Borderless Account' provides personal account details to receive a salary directly, then charges 0.5% for conversion at the perfect interbank rate.

Likewise, Revolut can be used to receive salary in euros to a personal IBAN, conversion without fee at the interbank rate (weekdays) for up to £5k per month, 0.5% fee thereafter, fee-free transfer out.

DCFC79

Theres other threads that discuss accounts for euros and maybe the same for dollars.

Anthorn

eDicky wrote: »

Perhaps you mean 'British' banks. Avoid foreign currency accounts with the major UK banks because you will still be subject to their adverse exchange rates.

Fineco Bank UK provide a multi-currency account with conversion to GBP at very close to the mid-market rate, then charge (I believe) 50p for a transfer to any other UK account.

The TransferWise 'Borderless Account' provides personal account details to receive a salary directly, then charges 0.5% for conversion at the perfect interbank rate.

Likewise, Revolut can be used to receive salary in euros to a personal IBAN, conversion without fee at the interbank rate (weekdays) for up to £5k per month, 0.5% fee thereafter, fee-free transfer out.

Depends on whether the employer or other payor will transmit the salary directly to Revolut or Transferwise or some other third party money service. In my case I have Euros paid directly into my French bank account because that is required by the payor and from there I can decide where it goes to exchange. If I transfer to my U.K. bank I can either have the transmitting (French) bank decide the exchange rate and convert from Euros to GBP and send in GBP or accept the receiving (U.K.) bank's exchange rate converting from Euros to GBP or indeed transmit via a third party.

antrobus

eDicky wrote: »

Perhaps you mean 'British' banks. ...

Perhaps they mean banks located in the jurisdiction known as England and Wales? As opposed to those located in the jurisdiction known as Scotland?

Given the problems we have had with Scottish banks of late, HBOS and RBS, avoiding Scottish banks might be sensible'

glider3560

Anthorn wrote: »

Depends on whether the employer or other payor will transmit the salary directly to Revolut or Transferwise or some other third party money service.

Revolut now provide your own sort code and account number for receiving GBP payments, and your own personal IBAN for EUR payments. The sender will just think they're sending a SEPA transfer to a normal bank account.

heathrow

I work abroad and am paid in US dollars.

I have these paid into a US dollar account with HSBC in London - HSBC will open a Foreign Currency Account if you have a regular current account with them.

I also have a Fineco account and use this to convert USD to GBP.


I would recommend getting a Fineco account and having either USD or EUR paid into it - they are the cheapest way to exchange USD/EUR to GBP.

System

antrobus wrote: »

Perhaps they mean banks located in the jurisdiction known as England and Wales? As opposed to those located in the jurisdiction known as Scotland?

Given the problems we have had with Scottish banks of late, HBOS and RBS, avoiding Scottish banks might be sensible'

English domiciled Barclays is being investigated for fraud plus Northern Rock and Bradford & Bingley actually went bust.

Avoiding English banks might be sensible