EURO Bank Account in UK: what do you suggest?

ranierus

[Business bank in UK in euro]
I'm currently resident in UK, coming from Italy.

I need to setup a business account for my new company (LTD) and i need receive and send money in Euro. I want if possible to avoid conversion rate in pounds of banks...

I need a solution that allows me to use Paypal for send payments to my freelance co-workers in Italy in euro. Possibly with FSCS protection.

That's the options that i've considered right now:
Hsbc has a Euro account option, but they doesn't do you debit card so you are obligated to pay with direct bank transfer that has a cost (in total i will pay 60/80£ a month just for that...).

I see that Revolut has an option for business accounts but i want to know if there are alternatives, but no FSCS protection.


Do you know bank in UK (or not) that allow you to receive and send money in EURO that you can integrate with Paypal?

eDicky

Fineco Bank UK, probably a name you know, offers multicurrency accounts in UK, perhaps also for business, exchange rates very close to the mid-rate. You can quite easily open a euro account in Rep of Ireland with a UK address and tax number, eg KBC Ireland. A euro account with main UK banks such as HSBC etc is virtually useless, as you have noticed.

I don't know about 'integrating ' PayPal with such accounts, but I suggest that if you and your co-workers all sign up for Revolut accounts you can send funds in euros or other currencies to each other instantly, any conversion at interbank rates (weekdays) up to £5k per month, 0.5% fee thereafter, no fees for withdrawing or sending to bank.

ranierus

Thank you for you reply. Unfortunately, i can't use Fineco because is a italian bank, some accountants said to me that because i'm a expat it's best to not use italian banks.

I will se about Ireland banks, do you think that i can do it online or they require phisical presente to open a new bank account?

p.s. Detail, it's a business account for my company, just for clarification

eDicky

Personal Irish bank account can be opened online, not sure about business account.

There's this:
https://transferwise.com/gb/business/borderless

ranierus

Thank you!

Anthorn

ranierus wrote: »

Thank you for you reply. Unfortunately, i can't use Fineco because is a italian bank, some accountants said to me that because i'm a expat it's best to not use italian banks.

I will se about Ireland banks, do you think that i can do it online or they require phisical presente to open a new bank account?

p.s. Detail, it's a business account for my company, just for clarification

My solution is to open a bank account in Italy.

EU rules allow a bank account in any EU country for any resident of any EU country. But it is limited to at least a basic bank account. But that doesn't mean that banks in an EU country will only offer a basic bank account to residents of other EU countries:

Sample story

You don't need to live in an EU country to have an account there

S!ndor started to work for a company based in Slovenia while continuing to live in Hungary. The company requested that he open a bank account in Slovenia so that his salary could be paid into it.

He found a Slovenian bank near his work and asked to open a basic account. The bank let him open an account even though he was not living in Slovenia.

Banks cannot simply refuse you a basic account because you don't live in the country.

https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm

But if you are going to open a bank account in Italy or other EU country do it before the EU closes the door!

ranierus

Hello Anthorn, thanks for your reply and precious informations...i've read online that for Germany you need to be resident to open a bank account. I will search information.

I can't open a bank account in Italy because i changed my fiscal residence in England, so know i have to transfer all properties i have in Italy.

That's a good news, do you banks that allows you to open a bank account online? So i can save time and money to fly in another country for opening a bank account.

Question: do you know if it's okay to use a basic bank account for a company in UK? Or you need a business account?

FixedIncome

ranierus wrote: »

Thank you for you reply. Unfortunately, i can't use Fineco because is a italian bank, some accountants said to me that because i'm a expat it's best to not use italian banks.

I will se about Ireland banks, do you think that i can do it online or they require phisical presente to open a new bank account?

p.s. Detail, it's a business account for my company, just for clarification

I know a good euro account
but please clarify why you should not use Fineco, I am italian too

thanks

Callum_Lawson

You can solve your problem easily with 2 more solutions that open bank accounts for people (and for businesses) around Europe, in EURO and other currencies:

icard.com (site)

and

mypos.eu (site)

Have a great day!

Marchitiello

ranierus wrote: »

Thank you for you reply. Unfortunately, i can't use Fineco because is a italian bank, some accountants said to me that because i'm a expat it's best to not use italian banks.

I will se about Ireland banks, do you think that i can do it online or they require phisical presente to open a new bank account?

p.s. Detail, it's a business account for my company, just for clarification

Fineco UK it is indeed still based in Italy (so covered by the EU deposit protection scheme equivalent of the UK one) but it is offered only to UK resident and there is a specific declaration around tax liability (which in your case will be in the Uk if you are now resident here). However I do not think they offer a Business account.

I am a director in several companies paying for supply and services companies and people in EU countries, including Italy. Our approach is to have a main UK bank account in GBP and either use Revolut/Starling business account or Transferwise for the EU transactions in Euro.