Banking in euros and pounds

Ray_C

Looking for advice on banking in euros which I haven't been able to find on other threads. I receive some of my income (self-employed) in euros, and have been considering opening a euro account for a while so as not to lose out on currency conversion charges/rates applied by UK banks. Now we are planning additionally to buy a property in Germany, so I will have some large (6-figure) payments to make in euros. Does it make sense to use the Transferwise Borderless account? Or to open a euro account with a German bank - or might Brexit put a spoke in that, as I may shortly no longer be an EU citizen? Or are there other options? Grateful for any help....

penners324

Several Uk banks offer Euro accounts. Why not open 1 of those?
Starling Bank is probably the easiest to open.

eDicky

TransferWise Borderless is very useful for conversion and transfers, and could be used to receive your euro earnings, but it's not an actual bank account with FSCS protection.

Starling Bank now offers an additional euro account, with conversion to/from GBP at only 0.4% margin on the interbank rate. Fineco Bank UK, with even better conversion margins, would also be worth looking at. The main UK banks are best avoided with their terrible conversion rates and usually fees on transfers.

You will need a German account sooner or later if you're going to reside there, a verifiable address is probably required by major banks. N26 bank (German, mobile only) offers both euro and GBP accounts, according to where you say you reside, and don't require verification of your address there for card delivery.

You can have a euro account with an Irish bank, such as KBC Ireland, using your UK address and tax ID. SEPA payments and transfers within Europe are fast and fee-free.

If you delay obtaining German residence until after losing your EU citizenship it will undoubtedly become more complicated.

Pinklady1992

I recently got a euro account with Monese with my gbp, so I can switch cash between the two with convenience.