GBP to Euros bank account

beckyatthebeer

My partner will be acting as a distributer in the UK for a Spanish company. He receives payment from customers in the UK and then pays the company in Spain. They require payment in Euros. What is the most cost effective/practical way of doing this. I was wondering if the UK customers paid into an account such as Starling then he could pay out in Euros to the Spanish company.
Does anyone have any knowledge they would be willing to share. Please assume I am an idiot and post accordingly because this is all new to me. Thanks

colsten

Starling Bank. The Business version of it.

sal_III

colsten wrote: »

Starling Bank. The Business version of it.

Probably the best option when using an actual bank. Just bear in mind this has 0.4% currency conversion fee.

Another option is Transferwise business account. Not sure what the conversion fees are on that one.

Ben8282

Welcome back to the forum after your 10 year absence.
Actually you seem quite well informed about Starling for somebody who wishes us to assume they are an idiot and post accordingly.
There are a large number of things to take into account in a business venture such as this and I am quite curious as to what he is actually selling..
Are these customers retail or wholesale customers? Will your partner wish to accept credit or debit cards, cheques etc or does he expect all customers to pay by bank transfer to this Starling account that for some reason you feel is best for him. Retail customers will probably not, for the most part, accept to make payments into a Starling bank account; they will wish to pay by means such as credit or debit card. Wholesale customers will expect an invoice and your partner to extend them some credit if he requires payment in this manner and does not accept cards.
Is the payment to the company in Spain to be made before the goods are dispatched and after the buyer has paid your partner? If no, your partner will need a bank that offers him some low cost credit facility. If yes, beware. Consider the implications of non receipt of goods by your partner/the customer.
I would concentrate on finding a bank which can facilitate these things.Would suggest your partner opens a proper business account with a proper bank.

colsten

Ben8282 wrote: »

Would suggest your partner opens a proper business account with a proper bank.

Just for the avoidance of doubt, Starling Bank is a proper bank. Out of interest, which other proper banks are offering Business Euro accounts?

afis1904

Starling is a slightly more expensive than TransferWise (which are 0.35%) however you would get an account with an actual bank which TransferWise isn't.

Ben8282

colsten wrote: »

Just for the avoidance of doubt, Starling Bank is a proper bank. Out of interest, which other proper banks are offering Business Euro accounts?

He doesn't need a business Euro account.
He needs a GBP business account to conduct his UK business and receive the payments from clients. He needs to give consideration to the several other things I mentioned especially the things pointed out about how the UK clients will pay him as I honestly can't see them being happy to pay by bank transfer/FP as suggested which is why I asked if they were retail or wholesale clients. He needs a good merchant agreement for easy acceotance of credit/debit card payments if he is engaged in retail selling.
Presumably he will be retaining some of the GBP funds as profit for himself, so would not want the entire payments received converted to Euros or have his clients pay him into a Euro account.
He then needs to find the best way making his payments to the Spanish supplier, which is not necessarily the cheapest. He needs the most efficient and has to consider all factors.
I can see that you have a liking for Starling and their products and it is good that you are pleased with the service that they offer you, but that does not automatically make them the best choice in every scenario.

DCFC79

OP options have been suggested on other threads, Im sure the search function still works the same as when you first posted.

colsten

Ben8282 wrote: »

He doesn't need a business Euro account.

Oh wow. You know a lot about his business.

born_again

He doesn't need a business Euro account.
Originally posted by Ben8282
”Oh wow. You know a lot about his business.

My partner will be acting as a distributer in the UK for a Spanish company. He receives payment from customers in the UK and then pays the company in Spain

Ben is right, OP does not need to be a Euro one. What they need is A business account.
But given that they are taking it that people will simply send a banking payment and not card payments is odd.

Ben8282

colsten wrote: »

Oh wow. You know a lot about his business.

As it happens I know nothing about his business which is why I have asked several questions in order to find out things about his business in order to make unbiased and useful suggestions to the OP'.
All we actually know so far is that the OP's partner is expecting to receive amounts in GBP to be paid into his Starling account by various individuals which he will then convert to Euros and forward on to somebody in Spain. I can think of a name for that type of business.