Best Euro bank accounts

PaulBear

This seems the best fit for my request for help.

I am retired and thinking of moving to Spain soon and am hoping that someone could help me with regards to Euro bank accounts.  I know about the requirements to open an account in Spain.

I wanted to know if there are any accounts that pay interest and also any good accounts I could open whilst still in the UK.

Any assistance would be appreciated.

[Deleted User]

I don’t know about Spanish/EU  banks but we have HSBC accounts in 3 currencies in Britain and Canada. Very convenient. You can open another HSBC account while being in another country - I did. Money can be moved between countries in an instant and at zero cost.  Currency exchange needs to be done outside the bank though - to cut the cost. And HSBC is unlikely to pay meaningful interest, even in their so-called “high interest account”.  For that you need to go elsewhere.

JoeCrystal

PaulBear, have you considered possible rules changes for migrating to Spain as a permanent resident? You are no longer an EU citizen, after all (if you are just a British citizen I mean).

Secret2ndAccount

I have an account with Transferwise. It operates online via computer or phone app. I have three separate balances in Sterling, Euro and dollars. Each currency has its own Swift code and account number, so people can pay into them, and I can send money out. I also have a debit card. If I shop in America, it takes the money out of my dollar account. When I travel in Europe, and pay for something in Euro, the money comes from my Euro account. There are no charges or fees for this. If the relevant account is empty, the money comes from my sterling account, exchanging at just a fraction above the inter-bank rate.

I find it very flexible, with low charges, and I have had no problems with their service.

gm0

Three I have used:

Citibank (old school triple accounts GBP USD EUR.  BIC/IBAN. BACS FPS for the sterling element. More a US expat thing.  No branch network in UK (a couple - Canary Wharf/Hanover Sq).  Even if there is an outlet in Madrid I doubt visiting it would be helpful with a Citi UK account.  Not very global under the hood.  But it works. Basic internet banking.  Try to never go to a branch - a horrible experience - they only had two for all their expat customers in London and they were full of people waiting to solve difficult 40 minute level issues.

Revolut - disruptor.  App only.  Terrible support if the app breaks - primary support being through the app.  Not a viable main account for that reason alone in my opinion. Though others use it without concern.  Decent FX rates in 2019 when I tried it.  It works.  Viable 2nd card for holiday money if your phone is usually current and likes their app

FairFX - prepay card load. Old school payment networks VISA etc. Rates not what they once were.  Fallback holiday money if you already have one.  New customer now - maybe not.  Better rates elsewhere.

Voyager2002

Firstly, there is even less chance of decent interest rates in Euro than in Sterling.

Secondly, the multi-currency account from Fineco works well. It offers currency exchange at minimal cost; you can get a Euro debit card that permits free withdrawals; customer service (email or telephone) is reasonable; and you can open it in the UK.

Thirdly, if you want to settle in Spain you should get there quickly, but do be aware that Corona virus is very serious there. Note also that if you have a property in the UK to sell, if you sell it once you have registered as a resident of Spain you will have to pay tax on the proceeds.