Euro account in UK

Mary10987

I am looking to open a personal bank account in Euro, in UK. I am going to us this account for high amount transactions. I am about to sell some of my assets in Europe, this is the reason why I need a bank account in Euro. I was looking at Transfer Wise, Revolut, Starling Bank, but I heard a few horror stories as they can block the account if they see high amount transactions. To be honest, I don't have any time to waste with phone calls and emails, so I am looking for a reliable bank that I can trust. 
Any recommendations, experience regarding Euro bank account in UK ? 

Thank you, 
Mary 

colsten

I would do it with Starling, HSBC or Wise. Although you won't get any guarantees, it might help if you advise your expected payments. In any case, you would have to be able to provide details of the source of funds if asked. With Wise, make sure your account is fully verified before you start transferring.

HSBC have a miserable exchange rate but is probably the most tolerant regarding large amounts. You could transfer Euros from HSBC to Starling in smaller amounts, and then change to Sterling in Starling. HSBC don't charge for Euro to Euro transfers. Wise do.

CS at HSBC, Starling and Wise is good.


Absolutely definitely do not use Revolut. Terrible outfit when it comes to CS.

colsten

NB. what do you consider "high amount"? Anything up to €15K - €20K should normally sail through

Mary10987

Colsten, thank you very much for your comment. The transactions are going to be above  € 50,000. Obviously, I can provide details regarding the source of funds. I own these assets that I am about to sell. I am not doing any money laundering, or other dodgy activities. I only want to have an account in Euro were I can keep this money and then convert in GPB when I need them. I have my Current Account  and Savings account with RBS, but I don't want to keep to much money in the same bank. I am thinking at Starling Bank as they are regulated by FSCS, also I was advised to look at Starling Bank but I don't know too many that have experience with this bank. I work in Engineering, I have a very busy job and I definitely have no time to waste with them if they block my account. 

eskbanker

Mary10987 said:

I heard a few horror stories as they can block the account if they see high amount transactions. To be honest, I don't have any time to waste with phone calls and emails, so I am looking for a reliable bank that I can trust.

Mary10987 said:

I have a very busy job and I definitely have no time to waste with them if they block my account. 

Probably best to go into this with realistic expectations - if you open a new account and start firing around multiple >€50K transactions in the hope that nothing will be challenged at any point or that it'll largely be frictionless, then chances are you'll be disappointed, whoever you choose.  Look at it the other way round - if a bank gained a reputation for handling repeated large transactions with no questions asked, the associated connotations aren't something they'd aspire to....

Going with FSCS-protected institutions is undoubtedly a good idea but IMHO best not put too much faith in anecdotal tales on review sites.

Mary10987

Eskbanker, I don't have any problem if they will ask questions as I can prove the source of funds and that I am not involved in any dodgy activities. What I am afraid is, of bad customers service and my account to be locked for months and months. They can keep the account blocked even from more than 3 months saying that ''they are investigating'' and so on. 

colsten

Note that Starling charge you if you keep more than €50K with them. 

I am not aware that the others do but best check

colsten

Starling is a totally okay bank, with proper FSCS protection. You also get FSCS with HSBC but you don’t get it with Wise, or with Revolut.

All of them can block your accounts. Whether it takes months to get them unblocked depends to some extent on how quickly you can furnish information about the source of your funds. They won’t be swayed by you saying you are a busy person or that you are not involvef in anything dodgy - all they need is documentary evidence about the source of the funds.

eskbanker

Mary10987 said:

Eskbanker, I don't have any problem if they will ask questions as I can prove the source of funds and that I am not involved in any dodgy activities. What I am afraid is, of bad customers service and my account to be locked for months and months. They can keep the account blocked even from more than 3 months saying that ''they are investigating'' and so on. 

But the point is that timescales for release of funds in such circumstances are unlikely to be proportional to 'customer service', i.e. don't kid yourself that a bank with good reviews will either be less likely to withhold funds or to release them faster than others....

Mary10987

This week, I managed to open an euro bank account with Barclays. The process was easy not very complicated, I had to download their app, open a sterling current account on their app, next day I went to a Barclays branch to ask to open the Euro account. ( I could open the euro account also through the phone, but when I called they said that I have to wait 20 minute in a queue. As I live near the branch, I went to speak with them). After the euro account was opened in the branch, I had to wait three days until I could see the euro account details (IBAN, Sort code, account number, SWIFT) on the app. I am planning to start using also the sterling current account, I am going to set up a few direct debit from this account. As I said in my initial post, one of my concerns was about my account to be block because of high amount transactions. Well, many of you maybe won’t believe but while I was waiting in the branch for the lady to fill out my request and so on, I had actually seen a gentleman complaining that his account was closed. The client adviser, explained to the young gentleman why his account was closed and asked more questions regarding the transactions on his account. They had near one hour of talking, I considered all reasonable questions to be asked by the bank.( I really enjoyed waiting there quietly for the lady to fill my application, as I could see how they handle these issues with the young gentleman). Also, myself I discussed with the lady that opened my account, why I need the euro account, I said that are going to be high amount transactions and so on. She said that possible the transactions team will ask questions, but as long as the transactions are legitimate I shouldn’t worry. Also, she said that I can come into the branch and to discuss with them if any issues. (She also mentioned about the phone call numbers, chat apps, all the digital stuff they have. But I said to her that the reason why I chose Barclays is that they have a branch and I can speak with a human being face to face if any issues. I said to her that I hate to press 1 and to wait on the phone for hours and hours or wasting time with emails back and forward. She understood that I am far too busy to waste time with all from above, and the only option is going to be a discussion with a human being face to face. I live less than 15 minutes drive from the branch, I am not deluded to wait over 30 minutes on the phone to speak with a human being). Overall, I am happy that they helped me with this account. I am also planning to start my own business ( I am in my mid 30 and fed up of corporate politics), and most likely I will continue with Barclays. I will keep updating this post about how things goes and if I have any issues. Thank you very much to all that replied to my initial post. 

colsten

Good grief. 3 days to get online access to a Euro account. When you can get a usable one in ten minutes at Starling, and probably even be in possession of your debit card within 3 days as Starling send the debit cards very quickly.

But the main off-putting thing is the total breach of confidentiality if a person can sit in a Branch for 1 hour and overhear the discussion of a stranger's blocked/closed account. Appalling and unacceptable IMO.