Inheritance question - Best bank account for moving money from Germany to the UK

What_time_is_it

My partner will be inheriting some money and a share in a property in Germany later this year.
We are looking at what the best way is to transfer this money to the UK. Is it best to open a Euros account in the UK with someone like Starling? 
The property will be sold so it is likely that the proceeds from this will also be transferred to the UK bank account later on too.

Any advise on how to proceed is very welcome.
Thanks.

km1500

if you want the money in GBP then maybe a Wise account or similar as it offers a good exchange rate

or do you want to keep the money in EUR ?

What_time_is_it

Thanks @km1500
It would be moving Euros to the UK. Very likely, but not certain, to want to change it to Sterling.

What_time_is_it

How does Wise stack up against, for example, HSBC Global?

PRAISETHESUN

You definitely will want to receive the money into a EUR denominated account and then manage the conversion of EUR to GBP yourself. Wise is okay for a one off, but doesn't have any FSCS protection so I'd advise only using them for the conversion and don't use them to actually store the money.

I hear good things about the HSBC global money account from other posters on here, although I've never used them. Otherwise check out the MSE recommendations: https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

Band7

PRAISETHESUN said:

You definitely will want to receive the money into a EUR denominated account and then manage the conversion of EUR to GBP yourself. Wise is okay for a one off, but doesn't have any FSCS protection so I'd advise only using them for the conversion and don't use them to actually store the money.

I hear good things about the HSBC global money account from other posters on here, although I've never used them. Otherwise check out the MSE recommendations: https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

You can't currently receive non-GBP deposits into the HSBC Global Money account. It's possible to funnel Euros through some other HSBC accounts into the Global Money account but frankly, it's much easier to use Starling Bank in the first instance, and the bottom line in terms of GBP will be more or less the same.

OP doesn't mention how much money is involved but it would be a sensible idea to keep transfer sums below £85k, even if this means several transfers would be required. It is also essential to have proof for the source of the money as large transfers are likely to automatically trigger AML investigation. Such investigations can't be avoided by giving the receiving bank prior notice of the impending large payment (as if they were, fraudsters would routinely give such notice).

[Deleted User]

If you have an account with HSBC or Barclays either will open a GB based Euro account without charge.

Wise is a good option too but only to convert & transfer to your main GBP account.

Starling have charged for storing Euros (0.5%) in the past, so I would avoid that option

Band7

[Deleted User] said:

If you have an account with HSBC or Barclays either will open a GB based Euro account without charge.

Wise is a good option too but only to convert & transfer to your main GBP account.

Starling have charged for storing Euros (0.5%) in the past, so I would avoid that option

Barclays have an unattractive exchange rate.

HSBC has already been mentioned.

Starling haven't charged for holding Euros for the last couple of years at least, and are offering one of the keenest deals.

[Deleted User]

Band7 said:

[Deleted User] said:

If you have an account with HSBC or Barclays either will open a GB based Euro account without charge.

Wise is a good option too but only to convert & transfer to your main GBP account.

Starling have charged for storing Euros (0.5%) in the past, so I would avoid that option

Barclays have an unattractive exchange rate.

HSBC has already been mentioned.

Starling haven't charged for holding Euros for the last couple of years at least, and are offering one of the keenest deals.

Starling only stopped charged negative interest on Euro accounts from the 27th July 2022 - that was less that one year ago. Hardly 'the keenest deals' or 'for the last couple of years at least'.

With a Barclays Euro account, there will be no exchange rate (attractive or otherwise) plus you can also draw out physical Euro if you so choose from a branch. With a HSBC Euro account there will be no exchange rate but their is further option of the competitive Global Money account bolt-on (competitive exchange, Visa debit card with ATM withdrawals)

Marchitiello

I believe starling also apply charges to conversion, or at least started doing it at some point (initially it was free)

pecunianonolet

Band7 said:

PRAISETHESUN said:

You definitely will want to receive the money into a EUR denominated account and then manage the conversion of EUR to GBP yourself. Wise is okay for a one off, but doesn't have any FSCS protection so I'd advise only using them for the conversion and don't use them to actually store the money.

I hear good things about the HSBC global money account from other posters on here, although I've never used them. Otherwise check out the MSE recommendations: https://www.moneysavingexpert.com/banking/foreign-currency-exchange/

You can't currently receive non-GBP deposits into the HSBC Global Money account. It's possible to funnel Euros through some other HSBC accounts into the Global Money account but frankly, it's much easier to use Starling Bank in the first instance, and the bottom line in terms of GBP will be more or less the same.

OP doesn't mention how much money is involved but it would be a sensible idea to keep transfer sums below £85k, even if this means several transfers would be required. It is also essential to have proof for the source of the money as large transfers are likely to automatically trigger AML investigation. Such investigations can't be avoided by giving the receiving bank prior notice of the impending large payment (as if they were, fraudsters would routinely give such notice).

With HSBC you can have a € currency account which is fee free. HSBC is charging fees for incoming and outgoing payments for other currencies they offer but everything in € is fee free. That currency account also allows to pay in € cash fee free in branch to the currency account. From the curreny account you can now move to Global Money and spend it or make transactions or indeed convert. Rates seem very good, almost identical to VISA rates if I recall correctly.