Best UK Euro Account

ddsull

Hi, 

I'd like some advice on holding euros in a UK bank account.

I'd like to open a UK (I live in the UK) account where I can hold euros. 

I'd like to have an account where I can get euros paid in and not get big fees to transfer out. For example if I want to wait the convert to GBP when a better rate is available.

I'm with HSBC and looked opening a currency account but this apparently coverts to local currency when you transfer in (I may be wrong).

I did have a different euro account (which I think was different) but it closed. I'll see if I can open it back up again.

What are the best options for holding foreign currency in the UK. I also have a Starling account so that might be something to look at. I think they offer the FSCS protection for euro accounts.

Any other options?

Thanks in advance.

eDicky

ddsull said:

I also have a Starling account so that might be something to look at.

Look in the Starling app to open their EUR account in addition, if you haven't already. Exchange to GBP at interbank rate with 0.4% fee.

For HSBC you need to open the EUR Currency Account to receive funds in euros, then the Global Money Account to use for conversion.

The Wise account, though not an actual bank, is very popular and practical for multi-currency use.

penners324

Starling you best bet here

ddsull

eDicky said:

ddsull said:

I also have a Starling account so that might be something to look at.

Look in the Starling app to open their EUR account in addition, if you haven't already. Exchange to GBP at interbank rate with 0.4% fee.

For HSBC you need to open the EUR Currency Account to receive funds in euros, then the Global Money Account to use for conversion.

The Wise account, though not an actual bank, is very popular and practical for multi-currency use.

Thanks for this. The Euro account is not available on Starling at the moment. It hasn't been for a while. Hopefully it becomes available again soon. I might check out wise.

Futuristic

HSBC have separate specific currency account options, it is a bit confusing.

Here's the one where you get separate "account" for specific currencies:
https://www.hsbc.co.uk/international/currency-account/ (Not global money account)

[Deleted User]

If you've already for a HSBC current account then their Euro/Global Money account combo would seem the way to go.

pecunianonolet

I second HSBC, the Euro currency account is free and you can send/receive SEPA payments and you can spend it with Global Money debit card if needed. The Global Money account can't receive payments. 

You can also pay in € cash in branches to your currency account fee free. 

ak07906

Always liked Revolut for a separate Euro account, which friends and family from the continent regularly pay into. Exchange between currencies is straightforward, too. I think up to £1000 can be exchanged fee free per month, after that a very reasonable rate applies.

friolento

pecunianonolet said:

I second HSBC, the Euro currency account is free and you can send/receive SEPA payments and you can spend it with Global Money debit card if needed. The Global Money account can't receive payments. 

You can also pay in € cash in branches to your currency account fee free. 

I got charged £38 for receiving a medium 3-figure EURO amount, sent from a SEPA country, into my HSBC Currency Account. Upon my complaint, they refunded it on a goodwill basis so I am not out of pocket but I will never ever again use the Currency or the Global Money account and have now closed both. I am fortunate in that I have a Starling Euro account, with which I have not had any problems in several years. My alternative is Wise, which also works flawlessly but they aren't a bank so I don't use them much

[Deleted User]

friolento said:

pecunianonolet said:

I second HSBC, the Euro currency account is free and you can send/receive SEPA payments and you can spend it with Global Money debit card if needed. The Global Money account can't receive payments. 

You can also pay in € cash in branches to your currency account fee free. 

I got charged £38 for receiving a medium 3-figure EURO amount, sent from a SEPA country, into my HSBC Currency Account. Upon my complaint, they refunded it on a goodwill basis so I am not out of pocket but I will never ever again use the Currency or the Global Money account and have now closed both. I am fortunate in that I have a Starling Euro account, with which I have not had any problems in several years. My alternative is Wise, which also works flawlessly but they aren't a bank so I don't use them much

The UK is non-EEA member of SEPA so there is zero protection against third party fees when using HSBC or Starling.
Wise use Belgian details which are still within the Eurozone and EEA so should be fine.

friolento

[Deleted User] said:

friolento said:

pecunianonolet said:

I second HSBC, the Euro currency account is free and you can send/receive SEPA payments and you can spend it with Global Money debit card if needed. The Global Money account can't receive payments. 

You can also pay in € cash in branches to your currency account fee free. 

I got charged £38 for receiving a medium 3-figure EURO amount, sent from a SEPA country, into my HSBC Currency Account. Upon my complaint, they refunded it on a goodwill basis so I am not out of pocket but I will never ever again use the Currency or the Global Money account and have now closed both. I am fortunate in that I have a Starling Euro account, with which I have not had any problems in several years. My alternative is Wise, which also works flawlessly but they aren't a bank so I don't use them much

The UK is non-EEA member of SEPA so there is zero protection against third party fees when using HSBC or Starling.
Wise use Belgian details which are still within the Eurozone and EEA so should be fine.

There are no special rules for SEPA members from different countries. A country is either in SEPA or it isn't