Best Business Bank Account for New Business Startup being paid in Euros

Gilko2

Hi, I'm setting up a new limited company in the UK consulting for a business in Europe who have agreed to pay me monthly in euros. Rather than opening a business bank account and the having said bank use it's own unfavourable exchange rates whilst attracting possible transaction fees converting euro's to pounds, can anyone suggest a better alternative or process? Maybe one that currently works for them 
?
Monthly payment would be in the region of the €10,000 and i'd look to have a Euro account to receipt this ammount and a separate GBP account to transfer either part or all the received amount (depending on current exchange rates) on a monthly basis.

I have seen similar posts but most date back several years so i'm certain things will have changed since then.
Any advice would be very much appreciated.

simongregson

This? Euro bank account for UK businesses - Starling Bank

Gilko2

Thanks Simon. I contacted Starling last week and they are currently paused applications - see below. Hopefully they will be taking applications soon.
We've temporarily paused applications for the following accounts while we make some changes and improvements to the account opening process: - Additional Personal Account - Euro (Personal & Business) - Business US dollar. This means you won’t be able to open one right now, but we’re working to make them available again soon. When they’re back, you’ll be able to apply from the menu in the Starling app, as long as you’re eligible for the account.

penners324

Revolut is probably your best option then. Or Wise.

mrodent33

Just been reviewing the options here. Wise charge £50 to set up, a one-off charge. Then to receive a payment in EUR appears to be 2.39€ per payment received. 

But I just had a chat with an agent who tell me that in fact a SWIFT payment from a EUR country counts as a "domestic" payment (into this EUR account), so that there is no charge for it. 

Setting up for a limited company seems quite straightforward (details taken from Companies House automatically) but you have to pay the £50 "instantly", meaning "by means of a card". My company doesn't have a card so I'll have to pay using a personal card, slightly annoying.

Westin

I'd say Wise.

I have my GBP business banking with MetroBank (free if £6k monthly balance held) plus use WISE for my USD/EUR receipts and payments.  You can also of course have a WISE GBP£ account.   Never had issues, good exchange rates and instant transfers between currency accounts.

mrodent33

@Westin ... glad to hear you have good things to say about it. Just done it, got my EUR and GBP account details. Everything really painless ultimately. Refreshing and surprising.

My existing GBP a/c for my company is at Santander ... had it for years and there's never been any "minimum balance" nonsense, just as well because I hardly have any non-euro clients. May well use the Wise company accounts exclusively from now on.