EUR CHARGE to receive money

karimkhimji

Hi All,

Receiving a euros payment and have a santander uk current account. What are the fees I will get charged to receive the euros. It is a medium amount so the fees would be material, I also have a chase account. Is there any advantage of using chase vs santander in terms of the fees charged?

Happy to open another account even if it it means saving on any unnecessary EUR charge.

Thanks

karimkhimji

I think Monzo fees are 1% right?

huw01

Would a wise account not be better. You could receive it in euros into your euros acc and then convert and transfer it if and when required

flaneurs_lobster

Receiving EUR into a EUR-designated account will have zero cost, common consumer accounts to hold would be Revolut or Wise, their onward conversion rates to GBP would be close to mid-market rates (weekdays for Revolut).

Sam_666

"medium amount". Most ambiguous quote of the day.

"fees would be material"? What is that suppose to mean? Do you know of any £ account that will not charge for incoming €?

As huw01 kindly posted above, Wise is best option. You can find Santander fees info on their website.

karimkhimji

1000 EUR roughly, starling is 0.4% if hold a euro account and 2% if directly withdrawing into GBP account, WISE is like a uk bank account and gives you an IBAN? Never heard of it before.

flaneurs_lobster

 You can find Santander fees info on their website.

I looked, couldn't find any details of the costs of receiving EUR (or any other non-GBP currency) into a UK Santander current account - neither fee nor conversion.

karimkhimji

I cannot find santander fee either nor are they helpful on chat

huw01

With wise they'll give you a UK bank account with an iban etc. But they'll also give you a euro account with an iban etc. I think the Euro account is a Belgian one.

Once you receive funds into your euro account you can either spend them using your wise debit card and each time they'll give you a conversion if you are spending in gbp etc. Or you can simply transfer them internally to your wise gbp account and they will convert it for a fee. You can then transfer it free into Santander as a faster payment. All info is online

grumpy_codger

I'm pretty sure there's no fee for receiving € transfers, at least for SEPA transfers. However be prepared to be charged by Santander about 3% for conversion. Hence the advice to use Wise or Revolut instead.

karimkhimji

Thanks all will sign up for Wise account, funds are protected?