Euro Bank Accounts

saunderd
saunderd Posts: 7 Forumite
First Anniversary
in Budgeting & bank accounts
Hi

Are there any recommendations out there for Euro Accounts? I bank with First Direct but they no longer offer these.

A quick Google, I see Barclays offer one (but you also have to have a current account with them), Santander has a 'Gold Account' and HSBC offer something called a 'Currency Account'

Any ideas/thoughts/input/watch outs please? Thanks
«1345

Comments

  • mopezone
    mopezone Posts: 61 Forumite
    First Anniversary Combo Breaker First Post
    Yes, I would appreciate some help on this too!

    Here's the scenario - I am going to be paid a sum of euros from a UK bank euro account - I would like to open an account where I can deposit this in euros rather than have it converted into sterling, and then use that account for foreign spending when I go abroad, rather than have everything I spend converted back to sterling.

    Ideally I would like a euro account with a debit card, so that I can just withdraw euros directly from an ATM when abroad in the eurozone, without incurring any fees or conversion charges.

    Is there anything out there?
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
    First Anniversary
    mopezone wrote: »
    Yes, I would appreciate some help on this too!

    Here's the scenario - I am going to be paid a sum of euros from a UK bank euro account - I would like to open an account where I can deposit this in euros rather than have it converted into sterling, and then use that account for foreign spending when I go abroad, rather than have everything I spend converted back to sterling.

    Ideally I would like a euro account with a debit card, so that I can just withdraw euros directly from an ATM when abroad in the eurozone, without incurring any fees or conversion charges.

    Is there anything out there?

    Transferwise Borderless, or Revolut, or Fineco, would all meet your criteria. Note that none of them is FSCS protected. The former two operate by depositing your money in a "ring-fenced" account with a bank (and so you do rely on them doing what they say they will re ring-fencing it) whilst Fineco is protected by the Italian deposit guarantee scheme.

    KBC in Ireland is also an option, but that account has a quarterly fee.
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
    First Anniversary
    One more possibility: Ulster Bank. I haven't looked in detail, but the Foundation Account might be handy.
  • mopezone
    mopezone Posts: 61 Forumite
    First Anniversary Combo Breaker First Post
    londoninvestor wrote: »
    Transferwise Borderless, or Revolut, or Fineco, would all meet your criteria. Note that none of them is FSCS protected. The former two operate by depositing your money in a "ring-fenced" account with a bank (and so you do rely on them doing what they say they will re ring-fencing it) whilst Fineco is protected by the Italian deposit guarantee scheme.

    Do you think it would be safe putting a five figure sum in a Fineco account? I am sure there is an Italian deposit guarantee scheme, but is it rigorous, and given the state of the Italian economy..........
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
    First Anniversary
    mopezone wrote: »
    Do you think it would be safe putting a five figure sum in a Fineco account? I am sure there is an Italian deposit guarantee scheme, but is it rigorous, and given the state of the Italian economy..........

    I don't have a strong feeling either way to be honest.

    The only option I can see that's both protected by the UK FSCS, and has a debit card, is Bank Of Cyprus - that comes with fairly unpleasant fees though.
  • eDicky
    eDicky Posts: 6,570 Forumite
    First Anniversary Name Dropper First Post
    edited 2 November 2018 at 4:01AM
    saunderd wrote: »
    Are there any recommendations out there for Euro Accounts? I bank with First Direct but they no longer offer these.

    A quick Google, I see Barclays offer one (but you also have to have a current account with them), Santander has a 'Gold Account' and HSBC offer something called a 'Currency Account'

    Any ideas/thoughts/input/watch outs please? Thanks
    You don't mention your actual purpose, but if it's similar to that of Mopezone then London Investor's advice is valid.

    If it's just for eurozone travel or payments then it's best to keep your money in pounds and use a suitable card that converts without fees when used.

    Avoid foreign currency accounts offered by UK banks, your funds will be trapped with no card or way to transfer out without fees and terrible exchange rates. The KBC Ireland account has no fees, I believe, if you are over a certain age (65?), and the basic account is free. UK address and tax id is accepted.
    Evolution, not revolution
  • mopezone
    mopezone Posts: 61 Forumite
    First Anniversary Combo Breaker First Post
    The way I see it though, is that it's not a good idea to keep money in pounds, as I foresee the pound tanking after Brexit!

    The money I will be paid is already in Euros, so I wanted to avoid having to convert it to pounds to receive it, and then to have it converted back into Euros when I spend in the Eurozone - I actually have a Halifax Clarity card which is great with no charges, but it doesn't insulate you against worsening pound/euro exchange rates.

    That Irish account sounds worth investigating though, as I am over 65!:rotfl:
  • colsten
    colsten Posts: 17,597 Forumite
    First Anniversary Photogenic Name Dropper First Post
    eDicky wrote: »
    The KBC Ireland account has no fees, I believe, if you are over a certain age (65?)

    It's over 60 https://www.kbc.ie/our-products/kbc-current-account/current-account/free-day-to-day-banking-for-60

    No FSCS protection, though. Only the Irish equivalent of it. This might be considered sufficient protection but it's an individual decision.
  • saunderd
    saunderd Posts: 7 Forumite
    First Anniversary
    eDicky wrote: »
    You don't mention your actual purpose, but if it's similar to that of Mopezone then London Investor's advice is valid.

    If it's just for eurozone travel or payments then it's best to keep your money in pounds and use a suitable card that converts without fees when used.

    Avoid foreign currency accounts offered by UK banks, your funds will be trapped with no card or way to transfer out without fees and terrible exchange rates. The KBC Ireland account has no fees, I believe, if you are over a certain age (65?), and the basic account is free. UK address and tax id is accepted.

    I have a Spanish current account and no longer wish to keep my money in Spain. I have looked further into Barclays and HSBC - both are pretty useless accounts - no card to use your money and the only way to access it is to transfer in and out via another account (= fees). Santander International and their Gold Account offers a card & so far appears to be the only other option. Having gone into a branch they didn't know anything about it so I will need to investigate further.
  • susanpemberton
    susanpemberton Posts: 12 Forumite
    I second Fineco. I've never had problems with them and have had multiple 4/5 digits sums paid in at various times.

    Susan xxxxxxxx
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