How do I get a € Euro bank account?

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  • eDicky
    eDicky Posts: 6,574 Forumite
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    Many banks have a branch in Jersey, Guernsey or IoM (eg santanderpb.je), offering accounts in GBP, USD and EUR, with attached debit card in each currency. Part of UK system for direct debits, free transfers etc. But generally zero interest these days and minimum account balance requirements to avoid monthly charges (so effectively a cost if this money could earn interest elsewhere), and mid-market rates probably not used for currency conversions between accounts. Their foreign tax-avoidance and expatriate clientele is likely to be reduced these days so research might find some banks relaxing minimum balance requirements to attract UK customers and survive.
    Evolution, not revolution
  • Lyme_Bay_Harley
    Lyme_Bay_Harley Posts: 1 Newbie
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    Hi I am new to this forum but wanted to get advice about how the best way is of paying for something in Euros. I am UK based and have to pay 30000Euros worth into a Euro account abroad. what is the best way of doing this?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    Best to use a currency transfer service - find the best one on fxcompared.com
  • benjus
    benjus Posts: 5,433 Forumite
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    Lyme_Bay_Harley wrote: »
    Hi I am new to this forum but wanted to get advice about how the best way is of paying for something in Euros. I am UK based and have to pay 30000Euros worth into a Euro account abroad. what is the best way of doing this?

    Depends what you mean by "best".

    Cheapest: probably https://transferwise.com/ or similar - however in the unlikely event that they go bankrupt while holding your money (they only hold it for a short time), you'll probably lose it.

    Safest: your bank - however the exchange rate will probably not be good - you may not even be able to control whether it's the sending or receiving bank that converts from GBP to EUR.

    You could try calling your bank to see if they can offer a better exchange rate than the default one. You could also send the money in several smaller installments.
    Let's settle this like gentlemen: armed with heavy sticks
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  • mathelaci
    mathelaci Posts: 1 Newbie
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    Hi, I receive most of my income in EURs. I have been with HSBC and now Metro bank, both use an exchange rathe that includes 2-3% on top of the interbank exchange rate, when converting EURs into GBP, so I end up paying quite a lot. I have checked DKB mentioned in this thread a while ago, they no longer offer bank account for UK residents. It would have been good though! Cyprus Bank charges quite a lot. The offshore ones are also expensive. I am looking for a cheap euro bank account or a sterling account that does not apply charges for incoming payments in EUROs. Thanks. Laszlo
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    As has been suggested you could open a Euro account with an Irish bank (avoids the language issue!) – I believe Allied Irish will open euro accounts for non residents but you may actually have to go to Ireland to open it via a branch. Expect some questions as to why. You can call them on 00 353 1771 2424

    Barclays do offer a Euro account for current account holders – presumably you can use the currency transfer firms (transferwise/HiFx etc) to convert from that Euro account to sterling at better than bank rates. In effect you transfer to them in Euro – and then convert with lower charges/better rates than your own bank and pay this into your sterling account.

    PS Topcashback offer cashback on your first use of some of these currency transfer firms - just a suggestion!
  • grumbler
    grumbler Posts: 58,629 Forumite
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    MARTYM8` wrote: »
    ...presumably you can use the currency transfer firms (transferwise/HiFx etc) to convert from that Euro account to sterling at better than bank rates. In effect you transfer to them in Euro – and then convert with lower charges/better rates than your own bank and pay this into your sterling account. ...
    Presumably - for big amounts, as the transfer will cost you at least £15.
  • dougz_2
    dougz_2 Posts: 523 Forumite
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    bigjl wrote: »
    You can get Euro and Dollar Cashplus pay as you go cards that can be set up in the UK.
    You can recieve monies including wages and pay direct debits and standing orders.
    Looks like you also need a GBP card account first with a £4.95 monthly account fee while you hold a balance, but might still be worth it. Anyone know if you can do bank transfers out again, in the same currency as the currency card account, i.e to a forex service, if so how much such a transfer costs? Or do you have to spend all your USD/EUR using the card for purchases?
  • benjus
    benjus Posts: 5,433 Forumite
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    There's always Britline, the one I use. It's not free (€0.60 / month basic account charge, €30-€45/year for a debit card, fees for using other banks' ATMs) but it might be the cheapest option now that DKB is no longer available. Customer service is in English (but online banking is in French) and the account is registered to my UK address. I've been happy with the service.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • eDicky
    eDicky Posts: 6,574 Forumite
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    bigjl wrote: »
    You can get Euro and Dollar Cashplus pay as you go cards that can be set up in the UK.

    You can recieve monies including wages and pay direct debits and standing orders.

    The card itself has the account and sort code printed on it.
    dougz wrote: »
    Looks like you also need a GBP card account first with a £4.95 monthly account fee while you hold a balance, but might still be worth it. Anyone know if you can do bank transfers out again, in the same currency as the currency card account, i.e to a forex service, if so how much such a transfer costs? Or do you have to spend all your USD/EUR using the card for purchases?
    I have a Cashplus account, the main GBP card with sort code and account number which allows free transfers in and out, and a connected EUR card which as far as I can see does not. In the T&Cs for the currency cards:

    3.3 Top ups can be made; i) by transfer from a linked Cashplus Card Account, and ii) by exchanging Pounds for Euros/US Dollars at outlets of ‘The Money Shop’. Details of the exchange rate and applicable fees are available from ‘The Money Shop’. Funds should be available on your account within 30 minutes

    No other ways of depositing Euros directly to the card are mentioned, and I never imagined that there would be any.

    BTW I have never loaded or used the (free) Euro card because of the atrocious exchange rate used to transfer from the main card, but now having read the above T&Cs about 'The Money Shop' I will check their rates when next in the UK, I saw it mentioned somewhere that they are quite favourable.
    Evolution, not revolution
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