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  • FIRST POST
    • saunderd
    • By saunderd 1st Nov 18, 2:10 PM
    • 5Posts
    • 0Thanks
    saunderd
    Euro Bank Accounts
    • #1
    • 1st Nov 18, 2:10 PM
    Euro Bank Accounts 1st Nov 18 at 2:10 PM
    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
Page 2
    • Nessie23
    • By Nessie23 10th Feb 19, 12:39 PM
    • 231 Posts
    • 124 Thanks
    Nessie23
    Hi All,

    So dear readers, my questions to you:
    1. Is there a more efficient way to receive and convert regular EUR amounts into GBP?
    2. Is my bank charging me a fair rate?
    Originally posted by bfg_hightower

    Until the Starling account is released to everyone (hopefully should be just a few weeks) you could use Revolut to carry out the conversion (on weekdays, they have a worse conversion rate on weekends). You will not get FSCS coverage whilst your money is with Revolut, but it doesn't have to be there very long. Transfer money in, convert to GBP and then transfer money out. "Client funds are stored under a segregated trust account at Barclays/Lloyd's."


    https://www.revolut.com/help/more/security/is-my-money-safe
    • saunderd
    • By saunderd 21st Aug 19, 6:04 PM
    • 5 Posts
    • 0 Thanks
    saunderd
    Hi, so since my original query with regards to finding a safe & usable Euro account (to which the recommendations were pretty much Transferwise Borderless, Revolut, Fineco (no protection) OR Barclays for FSCS protection) has anybody seen any movement with a better company or improvement with the original recommendations?

    I heard about Starling Bank and they say they are FSCS protected? Thoughts? Would my Euros be better off there? I am hoping for a house sale also in addition to my current funds and would prefer my € went into a safe bank rather than my Spanish bank where they can embargo you willy nilly and it's up to you to find out what it's for! I am not taking that risk! Send me a bill and THEN we pay!

    Have read the blurb about Starling, sounds good, worries me a little it's too good - how do they make money etc LOL and I read somewhere else somebody got their account frozen when they put in a heap of money in one go?!



    Thanks!
    • colsten
    • By colsten 21st Aug 19, 7:40 PM
    • 10,852 Posts
    • 10,076 Thanks
    colsten
    Starling Euro account is fine BUT you should expect that any bank will put a block on your account if tens of thousands are flowing in in one go.

    You shouldn't worry how they make their money - your funds with them are protected up to £85K (across all the accounts you hold with them). So, like with any other bank, as long as you stay below the £85K there is no need for alarm.
    • xnoxxnox
    • By xnoxxnox 22nd Aug 19, 12:03 AM
    • 85 Posts
    • 15 Thanks
    xnoxxnox
    If you have a current account with Barclays you can open a Euro Current Account with them.

    Covered by FSCS, normal IBAN number, Web-bank and app-bank, fee free to store EUR, fee free to withdraw EUR in cash in barclays branch or order to post it home by mail, fee free to deposit EUR cash, fee free to send/receive SEPA payments to any other EUR IBAN using web-banking only. There is no card.

    For storing EUR on a card, I use revolut.

    So it goes like this - top-up revolut GBP, convert GBP to EUR in revolut wallets, send money from revolut to Barclays. Walk into branch the next day and take out crispy EUR notes. Go on holiday spend, come back, deposit remaning EUR back into Barclays account.

    Alternatively I send EUR from Barclays to revolut IBAN in small chunks to spend fee free using Revolut card.
    • saunderd
    • By saunderd 22nd Aug 19, 4:16 AM
    • 5 Posts
    • 0 Thanks
    saunderd
    Thank you so far

    Anybody know how long this block takes to be lifted? I will be selling a house so it's going to be tens of thousands yes - I never had a block put on any of my accounts when I have sold property before in the UK but this is my Spanish house and don't want the large amount going into my Spanish bank (biggest crooks!)
    • colsten
    • By colsten 22nd Aug 19, 8:23 AM
    • 10,852 Posts
    • 10,076 Thanks
    colsten

    Anybody know how long this block takes to be lifted?
    Originally posted by saunderd
    Any time between no time at all (if they / their systems don't see the need for a block) to forever (if they and the NCA find that the money is proceeds of crime). Have you spoken to any bank and asked them how they would recommend you handle the transfer?
    • bfg_hightower
    • By bfg_hightower 22nd Aug 19, 10:11 AM
    • 7 Posts
    • 1 Thanks
    bfg_hightower
    I think my bank is overcharging me for sending my EUR to GBP with same bank
    Hi All,

    just an update from my side re: receiving regular sums in EURO whilst in UK. I have now opened a MoneyCorp account (moneycorp (dot) com) and at the moment I still have my HSBC Currency account (EURO).

    I receive the funds in EUR into HSBC currency account, I transfer to my moneycorp account, I keep an eye on exchange rates and convert into (buy) £ sterling when it suits, then I transfer it to my primary HSBC account.

    HSBC charge me £6 flat fee to transfer my Euro out of my HSBC currency account to a non HSBC account, however when I was transferring Euro from my HSBC currency account into my HSBC £sterling account I was regularly losing between 2.5 and 3.7% of total sum in a combo of poor exchange rates and HSBC fees etc. which was always more than £6. So at the moment, though it's an absolute b@ll-ache, I am getting quite a bit more £ sterling out of my Euro than if I just used HSBC to receive and convert and transfer in-bank.

    I have kept a record of the exchange rates HSBC offers for me to transfer between my HSBC currency and £sterling account each time, and compared to the exchange rate moneycorp offers (minus £6). Every. Single. Time. HSBC is worse - i.e. I get less £ per EUR.

    Or to put it another way 'the world's local bank' charges me more to transfer money and currency between my accounts than if I transfer it out of the bank completely, exchange it, and then transfer it back in...

    Got no issues with Moneycorp so far, and am considering having the EURO sums paid direct to them.
    • Heng Leng
    • By Heng Leng 22nd Aug 19, 10:16 AM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    Hi All,

    just an update from my side re: receiving regular sums in EURO whilst in UK. I have now opened a MoneyCorp account (moneycorp (dot) com) and at the moment I still have my HSBC Currency account (EURO).

    I receive the funds in EUR into HSBC currency account, I transfer to my moneycorp account, I keep an eye on exchange rates and convert into (buy) £ sterling when it suits, then I transfer it to my primary HSBC account.

    HSBC charge me £6 flat fee to transfer my Euro out of my HSBC currency account to a non HSBC account, however when I was transferring Euro from my HSBC currency account into my HSBC £sterling account I was regularly losing between 2.5 and 3.7% of total sum in a combo of poor exchange rates and HSBC fees etc. which was always more than £6. So at the moment, though it's an absolute b@ll-ache, I am getting quite a bit more £ sterling out of my Euro than if I just used HSBC to receive and convert and transfer in-bank.

    I have kept a record of the exchange rates HSBC offers for me to transfer between my HSBC currency and £sterling account each time, and compared to the exchange rate moneycorp offers (minus £6). Every. Single. Time. HSBC is worse - i.e. I get less £ per EUR.

    Or to put it another way 'the world's local bank' charges me more to transfer money and currency between my accounts than if I transfer it out of the bank completely, exchange it, and then transfer it back in...

    Got no issues with Moneycorp so far, and am considering having the EURO sums paid direct to them.
    Originally posted by bfg_hightower
    HSBC are charging you £6 for SEPA payments?
    • saunderd
    • By saunderd 22nd Aug 19, 1:26 PM
    • 5 Posts
    • 0 Thanks
    saunderd
    Any time between no time at all (if they / their systems don't see the need for a block) to forever (if they and the NCA find that the money is proceeds of crime). Have you spoken to any bank and asked them how they would recommend you handle the transfer?
    Originally posted by colsten
    Hi, not as yet - never even thought of there being a problem if I am honest as it's from the sale of a house - but now my overthinking is in overdrive - probably stupidly but I guess as the last house sale was 15 years ago or so, the digital age / crime has moved on since!

    So far it looks like Starling could be a good option - I have banked with First Direct for years & never a problem apart from they don't have a EURO option so I guess this will just be a similar account. Barclays maybe as a 2nd option.
    • jonesMUFCforever
    • By jonesMUFCforever 22nd Aug 19, 8:30 PM
    • 26,049 Posts
    • 13,228 Thanks
    jonesMUFCforever
    HSBC are charging you £6 for SEPA payments?
    Originally posted by Heng Leng
    Lloyds charge you £9.50 unless you hold a basic account when it is free.
    What goes around - comes around
    give lots and you will always receive lots
    • redux
    • By redux 22nd Aug 19, 11:41 PM
    • 19,666 Posts
    • 27,269 Thanks
    redux
    For storing EUR on a card, I use revolut.

    So it goes like this - top-up revolut GBP, convert GBP to EUR in revolut wallets, send money from revolut to Barclays. Walk into branch the next day and take out crispy EUR notes. Go on holiday spend, come back, deposit remaning EUR back into Barclays account.
    Originally posted by xnoxxnox
    I don't understand the two visits to Barclays. Why not draw Euros direct from Revolut at a cash machine abroad?
    • colsten
    • By colsten 23rd Aug 19, 5:18 AM
    • 10,852 Posts
    • 10,076 Thanks
    colsten
    I don't understand the two visits to Barclays. Why not draw Euros direct from Revolut at a cash machine abroad?
    Originally posted by redux
    May be because of the pitiful Revolut limit for free cash withdrawals?
    • bfg_hightower
    • By bfg_hightower 23rd Aug 19, 8:36 AM
    • 7 Posts
    • 1 Thanks
    bfg_hightower
    Yes - I guess they are charging me £6 for a SEPA payment. I suppose they would argue that they are providing my currency account free of charge and need to be paid for it - and if they can't recoup this through the ridiculous exchange rates, then they will charge a flat fee? Just guessing.
    • Heng Leng
    • By Heng Leng 23rd Aug 19, 1:29 PM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    Yes - I guess they are charging me £6 for a SEPA payment. I suppose they would argue that they are providing my currency account free of charge and need to be paid for it - and if they can't recoup this through the ridiculous exchange rates, then they will charge a flat fee? Just guessing.
    Originally posted by bfg_hightower
    Barclays don't charge for incoming or outgoing SEPA payments on their Euro account - nor do any of my Euro accounts come to think of it.
    • Heng Leng
    • By Heng Leng 23rd Aug 19, 1:31 PM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    May be because of the pitiful Revolut limit for free cash withdrawals?
    Originally posted by colsten
    £200 per month IIRC - pretty much the same as sexy Monzo and Starling hasn't setup Euro based card transactions yet.
    • Heng Leng
    • By Heng Leng 23rd Aug 19, 1:32 PM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    Lloyds charge you £9.50 unless you hold a basic account when it is free.
    Originally posted by jonesMUFCforever
    Do they even offer a Euro account onshore?!
    • jonesMUFCforever
    • By jonesMUFCforever 23rd Aug 19, 7:53 PM
    • 26,049 Posts
    • 13,228 Thanks
    jonesMUFCforever
    Do they even offer a Euro account onshore?!
    Originally posted by Heng Leng
    Yes to businesses.
    What goes around - comes around
    give lots and you will always receive lots
    • Heng Leng
    • By Heng Leng 24th Aug 19, 1:17 AM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    Yes to businesses.
    Originally posted by jonesMUFCforever
    That will be a no then.
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