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  • FIRST POST
    PaulS43
    How do I get a Euro bank account?
    • #1
    • 19th Jan 12, 9:13 AM
    How do I get a Euro bank account? 19th Jan 12 at 9:13 AM
    Apologies if this isn't in the right place to the mods - I couldn't find an obvious natural home for it).

    Right I am self employed. I get paid (currently) by 3 different British companies. All the money is in sterling. It comes into my UK HSBC account.

    I have been asked whether or not I want to work for a Dutch company. The thing is they will only pay in Euros. Invoicing their firm in Euros isn't a problem but how can I recive the money?

    HSBC haven't yet answered my email to ask them so can anyone else tell me where I can go to set up a Euro bank account and if I have a choice, where I will get the best deal in running it and withdrawing my money in sterling.

    The contract (if I take it) will pay exactly 150 a week.

    Any advice welcome
Page 1
    • NFH
    • By NFH 19th Jan 12, 9:17 AM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    • #2
    • 19th Jan 12, 9:17 AM
    • #2
    • 19th Jan 12, 9:17 AM
    Open an account with DKB. They don't charge for anything (free cash withdrawals anywhere in the Eurozone) and they're fine with non-residents opening accounts. They also pay 2.05% interest. I'd avoid any euro account in the UK, which either lack basic banking facilities or charge hefty fees for transactions that are normally free of charge.
  • PaulS43
    • #3
    • 19th Jan 12, 10:02 AM
    Thank you
    • #3
    • 19th Jan 12, 10:02 AM
    Hi NFH. Thank you for the link. Ich kanne nicht sprechen Deutche !!! But I have a friend whoim I'm sure will read for me.

    While I'm about it - would anyone have a similar suggestion for other currencies such as the US $ etc, etc, etc. This is more of a curiosity than an urgent need (no, I am not an international xxxxxxxxx dealer {fill in as you please} lol!
  • RetiredInThailand
    • #4
    • 19th Jan 12, 10:28 AM
    • #4
    • 19th Jan 12, 10:28 AM
    The Dutch company can transfer Euros to your regular GBP account, of course. You will pay the exchange costs, but that's all. You should negotiate with your UK bank before the transfer if you want a decent rate.
    • NFH
    • By NFH 19th Jan 12, 10:29 AM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    • #5
    • 19th Jan 12, 10:29 AM
    • #5
    • 19th Jan 12, 10:29 AM
    While I'm about it - would anyone have a similar suggestion for other currencies such as the US $ etc, etc, etc. This is more of a curiosity than an urgent need (no, I am not an international xxxxxxxxx dealer {fill in as you please} lol!
    Originally posted by PaulS43
    Try Citibank UK or HSBC USA. The latter will open an account remotely for you, as you already have an account with HSBC in another country.
    • NFH
    • By NFH 19th Jan 12, 10:31 AM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    • #6
    • 19th Jan 12, 10:31 AM
    • #6
    • 19th Jan 12, 10:31 AM
    The Dutch company can transfer Euros to your regular GBP account, of course. You will pay the exchange costs, but that's all. You should negotiate with your UK bank before the transfer if you want a decent rate.
    Originally posted by RetiredInThailand
    That's the worst possible suggestion, particularly if the OP has to make expenditure in EUR. Never pay the wrong currency into an account. There will be a bad rate (determined by the system) and fees. Pay EUR into a EUR account and GBP into a GBP account.
    • heloid
    • By heloid 19th Jan 12, 11:02 AM
    • 469 Posts
    • 141 Thanks
    heloid
    • #7
    • 19th Jan 12, 11:02 AM
    • #7
    • 19th Jan 12, 11:02 AM
    Other option is driving to Ireland and opening an Irish account. Can't remember off the top of my head which are happy with a UK address though.
    • benjus
    • By benjus 19th Jan 12, 11:44 AM
    • 5,316 Posts
    • 3,273 Thanks
    benjus
    • #8
    • 19th Jan 12, 11:44 AM
    • #8
    • 19th Jan 12, 11:44 AM
    http://www.britline.com/ is another option, which is good if you want an English-speaking bank, but I'd hesitate to recommend them unless you specifically want a French account because:

    1. The account has a (small) monthly charge, and there are extra charges if you want a debit card and for various services
    2. The account opening process is rather lengthy
    3. You have declare some kind of interest in France to open one (although it doesn't need to be anything concrete)
    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
  • RetiredInThailand
    • #9
    • 19th Jan 12, 3:56 PM
    • #9
    • 19th Jan 12, 3:56 PM
    That's the worst possible suggestion, particularly if the OP has to make expenditure in EUR. Never pay the wrong currency into an account. There will be a bad rate (determined by the system) and fees.
    Originally posted by NFH
    We dont know that the OP has any expenditure to make in EUR. In fact from what he says it seems that he probably doesnt. Obviously if he does then he shouldn't be thinking of exchanging the EUR to GBP at all.

    Assuming that this isnt the case, what is more important is how often he expects to be paid and for how long. Even if he does open a Euro account, he will still be faced with the problem of how to use the money here, and that will involve fees and exchange sooner or later.

    If he relies on using a EUR denominated ATM card for withdrawing or spending his Euros in the UK then he will probably be hit with an exchange weighting also. There may be a yearly fee for the card as well.

    The exchange rate and charges you get for an incoming transfer in another currency are identical to those you get for any non-booked exchange. You can negotiate to improve the rate and the difference is usually around 2% or so.

    The only way he is going to reduce the fees is if he has one large transfer instead of many small ones. So maybe he could get paid yearly rather than weekly.
  • PaulS43
    Hi there,

    I will be doing work for this firm in the UK for this Dutch firm. They have offered me a 6 month contract @ 150 a week (to be paid in Euros). I MAY have to go to Holland 2 or 3 times during this period to see the factory so I would want to keep some money in Euros rather than convert to sterling to then convert back again. Because of my other work, I won't need to draw down the money I'll be paid in the contract every week (though I would of course like to draw someof it down and 'enjoy' the use of it - it's why we all go to work!!!!) At what point will I need to pay tax on it if it's held in a foreign bank and will the tax be paid at the rate I get when I convert??? (possibly these are questions for elsewhere)
    • NFH
    • By NFH 19th Jan 12, 9:52 PM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    If he relies on using a EUR denominated ATM card for withdrawing or spending his Euros in the UK then he will probably be hit with an exchange weighting also. There may be a yearly fee for the card as well.
    Originally posted by RetiredInThailand
    Not true, as already stated - no fees. Even if he withdraws in the UK, there are plenty of EUR cash machines, e.g. Raphaels Bank, Thomas Cook and Ulster Bank.
  • PaulS43
    thanks for everyone's comments. I will try the German bank and see where that takes me - if anything interesting comes up I will post back to this thread
    • Michael Corleone
    • By Michael Corleone 20th Jan 12, 12:20 PM
    • 72 Posts
    • 31 Thanks
    Michael Corleone
    Deutsche Bank have their online banking in English - If they'd let you open one. I guess you would need to open the account in person with all the usual stuff (Passport, proof of address etc ...). But, I suppose its a nice excuse for a weekend away in sunny Deutschland. Here is what their login page looks like (in English):

    https://meine.deutsche-bank.de/trxm/db/

    Deutsche Bank also operate in the UK (I think), so it might be worth visiting there also ...



    Email them and ask them these questions, they will respond in English if you ask them nicely - link below:

    http://www.deutsche-bank.de/pbc/ser-kontaktcenter-einstieg.html
    It's not personal, It's strictly business.
  • PaulS43
    A little tip for anyone else who doesn't speak German: I have found that by opening the site using Google Chrome, it is possible to have it auto translate.

    Secondly. Can anybody give me an idea of whom I should go to see to ask and how much I ought to pay for having someone Certify me / that my passport belongs to me ? Would this be a solicitor (or anyone else)? And what sort of money should I pay for this service?

    Many thanks, everyone
    • NFH
    • By NFH 20th Jan 12, 4:16 PM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    Deutsche Bank have their online banking in English - If they'd let you open one. I guess you would need to open the account in person with all the usual stuff (Passport, proof of address etc ...). But, I suppose its a nice excuse for a weekend away in sunny Deutschland. Here is what their login page looks like (in English):

    https://meine.deutsche-bank.de/trxm/db/

    Deutsche Bank also operate in the UK (I think), so it might be worth visiting there also
    Originally posted by Michael Corleone
    Deutsche are not cheap, charging a monthly fee and hefty cash withdrawal fees. Being a solid tier one investment bank with a strong retail presence in Germany, they can afford to charge such fees without losing business. They do not have any retail business in the UK.
    • NFH
    • By NFH 20th Jan 12, 5:22 PM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    Can anybody give me an idea of whom I should go to see to ask and how much I ought to pay for having someone Certify me / that my passport belongs to me ? Would this be a solicitor (or anyone else)? And what sort of money should I pay for this service?
    Originally posted by PaulS43
    If you ask HSBC to do this, they may do it for free if you ask them nicely. Equally a solicitor can do it. In either case, DKB will reimburse any fees up to 20. Another alternative is to go to a post office in Germany who will do it for free.
    • slopemaster
    • By slopemaster 20th Jan 12, 9:05 PM
    • 1,488 Posts
    • 757 Thanks
    slopemaster
    I have 3 linked accounts with Citibank, in euros, sterling, and US dollars.
    No fees and no exchange loading.
    You get one debit card, which can be linked to only ONE a/c at a time (tho you can phone up and change it as often as you wish). So long as your card is linked to the correct a/c, there should be no charges for withdrawing currency or for spending.
    (I say *should be*, as I did have an issue where money I spent in euros on my euro a/c got charged in sterling - and they totally failed to sort it, which p!ssed me off. )
    But still, very useful accounts.
    I can pay sterling in, transfer it to the euro a/c when exchange rates improve, and withdraw in euros when in euroland. Also write dollar cheques, buy from Amazon.com, etc...

    Re your tax Q.......... much of my OHs income from self-employment is in euros.
    All I do is fill the tax form in with the figures in sterling, and put a note on the back page saying how much was in euros, and what exchange rate I used. I just use a sort of average one for the tax year, and HMRC have never queried it
    • NFH
    • By NFH 20th Jan 12, 9:29 PM
    • 4,329 Posts
    • 1,415 Thanks
    NFH
    I have 3 linked accounts with Citibank, in euros, sterling, and US dollars.
    No fees and no exchange loading.
    You get one debit card, which can be linked to only ONE a/c at a time (tho you can phone up and change it as often as you wish). So long as your card is linked to the correct a/c, there should be no charges for withdrawing currency or for spending.
    Originally posted by slopemaster
    This is good advice. I've just noticed that they've abolished their recently introduced charge for SEPA payments. See page 8 of http://www.citibank.co.uk/personal/banking/customerinfo/otherinformation/documentlibrary/allrates.pdf?merchant=citi

    OP, I suggest going for Citi in view of this, rather than DKB, unless you expect to have large EUR balances on which you want to earn decent interest.
  • MaccyDs
    How can I recive the money?
    Originally posted by PaulS43
    DKB in Germany will gladly open an account for you... they require that your identity is verified however I am not sure how it is done without the embassy which refuses to do it now :S

    Otherwise 2.05% interest, free account maintenance plus other benefits... it is better than my HSBC account
  • innovate
    DKB in Germany will gladly open an account for you... they require that your identity is verified however I am not sure how it is done without the embassy which refuses to do it now :S
    Originally posted by MaccyDs
    Their FAQ says you can take this form (together with your application form) to any UK bank or Solicitor, who can verify your identity (based on your passport & proof of address). I suppose that you can also have it done by a Post Office since they offer ID verification services. DKB reimburse up to €20 for this (not sure how you claim that).

    They then have to send the form and your application form to DKB. What I couldn't figure out is where you find the application form - - - all I could find is the online application.
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