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  • FIRST POST
    • Kellyleigh86
    • By Kellyleigh86 13th Jan 20, 8:17 PM
    • 1Posts
    • 0Thanks
    Kellyleigh86
    Euro to sterling Bank accounts with low fees and great exchange rate :-)
    • #1
    • 13th Jan 20, 8:17 PM
    Euro to sterling Bank accounts with low fees and great exchange rate :-) 13th Jan 20 at 8:17 PM
    I need help! My husband will be getting paid in euros, and we obvs use sterling. Can anyone recommend a bank for this please? Low fees and best exchange rate? Please, we're stuck and in a stump. We opened a starling account, but I'm just clueless about this all.
    When he gets paid in euros, we will be hoping to transfer it into our joint santander, unless anyone knows a better way for this. Thanks everyone
Page 1
    • Ben8282
    • By Ben8282 13th Jan 20, 8:24 PM
    • 4,763 Posts
    • 2,636 Thanks
    Ben8282
    • #2
    • 13th Jan 20, 8:24 PM
    • #2
    • 13th Jan 20, 8:24 PM
    I need help! My husband will be getting paid in euros, and we obvs use sterling. Can anyone recommend a bank for this please? Low fees and best exchange rate? Please, we're stuck and in a stump. We opened a starling account, but I'm just clueless about this all.
    When he gets paid in euros, we will be hoping to transfer it into our joint santander, unless anyone knows a better way for this. Thanks everyone
    Originally posted by Kellyleigh86
    What was the purpose of opening the new account with the company that you have mentioned, especially if you are clueless about it?
    How exactly is your husband being paid in Euros? Is he working outside the UK or … ?
    How is the Euro payment of his earnings being made? Does he have a (foreign) Euro bank account into which he will be paid or what? You mention transferring it to your joint Santander account, but transferring it from where?.
    Last edited by Ben8282; 13-01-2020 at 8:33 PM.
    • DCFC79
    • By DCFC79 13th Jan 20, 8:31 PM
    • 35,655 Posts
    • 22,502 Thanks
    DCFC79
    • #3
    • 13th Jan 20, 8:31 PM
    • #3
    • 13th Jan 20, 8:31 PM
    I need help! My husband will be getting paid in euros, and we obvs use sterling. Can anyone recommend a bank for this please? Low fees and best exchange rate? Please, we're stuck and in a stump. We opened a starling account, but I'm just clueless about this all.
    When he gets paid in euros, we will be hoping to transfer it into our joint santander, unless anyone knows a better way for this. Thanks everyone
    Originally posted by Kellyleigh86

    Whats wrong with using Starling ?
    Money gets paid in and you transfer it to another account of your choice, you will need to look if there is a conversion fee. Monzo might be an option, dont know if theres a conversion fee.

    Transferwise would be an option.

    Barclays have a euro account.
    • Ben8282
    • By Ben8282 13th Jan 20, 8:37 PM
    • 4,763 Posts
    • 2,636 Thanks
    Ben8282
    • #4
    • 13th Jan 20, 8:37 PM
    • #4
    • 13th Jan 20, 8:37 PM
    Whats wrong with using Starling ?
    Money gets paid in and you transfer it to another account of your choice, you will need to look if there is a conversion fee. Monzo might be an option, dont know if theres a conversion fee.

    Transferwise would be an option.

    Barclays have a euro account.
    Originally posted by DCFC79
    Nothing is wrong with Starling as such except that it is a UK account as are the others you have mentioned, but if the husband is working outside the UK can't really imagine the employer wanting to be bothered paying into a UK account rather than a local account.
    I feel that if the OP is as clueless as they claim, it's odd that they would have just gone and opened this account for no apparent reason.
    • colsten
    • By colsten 13th Jan 20, 8:40 PM
    • 11,712 Posts
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    colsten
    • #5
    • 13th Jan 20, 8:40 PM
    • #5
    • 13th Jan 20, 8:40 PM
    Starling all the way. Dead easy to use. You obviously need both, a Starling GBP and a Starling Euro account for it to work.

    Call their CS and ask them to walk you through if you don't know what to do.
    • jbryce
    • By jbryce 13th Jan 20, 8:40 PM
    • 35 Posts
    • 8 Thanks
    jbryce
    • #6
    • 13th Jan 20, 8:40 PM
    • #6
    • 13th Jan 20, 8:40 PM
    Nothing is wrong with Starling as such except that it is a UK account as are the others you have mentioned, but if the husband is working outside the UK can't really imagine the employer wanting to be bothered paying into a UK account rather than a local account.
    I feel that if the OP is as clueless as they claim, it's odd that they would have just gone and opened this account for no apparent reason.
    Originally posted by Ben8282
    Starling have a Euro account, so they can make a SEPA transfer into it.
    • colsten
    • By colsten 13th Jan 20, 8:45 PM
    • 11,712 Posts
    • 11,054 Thanks
    colsten
    • #7
    • 13th Jan 20, 8:45 PM
    • #7
    • 13th Jan 20, 8:45 PM
    can't really imagine the employer wanting to be bothered paying into a UK account rather than a local account.
    Originally posted by Ben8282
    That shouldn't be any problem. All the employer needs is an IBAN. The Starling IBAN starts with GB. Transferwise IBAN used to start with DE, but either has been, or is imminent to be, changed to start with BE. EU employers should be used to using IBANs starting with all sorts of country codes.

    The UK is currently in the SEPA zone, so payments into a Euro account are free of charge for the payer. There's no reason why this should not continue after Brexit (except if some idiot decides we should leave that, too).
    Last edited by colsten; 13-01-2020 at 8:48 PM.
    • Ben8282
    • By Ben8282 13th Jan 20, 8:46 PM
    • 4,763 Posts
    • 2,636 Thanks
    Ben8282
    • #8
    • 13th Jan 20, 8:46 PM
    • #8
    • 13th Jan 20, 8:46 PM
    Starling have a Euro account, so they can make a SEPA transfer into it.
    Originally posted by jbryce
    So if for example you were from France and had an account with a French bank and worked here in the UK, do you seriously believe that your employers payroll department would be very happy about paying you by SEPA transfer? They would tell you to go an open a (basic) UK bank account.
    That shouldn't be any problem. All the employer needs is an IBAN. The Starling IBAN starts with GB. Transferwise IBAN used to start with DE, but either has been, or is imminent to be, changed to start with BE. EU employers should be used to using IBANs starting with all sorts of country codes.

    The UK is currently in the SEPA zone, so payments into a Euro account are free of charge for the payer. There's no reason why this should not continue after Brexit (except if some idiot decides we should leave that, too).
    Originally posted by colsten
    Not disagreeing with you but can't actually see many employers actually agreeing/being bothered to do it.
    Last edited by Ben8282; 13-01-2020 at 8:49 PM.
    • colsten
    • By colsten 13th Jan 20, 9:52 PM
    • 11,712 Posts
    • 11,054 Thanks
    colsten
    • #9
    • 13th Jan 20, 9:52 PM
    • #9
    • 13th Jan 20, 9:52 PM
    So if for example you were from France and had an account with a French bank and worked here in the UK, do you seriously believe that your employers payroll department would be very happy about paying you by SEPA transfer? They would tell you to go an open a (basic) UK bank account.
    Originally posted by Ben8282
    I think you are confusing matters. The thread is about getting paid in Euros, and the recipient then wanting to transfer those Euros to GBP. A daily (well, monthly more like) occurrence for residents of Northern Ireland who work in the Republik of Ireland, for instance.

    SEPA transfers are for cross-border Euro transfers only. So the Northern Irish Resident could have a Starling Euro account in the UK, with an IBAN starting with GB. The employer would pay the salary to that IBAN. All Irish employees of that employer would also be paid into an IBAN, but theirs would probably start with IE. It could, however, start with just about any EEA country code. It doesn't matter. It's just a sequence of letters and numbers, an account number. It costs the employer 100% the same whether they pay into an Irish, a British, a Dutch, a Greek, a Latvian etc etc etc Euro account. It also costs the employees the same to receive their salary into their Euro accounts (i.e. nothing). What may not cost the employees the same is the operation of their Euro account, just as it doesn't cost us the same to operate GBP accounts, but that's an entirely different issue.



    Not disagreeing with you but can't actually see many employers actually agreeing/being bothered to do it.
    Originally posted by Ben8282
    There is no bother involved. The employer merely instructs their bank to pay to an IBAN, and the bank handles the transfers. Employers who pay in Euros expect to be given an IBAN by their employees.

    If you mean employers wouldn't want to be bothered to exchange the Euros that they pay into GBP, I would agree. But that's no what is being suggested.

    .
    Last edited by colsten; 13-01-2020 at 10:06 PM.
    • born again
    • By born again 13th Jan 20, 10:32 PM
    • 1,444 Posts
    • 795 Thanks
    born again
    So if for example you were from France and had an account with a French bank and worked here in the UK, do you seriously believe that your employers payroll department would be very happy about paying you by SEPA transfer? They would tell you to go an open a (basic) UK bank account.
    Not disagreeing with you but can't actually see many employers actually agreeing/being bothered to do it.
    Originally posted by Ben8282
    Well until the OP comes back and answers the questions. Everyone is flying in the dark.
    • torrence
    • By torrence 14th Jan 20, 5:41 PM
    • 34 Posts
    • 17 Thanks
    torrence
    Why not just open a Transferwise.com account? You can create multiple currency accounts within your account and transfer funds between them at better exchange rates than the high street bank.
    • colsten
    • By colsten 14th Jan 20, 7:40 PM
    • 11,712 Posts
    • 11,054 Thanks
    colsten
    Why not just open a Transferwise.com account? You can create multiple currency accounts within your account and transfer funds between them at better exchange rates than the high street bank.
    Originally posted by torrence
    One reason would be that Transferwise is now more expensive than Starling. Another is that they have no FSCS protection whilst Starling does.
    • LobsterMemory
    • By LobsterMemory 15th Jan 20, 6:23 AM
    • 304 Posts
    • 220 Thanks
    LobsterMemory
    Well until the OP comes back and answers the questions. Everyone is flying in the dark.
    Originally posted by born again
    Hardly

    As colsten answered in post 5, without explicitly going through the steps:

    Get paid into the Starling Euro account
    Transfer to the Starling GBP account
    Transfer to Santander joint account
    • eDicky
    • By eDicky 15th Jan 20, 9:18 AM
    • 5,040 Posts
    • 3,086 Thanks
    eDicky
    One reason would be that Transferwise is now more expensive than Starling.
    Originally posted by colsten
    Are you sure? Without checking, I have the idea that Starling charges 0.4% on EUR/GBP conversion, whereas TransferWise adds a 0.35% fee for the same.
    • colsten
    • By colsten 15th Jan 20, 12:15 PM
    • 11,712 Posts
    • 11,054 Thanks
    colsten
    Are you sure? Without checking, I have the idea that Starling charges 0.4% on EUR/GBP conversion, whereas TransferWise adds a 0.35% fee for the same.
    Originally posted by eDicky
    I have changed from Transferwise to Starling as Starling now give me a better deal. I periodically check, also on currency xfer comparison sites, and Transferwise don't come top any longer. Transferwise also charge for making payments from Euro to Euro accounts, and charge 2% for ATM withdrawals over 200 in any 30 days. You can't pay from your Euro account with your Transferwise card, like you can with the Starling one. Also, they have no FSCS. Essentially, Starling have leapfrogged Transferwise.
    • eDicky
    • By eDicky 16th Jan 20, 6:43 PM
    • 5,040 Posts
    • 3,086 Thanks
    eDicky
    You can't pay from your Euro account with your Transferwise card, like you can with the Starling one.
    Originally posted by colsten
    That's strange, my euro purchases with TransferWise card are taken from my euro account, same with other currencies.

    I also use Starling, no denying its excellence.
    • colsten
    • By colsten 16th Jan 20, 9:48 PM
    • 11,712 Posts
    • 11,054 Thanks
    colsten
    That's strange, my euro purchases with TransferWise card are taken from my euro account, same with other currencies.
    Originally posted by eDicky
    They must have implemented this after I stopped using them. Thanks for the update.
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