Anyone have a Euro account?

Cadiz Seagull · Jul 5, 2017

We get paid in euros by bank transfer (usually from Spain) which I direct to a currency broker we use who converts them to pounds and sends them to my UK account at the Halifax. But when I go back to Spain I convert some of these pounds back to euros to take them with me, which means I get hit twice by exchange rate costs.

Ideally I want an account where the euros are paid in and held in euros, I can convert what I want when i want and I can withdraw euros when I go back to Spain.

Plus I want to be able to transfer euros to Spain to pay bills, direct debits, etc.

Halifax don't do one but Lloyds do but they were singularly unhelpful. They wanted to know in advance the names of our customers and I can't tell them that and they wouldn't allow me to withdraw euros in cash.

Barclays have one as well but I'd need to open a sterling account with them but I don't really want to close my Halifax account, neither do I want to have two sterling accounts.

There are a number of companies online who I have never heard of.

Does anyone have any recommendation?

Thanks in advance.

Rodney Thomas · Jul 5, 2017

You need to get yourself on TransferWise!

https://transferwise.com/borderless?source=publicNavbar

They do a fantastic Boarderless Account which is perfect for someone in your situation. I'm in a similar position and it's been a revelation.

GOM · Jul 5, 2017

Revolut or Monzo - load in euros spend in euros or sterling no fees or commision, inter-bank rates

Icy Gull · Jul 5, 2017

Can't you open an account in Spain? Not difficult to do as I opened one last year.

Wozza · Jul 5, 2017

https://www.moneycorp.com/uk/

Cadiz Seagull · Jul 5, 2017

Icy Gull said:
Can't you open an account in Spain? Not difficult to do as I opened one last year.

Yes I can but I don't want to. I want a euro account based in UK. Plus Spanish banks are VERY expensive

Cadiz Seagull · Jul 5, 2017

Rodney Thomas said:
You need to get yourself on TransferWise!

https://transferwise.com/borderless?source=publicNavbar

They do a fantastic Boarderless Account which is perfect for someone in your situation. I'm in a similar position and it's been a revelation.

I was wondering about TransferWise. can you withdraw euros in cash from your account with them? I assume they don't have branches.

Trufflehound · Jul 5, 2017

Cadiz Seagull said:
Plus Spanish banks are VERY expensive

As expensive as losing out on the exchange rate every time you want to move money around?

brightn'ove · Jul 5, 2017

Cadiz Seagull said:
I was wondering about TransferWise. can you withdraw euros in cash from your account with them? I assume they don't have branches.

Can't speak for transferwise but Revolut is very similar, used it abroad for 5 months & had the money held in dollars whilst withdrawing from any ATM that accepts mastercard in dollars. There is usually a fee for going over a free ATM withdrawal limit, Revolut is £500 free/month and then 2% after that.

Cadiz Seagull · Jul 5, 2017

GOM said:
Revolut or Monzo - load in euros spend in euros or sterling no fees or commision, inter-bank rates

If they don't charge commission or fees then they must make money by exchange rate. First I don't want them to exchange the euros, I want to keep them, and secondly you say they use interbank rates. How do they make money then?

But thanks for the suggestion, I'll check them out

Rugrat · Jul 5, 2017

Cadiz Seagull said:
Yes I can but I don't want to. I want a euro account based in UK. Plus Spanish banks are VERY expensive

I have an account with Santander in Spain and it costs me 24€ a quarter and pays all my DD's. Depends on how much you're talking about but you could eat that up in exchange rate loss pretty quickly I'd guess.

A UK based € account would have fees too

A Travel card such as Revolut might be OK but there will still be an exchange rate loss somewhere, plus I'm not sure how you'd pay normal household bills with it

Perkino · Jul 5, 2017

Cadiz Seagull said:
We get paid in euros by bank transfer (usually from Spain) which I direct to a currency broker we use who converts them to pounds and sends them to my UK account at the Halifax. But when I go back to Spain I convert some of these pounds back to euros to take them with me, which means I get hit twice by exchange rate costs.

Ideally I want an account where the euros are paid in and held in euros, I can convert what I want when i want and I can withdraw euros when I go back to Spain.

Plus I want to be able to transfer euros to Spain to pay bills, direct debits, etc.

Halifax don't do one but Lloyds do but they were singularly unhelpful. They wanted to know in advance the names of our customers and I can't tell them that and they wouldn't allow me to withdraw euros in cash.

Barclays have one as well but I'd need to open a sterling account with them but I don't really want to close my Halifax account, neither do I want to have two sterling accounts.

There are a number of companies online who I have never heard of.

Does anyone have any recommendation?

Thanks in advance.

Surely a Spainish Bank account is the cheapest way around this

GOM · Jul 5, 2017

GOM said:
Revolut or Monzo - load in euros spend in euros or sterling no fees or commision, inter-bank rates

Cadiz Seagull said:
If they don't charge commission or fees then they must make money by exchange rate. First I don't want them to exchange the euros, I want to keep them, and secondly you say they use interbank rates. How do they make money then?

But thanks for the suggestion, I'll check them out

Yes I would check them out. If you pay in in euros they stay in euros and can be spent in euroland. With Revolut, they are converted when you spend them or withdraw from ATM into whichever currency you are using. So spend in UK you pay in sterling from your euros. I do not know how they make money but they exchange at interbank rates (except at weekends when there is a very small loading with Revolut)

Two Professors · Jul 5, 2017

Another vote for Santander.Great customer service.

moggy · Jul 5, 2017

I bank with BMN and each month transfer money there using TransferWise currency broker.
Very quick and never a problem

MikeySmall · Jul 5, 2017

Citibank have a Euro account.

https://www.citibank.co.uk/citicentre/start/account_features.htm

BNthree · Jul 5, 2017

Cadiz Seagull said:
If they don't charge commission or fees then they must make money by exchange rate. First I don't want them to exchange the euros, I want to keep them, and secondly you say they use interbank rates. How do they make money then?

Whilst this isn't what youre after the FairFX euro debit card I have makes them money as you can't transfer balance out, only spend it, so they make money on the interest of your funds. Their exchange rates are great and I'd recommend it for holidaymakers. My folks have a place in Spain and have a basic Spain current account for their bills,think it's with Santander.

Herr Tubthumper · Jul 5, 2017

If only Britain had joined the Euro :shrug:

Cadiz Seagull · Jul 6, 2017

Herr Tubthumper said:
If only Britain had joined the Euro

Heaven forfend!!

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Anyone have a Euro account?

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