A GBP Bank that doesn't charge for receiving Euros Currency

Schism · 21 Jun 2010 at 19:34

Hi all

I'm just wondering if anyone has any ideas which banks don't charge for receiving Euros? There's a charge for sending it sometimes I think, but then also there's one for receiving them.

Cheers

Ironic Namesake · 21 Jun 2010 at 20:01

You're always charged for receiving international transfers normally - why don't you open a EUR account and transfer to GBP when convenient?

I use HSBC Offshore myself , to hold GBP/USD/EUR ...

thepharcyde · 21 Jun 2010 at 20:02

All banks charge IIRC. Better off fx'ing or holding onto them for a trip to Europe. depending how much you have M&S accept Euros as a form of payment if you need anything

Schism · 21 Jun 2010 at 20:09

Cheers

Apparently HSBC don't charge, but with their new bank policies I can't open an account with one. (Won't be receiving enough into it or I will have to pay a monthly fee, or have no features with the account).

taximike · 21 Jun 2010 at 20:16

Why do you want it to be a GBP account?

I think your best best would be citibank euros account. Then you can convert the monies into pounds yourself. http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

I have the dollar account. Despite what it says on their website I never get charged anything - if I pay in pounds it gets converted into USD at the interbank rate of the day and if I make a purchase on the card it will convert the dollars into pounds again at the interbank rate. Not sure if they just set up my account wrong or if the website is wrong....

Schism · 21 Jun 2010 at 20:18

taximike said:
Why do you want it to be a GBP account?

I think your best best would be citibank euros account. Then you can convert the monies into pounds yourself. http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

I have the dollar account. Despite what it says on their website I never get charged anything - if I pay in pounds it gets converted into USD at the interbank rate of the day and if I make a purchase on the card it will convert the dollars into pounds again at the interbank rate. Not sure if they just set up my account wrong or if the website is wrong....

Seems good, but there's a minimum income, and I'm still a student, so dreaming of having that income

Thanks anyway though

taximike · 21 Jun 2010 at 20:22

Schism said:
Seems good, but there's a minimum income, and I'm still a student, so dreaming of having that income Thanks anyway though

I got a joint account with my Dad because I was also a student, then got him taken off the account. I've also just re-read the fees and although unclear, it doesn't actually say anywhere that using your Euroaccount to withdraw sterling will attract fees - so maybe it's totally free for all customers and would be perfect for you

There's definitely no fee for receiving euros into a euro account.

EDIT> Yes actually it does - 2.75% conversion fee once you spend your euros in the UK as GBP. As I said though - I have never been charged this and the conversion rate has always been the exact same as the rate on xe.com for that day. Once again definitely no fee for receiving the euros, so you could pay in a Euro Cheque then spend the euros in europe with zero fees.

http://www.citibank.co.uk/personal/...on/documentlibrary/allrates.pdf?merchant=citi

Schism · 21 Jun 2010 at 20:29

Haha fair enough! Thanks again

Schism · 22 Jun 2010 at 09:52

Any more ideas?

andy85 · 22 Jun 2010 at 11:07

Your best best is a euro account since GBP is so expensive nowadays (thanks Greece!).

Schism · 22 Jun 2010 at 11:15

andy85 said:
Your best best is a euro account since GBP is so expensive nowadays (thanks Greece!).

Whereabouts could I open one of these?

And then, I live in the UK still, but I'm getting paid for some work I'm doing in Euros... basically I want to get the most out of my money, so how would receiving them to a Euro bank account work? I know I can wait till the exchange rate is good and get more for my money, but I'll still get charged for when I do move the money across? Or are the charges just per transaction rather than in relation to how much you're moving? (i.e, do they take a % off your money, or just charge you £10 every time you do it?)

Thanks

andy85 · 22 Jun 2010 at 17:29

Someone mentioned above that Citi Bank provides euro accounts. Maybe you should visit their website.

Ironic Namesake · 22 Jun 2010 at 17:51

Usually a charge per transaction (HSBC is £20 if receiving from external party) , and then whatever exchange rate they use - not sure about Citibank though as I've never used them , but should be within a few percent

Really depends on the amounts you're doing - if you use a forex broker you can usually get a decent rate and no transfer charges but the amounts would usually have to be 5k+

dowie · 22 Jun 2010 at 19:48

taximike said:
Why do you want it to be a GBP account?

I think your best best would be citibank euros account. Then you can convert the monies into pounds yourself. http://www.citibank.co.uk/personal/banking/international/eurocurrent.htm?merchant=citi

I have the dollar account. Despite what it says on their website I never get charged anything - if I pay in pounds it gets converted into USD at the interbank rate of the day and if I make a purchase on the card it will convert the dollars into pounds again at the interbank rate. Not sure if they just set up my account wrong or if the website is wrong....

It doesn't appear to state that and it is doubtful that they do, more likely they will be charging some margin as you'd expect with small FX transactions.

also 'rate of the day' what do you mean by that? - FX rates can move quite a lot within one day