Best UK GBP account for EUR salary?

Best UK GBP account for EUR salary?

Author
Discussion

LimaDelta

Original Poster:

6,530 posts

219 months

Monday 15th February 2016
quotequote all
Having a review of my finances at the moment and Lloyds are charging me over 3kGBP (vs market rate) pa for the privilege of paying in my EUR salary every month. Are there any high street banks which can do better when paying in EUR? I'm not interested in offshore accounts or EUR accounts (my life is in the UK - mortgage, bills, schools etc) just the ridiculous commission (and the piss) they are taking.

Ean218

1,965 posts

251 months

Monday 15th February 2016
quotequote all
I would have thought you would be better off tackling it from the other end. Your employer probably has access to much better terms for currency exchange than you would ever get. Why can't they just pay you in GBP at whatever the current rate is?

worsy

5,811 posts

176 months

LimaDelta

Original Poster:

6,530 posts

219 months

Monday 15th February 2016
quotequote all
Thanks guys but neither of those really answer my question.

Essentially, does anyone know which of the UK highstreet banks will give me the most GBP for my EUR?

essayer

9,080 posts

195 months

Monday 15th February 2016
quotequote all
You'll find it quite hard to get any transparency on the rates unfortunately. I gave up trying. Santander charged us 1.43404 EUR/GBP on a small transfer on 26/10, xe.com has the rate for that day at 1.39034.

How about opening a EUR bank account then using Transferwise/Hifx etc to fix the rate? We have a business USD account via HSBC, tenner a month or so in fees and £26 for each transfer, which goes via Hifx for example with a predictable rate.



Edited by essayer on Monday 15th February 13:04

anonymous-user

55 months

Monday 15th February 2016
quotequote all
I get paid into my German Account and use transfer wise to send the money back.

No bank even comes close in terms of value for money.

LimaDelta

Original Poster:

6,530 posts

219 months

Monday 15th February 2016
quotequote all
essayer said:
You'll find it quite hard to get any transparency on the rates unfortunately. I gave up trying.

How about opening a EUR bank account then using Transferwise/Hifx etc to fix the rate? We have a business USD account via HSBC, tenner a month or so in fees and £26 for each transfer, which goes via Hifx for example with a predictable rate.
Yeah, the rates on those sites seem much more favourable, I'm just not sure I wan't to pay my full salary into an internet 'bank'.