Euro currency accounts
Discussion
I am getting confused by a plethora of options around how to operate a euro account in addition to a Sterling account.
With a proposed house purchase in Europe on the cards, I will have a greater need for a euro account alongside my normal UK bank accounts. I will have the usual bills etc to be paid from the euro account and if I can withdraw euro at an ATM with no fees so much the better.
I had originally looked at just a "normal" bank account with someone like Cater Allen whereby I can have a euro and Sterling account, albeit these are still very much separate accounts so there seems little benefit over, say, a UK account with First Direct and a Spanish account with Sabadell. I would have to manually transfer money between the 2 anyway and then the rates dont look any better doing this inter-bank.
There also seems to now be a number of prepaid style accounts. I have used Caxton for a number of years and now see accounts from Revolut, Monzo etc. All of these seem to essentially provide what I need?
Today I looked at Transferwise as they have been recommended to be the exchange party for the large lump sums at the best rates. I see they too offer an account and again this looks as if it could be useful.
I am getting confused by the huge number of these sort of accounts available and the positives and negatives of each. Has anyone else been through all this and determined which is the best value multiple currency account, particularly in the context of foreign home ownership?!
With a proposed house purchase in Europe on the cards, I will have a greater need for a euro account alongside my normal UK bank accounts. I will have the usual bills etc to be paid from the euro account and if I can withdraw euro at an ATM with no fees so much the better.
I had originally looked at just a "normal" bank account with someone like Cater Allen whereby I can have a euro and Sterling account, albeit these are still very much separate accounts so there seems little benefit over, say, a UK account with First Direct and a Spanish account with Sabadell. I would have to manually transfer money between the 2 anyway and then the rates dont look any better doing this inter-bank.
There also seems to now be a number of prepaid style accounts. I have used Caxton for a number of years and now see accounts from Revolut, Monzo etc. All of these seem to essentially provide what I need?
Today I looked at Transferwise as they have been recommended to be the exchange party for the large lump sums at the best rates. I see they too offer an account and again this looks as if it could be useful.
I am getting confused by the huge number of these sort of accounts available and the positives and negatives of each. Has anyone else been through all this and determined which is the best value multiple currency account, particularly in the context of foreign home ownership?!
A lot of options. I opened a current account at Spanish bank Banca March London. It operates like a UK current account but with fees.
On the next visit to Alicante I popped into the Banca March branch there and they gave me a cash card and Spanish current account number with online banking at both branches. Took a week to sort out, card arrived at my UK address.
Easy to transfer funds into UK B.March. account and take them out in Spain/Euros for house purchase (no interbank transfer fees.) Alicante branch handled bills and debits from Spain.
Things may have changed since. (Barclays are quite big in Spain.)
Usual ID documents needed. Fees apply for Spanish current accounts, (or did.) London BM branch helpful on the phone.
Banca March,
30 Eastcheap, London, EC3M 1HD
Tel 020 7220 7488
On the next visit to Alicante I popped into the Banca March branch there and they gave me a cash card and Spanish current account number with online banking at both branches. Took a week to sort out, card arrived at my UK address.
Easy to transfer funds into UK B.March. account and take them out in Spain/Euros for house purchase (no interbank transfer fees.) Alicante branch handled bills and debits from Spain.
Things may have changed since. (Barclays are quite big in Spain.)
Usual ID documents needed. Fees apply for Spanish current accounts, (or did.) London BM branch helpful on the phone.
Banca March,
30 Eastcheap, London, EC3M 1HD
Tel 020 7220 7488
Edited by Slushbox on Saturday 26th May 15:34
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