Foreign Currency Account?

Foreign Currency Account?

Author
Discussion

MyNameIsMud

Original Poster:

50 posts

218 months

Monday 20th March 2006
quotequote all
I have a customer who wishes to pay me in Euros - my bank account is in GBP, can this be done or do I need a special account?

PetrolTed

34,428 posts

304 months

Monday 20th March 2006
quotequote all
They just need your international bank account details. Ask your bank manager and he'll be able to tell you your your BIC(?).

Eric Mc

122,053 posts

266 months

Tuesday 21st March 2006
quotequote all
You don't HAVE to have a currency account specially to match the currencies in which your customers pay you. If you had lots of foreign customers that would get very complicated (although the introduction of the Euro really has made life easier for businesses in Europe).
If using your normal busines bank account, the bank will automatically convert any foreign amounts received into Sterlin in your account. They will probably charge for the priviledge for doing so though.