Do you have a property in Europe? Perhaps you have family and friends that live there, or you simply like to dabble in European stocks and shares. If any of these scenarios describe you then it’s time you consider opening a euro bank account in the UK.
It’s easy to open an account and there are several great reasons why you should.
How The Euro Account Works
A euro bank account works in much the same way as any other bank account. You will need a minimum deposit to get the account open and, depending on the account, there may be a monthly or annual charge for operating it.
The difference is that the funds in your account will be in euros. You can deposit euros into the account or sterling. The sterling is converted into euros at the exchange rate displayed by the bank; it changes daily.
The funds can then be used in Europe to pay companies, send money to individuals, or even withdraw when you are on holiday. You can also receive euros directly into the account from any source.
Who Can Open An Account?
The great news is that anyone can open a euro bank account in the UK. The process is very similar to opening any UK account, the difference is that you will want the currency set as euro instead of GBP.
It is worth using a specialist, such as Fineco instead of your regular bank as they are likely to get you the best currency conversion rates with the least number of charges.
The Benefits Of A Euro Bank Account in the United Kingdom
The UK may have left the European Union but they remain a close neighbour to different European countries and there are many reasons to interact with them regularly. Having a euro account has always made sense, even more so post Brexit when you realize the benefits it offers.
There are no fees to transfer funds from your UK euro account to any euro account of your choice. That’s a big difference from sending funds from a sterling UK account to a euro account.
- Avoid Currency Fluctuations
One of the biggest issues when sending money abroad is the exchange rate. It fluctuates constantly and can literally cost you hundreds of pounds extra on larger transactions. If you need to send funds you don’t generally have any control over the exchange rate.
But, if you have a sterling-euro account you can decide when to pay funds in and get the best exchange rate deal. Money can then be transferred whenever you like without worrying about the exchange rate.
It is very easy to open a GBP-EUR bank account and use it. You don’t even need to go into the bank, it can all be handled online. This means it is the most convenient option when needing to trade in euros.
The process is much more secure than taking funds with you or using a pre-paid euro card. You have all the standard security associated with banks and the transfer process, along with the convenience of dealing with euros.
Of course, opening a euro bank account in the UK means you can deal with English customer service personnel. That is much easier if you have any queries that need to be dealt with.
If you haven’t considered opening a euro account in the UK before, it is time you did. It could be the best decision you ever make.