How do I get a € Euro bank account? PaulS43

#1
Apologies if this isn't in the right place to the mods - I couldn't find an obvious natural home for it).



Right I am self employed. I get paid (currently) by 3 different British companies. All the money is in sterling. It comes into my UK HSBC account.



I have been asked whether or not I want to work for a Dutch company. The thing is they will only pay in € Euros. Invoicing their firm in Euros isn't a problem but how can I recive the money?



HSBC haven't yet answered my email to ask them so can anyone else tell me where I can go to set up a € Euro bank account and if I have a choice, where I will get the best deal in running it and withdrawing my money in £ sterling.



The contract (if I take it) will pay exactly €150 a week.



Any advice welcome

#2
Open an account with DKB. They don't charge for anything (free cash withdrawals anywhere in the Eurozone) and they're fine with non-residents opening accounts. They also pay 2.05% interest. I'd avoid any euro account in the UK, which either lack basic banking facilities or charge hefty fees for transactions that are normally free of charge.

#3
Hi NFH. Thank you for the link. Ich kanne nicht sprechen Deutche !!! But I have a friend whoim I'm sure will read for me.



While I'm about it - would anyone have a similar suggestion for other currencies such as the US $ etc, etc, etc. This is more of a curiosity than an urgent need (no, I am not an international xxxxxxxxx dealer {fill in as you please} lol!

#4
The Dutch company can transfer Euros to your regular GBP account, of course. You will pay the exchange costs, but that's all. You should negotiate with your UK bank before the transfer if you want a decent rate.

#5



While I'm about it - would anyone have a similar suggestion for other currencies such as the US $ etc, etc, etc. This is more of a curiosity than an urgent need (no, I am not an international xxxxxxxxx dealer {fill in as you please} lol!
Originally posted by PaulS43


Try Citibank UK or HSBC USA. The latter will open an account remotely for you, as you already have an account with HSBC in another country.

#6



The Dutch company can transfer Euros to your regular GBP account, of course. You will pay the exchange costs, but that's all. You should negotiate with your UK bank before the transfer if you want a decent rate.
Originally posted by RetiredInThailand


That's the worst possible suggestion, particularly if the OP has to make expenditure in EUR. Never pay the wrong currency into an account. There will be a bad rate (determined by the system) and fees. Pay EUR into a EUR account and GBP into a GBP account.

#8
http://www.britline.com/ is another option, which is good if you want an English-speaking bank, but I'd hesitate to recommend them unless you specifically want a French account because:



1. The account has a (small) monthly charge, and there are extra charges if you want a debit card and for various services

2. The account opening process is rather lengthy

3. You have declare some kind of interest in France to open one (although it doesn't need to be anything concrete)

#9



That's the worst possible suggestion, particularly if the OP has to make expenditure in EUR. Never pay the wrong currency into an account. There will be a bad rate (determined by the system) and fees.
Originally posted by NFH


We dont know that the OP has any expenditure to make in EUR. In fact from what he says it seems that he probably doesnt. Obviously if he does then he shouldn't be thinking of exchanging the EUR to GBP at all.



Assuming that this isnt the case, what is more important is how often he expects to be paid and for how long. Even if he does open a Euro account, he will still be faced with the problem of how to use the money here, and that will involve fees and exchange sooner or later.



If he relies on using a EUR denominated ATM card for withdrawing or spending his Euros in the UK then he will probably be hit with an exchange weighting also. There may be a yearly fee for the card as well.



The exchange rate and charges you get for an incoming transfer in another currency are identical to those you get for any non-booked exchange. You can negotiate to improve the rate and the difference is usually around 2% or so.



The only way he is going to reduce the fees is if he has one large transfer instead of many small ones. So maybe he could get paid yearly rather than weekly.

#10
Hi there,



I will be doing work for this firm in the UK for this Dutch firm. They have offered me a 6 month contract @ 150 € a week (to be paid in Euros). I MAY have to go to Holland 2 or 3 times during this period to see the factory so I would want to keep some money in Euros rather than convert to sterling to then convert back again. Because of my other work, I won't need to draw down the money I'll be paid in the contract every week (though I would of course like to draw someof it down and 'enjoy' the use of it - it's why we all go to work!!!!) At what point will I need to pay tax on it if it's held in a foreign bank and will the tax be paid at the rate I get when I convert??? (possibly these are questions for elsewhere)

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