What is the best interest-earning UK-based Euro account?
Thread poster: Tom in London

Tom in London
United Kingdom
Local time: 17:54
Member (2008)
Italian to English
Oct 30, 2012

(i.e. not offshore)

I know this question has been asked a zillion times before, but not recently.


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Louisa Berry
United Kingdom
Local time: 17:54
Member (2009)
German to English
+ ...
Also ease of access and low charges Oct 30, 2012

Also I would be very interested if anyone could give me their recommendations for UK based Euro accounts which are easy to open and to do transfers and have low monthly charges and low fees for transferring money into sterling.

Thanks


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Peter Linton  Identity Verified
Local time: 17:54
Member (2002)
Swedish to English
+ ...
"Free" banking Oct 30, 2012

I have a Personal Euro Account with a UK High Street bank. They pay me interest of 0.100%, so they are not going to win your competition.

On the other hand, if I invoice somebody for 100 euro, that is exactly what I receive. There are no bank charges, and if I transfer money from my euro account into £ in my sterling account I get a favourable rate of exchange, certainly better than tourist rates.

Other points – there is no online access, no bank card, and no way of paying for anything by bank transfer. But I can telephone two days in advance to take out euros from my account for holidays etc. These days, cash is safer than cards.

In short, it is "free" banking, though of course paid for by that all but invisible rate of interest. But I keep using it because customers find it very convenient to pay me in euros.


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Kristian Andersson  Identity Verified
Local time: 18:54
English to Swedish
Cash hoarding strategies Oct 30, 2012

Put them under your mattress. No interest but easy to access, free withdrawals and you’ll sleep well too)

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Tom in London
United Kingdom
Local time: 17:54
Member (2008)
Italian to English
TOPIC STARTER
Which one? Oct 30, 2012

Peter Linton wrote:

I have a Personal Euro Account with a UK High Street bank.


Would you be willing to name the bank?


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Oliver Walter  Identity Verified
United Kingdom
Local time: 17:54
Member (2005)
German to English
+ ...
This one? Oct 30, 2012

The answer may be here:
http://www.proz.com/forum/money_matters/145924-bank_charges.html

Oliver


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Tom in London
United Kingdom
Local time: 17:54
Member (2008)
Italian to English
TOPIC STARTER
Nope Oct 31, 2012

Oliver Walter wrote:

The answer may be here:



No, Oliver, there's no satisfactory response in that old thread. So I'm still hoping someone will suggest a specific UK bank that offers a UK (not offshore)-based Euro account on terms that are favourable to a self-employed translator who is not looking to avoid tax but who *is* looking to avoid changing all Euro payments into GBP and losing out every time.


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Kaspars Melkis  Identity Verified
United Kingdom
Local time: 17:54
Member (2005)
English to Latvian
+ ...
Could it be Citibank? Oct 31, 2012

Tom in London wrote:

Peter Linton wrote:

I have a Personal Euro Account with a UK High Street bank.


Would you be willing to name the bank?


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Tom in London
United Kingdom
Local time: 17:54
Member (2008)
Italian to English
TOPIC STARTER
Could be Oct 31, 2012

Kaspars Melkis wrote:

Tom in London wrote:

Peter Linton wrote:

I have a Personal Euro Account with a UK High Street bank.


Would you be willing to name the bank?



Could be anything....


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Kate Chaffer
Italy
Local time: 18:54
Italian to English
Barclays Oct 31, 2012

Tom in London wrote:

Oliver Walter wrote:

The answer may be here:



No, Oliver, there's no satisfactory response in that old thread. So I'm still hoping someone will suggest a specific UK bank that offers a UK (not offshore)-based Euro account on terms that are favourable to a self-employed translator who is not looking to avoid tax but who *is* looking to avoid changing all Euro payments into GBP and losing out every time.


I think what Oliver wanted to say was that Peter says which bank he uses in that thread.


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Tom in London
United Kingdom
Local time: 17:54
Member (2008)
Italian to English
TOPIC STARTER
Ah yes Oct 31, 2012

Kate Chaffer wrote:

Tom in London wrote:

Oliver Walter wrote:

The answer may be here:



No, Oliver, there's no satisfactory response in that old thread. So I'm still hoping someone will suggest a specific UK bank that offers a UK (not offshore)-based Euro account on terms that are favourable to a self-employed translator who is not looking to avoid tax but who *is* looking to avoid changing all Euro payments into GBP and losing out every time.


I think what Oliver wanted to say was that Peter says which bank he uses in that thread.


Ah yes - Barclays.

But given the recent corrupt activities of that bank (Bob Diamond/LIBOR) and the far-from-convincing remedial measures it says it has taken, I wouldn't be happy to transact with them. Not that the others are particularly saintly, but so far as I'm concerned, Barclay's is off the menu.

Any other suggestions?


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Nicole Y. Adams, M.A.  Identity Verified
Australia
Local time: 03:54
Member (2006)
German to English
+ ...
Citibank Oct 31, 2012

I have euro and US dollar accounts with Citibank in London. Both were easy to open online and can be managed online. They're not exactly high interest but there are no monthly fees and you can easily access your funds and transfer them between your accounts as needed.

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Tom in London
United Kingdom
Local time: 17:54
Member (2008)
Italian to English
TOPIC STARTER
Thanks Nicole Oct 31, 2012

Nicole Y. Adams, M.A. wrote:

I have euro and US dollar accounts with Citibank in London. Both were easy to open online and can be managed online. They're not exactly high interest but there are no monthly fees and you can easily access your funds and transfer them between your accounts as needed.


That's useful - although I believe that to open a Euro account with Citibank you have to first open a current account.


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Louisa Berry
United Kingdom
Local time: 17:54
Member (2009)
German to English
+ ...
Citibank Oct 31, 2012

I believe Citibank charge monthly fees of about £5 now unless you keep (for me) a large sum in there.

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