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Euro cheques/foreign bank accounts - advice needed

(14 Posts)
Caribbeanqueen Thu 28-Jul-05 15:42:21

Probably a long shot, but here goes.

I receive quite a few cheques from clients in Euros. If I pay them into my UK account, I lose quite a lot in fees. I opened a Euro account (offshore), but they only take cheques over €750 and their fees are even higher.

Does anyone know of a solution of have the same problem?

Is it possible for me to open a bank account in a Eurozone country if I don't live there?

Anyone have any ideas? Thanks.

LittleStarsweeper Thu 28-Jul-05 15:52:42

mmm, dh knows more about this but not available at mo. We have an account in France although we dont live there. Problem is i cant remember if we had our house out there before we had the account as that may of been the factor for the account.

Caribbeanqueen Thu 28-Jul-05 15:54:56

Thanks for that. Would you be able to ask dh later? I'd be very grateful.

LittleStarsweeper Thu 28-Jul-05 15:57:35

try Credit Agricole Brit Line 02.31.55.67.89

LittleStarsweeper Thu 28-Jul-05 15:58:05

yep will ask later.

Ameriscot2005 Thu 28-Jul-05 16:08:58

Barclay's offer Euro accounts. I couldn't see anything in their online bumph about minimum cheque value.

LittleStarsweeper Thu 28-Jul-05 16:10:58

yeah I enquired at Barclays but they still charge a transfer fee.

Ameriscot2005 Thu 28-Jul-05 16:16:56

You always have to pay something to exchange currency. That's one of the ways the banks make their money.

A Euro account lets you pay in cheques and keep the funds in Euros. When you do decide to convert the Euros into Sterling, you can get a better rate because you are converting one big amount instead of several piddly amounts.

Caribbeanqueen Thu 28-Jul-05 16:22:10

The one I have at the moment is with Nationwide. they said the charges can often be as much as £60 for paying in a cheque!

Some of the cheques I get are pretty small, usually under €500 and some as low as €30 if for a single job, so I end up losing a lot.

It can also take about 6-8 weeks for the cheque to clear.

Ameriscot2005 Thu 28-Jul-05 16:22:44

Looking at the Barclays website, it says that transfers between your Euro Account and Sterling Account are free.

Milliways Thu 28-Jul-05 20:36:04

HSBC also do Euro accounts: Info from website -

Costs and charges for Euro accounts
Debit interest payable in March, June, September and December.
£2.50 or Euro equivalent monthly fee.
£0.60 or Euro equivalent per cheque.
Other information
Cheques paid into foreign currency accounts from £4 per item.
Accounts must not be overdrawn unless we agree an overdraft limit.
Unauthorised and excess overdrafts will be charged at 7% over the appropriate currency base rate.
Unauthorised and excess overdrafts on Euro accounts will be charged at our standard overdraft rate.
There is a commission charge of 1% on foreign currency banknotes paid into or withdrawn from a foreign currency current account.

Prufrock Thu 28-Jul-05 21:02:42

Citibank offer a Euro current account which can be linked to your UK account if you move your main bank account to them. You have to keep a high balance in the account to not be charged fees though, but they were the bank of choice for all mty old european expat colleagues

LittleStarsweeper Fri 29-Jul-05 19:13:10

spoke with DH, yes we had the account before the house. Britline easy to deal with as they speak english. There will be a fee to transfer euros to sterling as with most banks but not sure of charges for this as havent transferred. Hope this helps

Caribbeanqueen Sat 30-Jul-05 13:59:07

Thanks for that Littlestarsweeper.

Thanks to everyone else as well!

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