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?
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.
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.
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.
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There is a commission charge of 1% on foreign currency banknotes paid into or withdrawn from a foreign currency current account.
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
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