Euro payment into a UK account - possible?

[Terpsichore]

I'll be honest, I'm trying the MN route first before having to pay my accountant for advice, so if anyone has experience of this and is willing to share, it'll save me money!

I run a very small limited company and we've just done a one-off job for a client in the EU. We have to invoice, and they will pay, in Euros. Does anyone know how this works in terms of paying it into the company bank account?

TIA for any help.

You won't be able to pay it straight into a £ account. It will either need to go into a euro account (which I guess you don't have) or via some sort of money exchange process. I would give your bank a call. They should be able to advise you for free and explain how to go about it.

Or - can you not get your client to pay in sterling? Then they just have to ask their bank to pay the amount in euros that translates into the sterling amount at the then rate of exchange. I frequently did this as an expat when I needed to pay a bill in a different currency.

I do some work where I am paid in euros onto my UK bank account. They translate it and there it is. Some banks charge a fee but mine (cooperative) doesn't.

In terms of your accounts you would include it in your accounts at the rate on the day you invoice it and then if the actual amount you get is different due to exchange rate you will have either an exchange rate gain or loss in your accounts. If there were a bank charge that part would be a bank charge expense.

OK, thanks both for that - very useful to know. I'll see what the bank says as a next step. I don't think they'll pay in sterling, unfortunately, but I might well give it a punt.

Yes you can, we sometimes take deposits this way, you will need bacnk name, account number, sort number and we are asked to give the WAN? number.

The exchange rate you get depends on the bank, their margin and the markets. If it's a one off just live with it, if it's likely to be regular look at some sort of FX solution. Your bank can help you here or there are independent bureaus. Shop about and don't pay over the odds!

Good luck!

It's possible, but you just have to make sure they have your IBAN code.

That's it the IBAN code

I'm assuming as I can do the other way (from our sterling to our Euro account), it must be possible to do it from a euro to a sterling account.

I think it's IBAN and BIC codes. Your bank can provide them.

They are on your statement - I get Euros paid in regularly no charge - reasonable exchange rate. With Santandare

As everyone says. You need the IBAN and BIC/SWIFT (same letters/number).