Managing euro holdings in the UK is key for those who travel, work freelance, or send money across borders. The right euro account makes currency management easier. It helps you save on fees and gives you quick access to euros when needed.
This guide looks at the top euro accounts in the UK. We’ll cover their features, fees, and services from big banks and digital services.
There are many choices, from banks like HSBC and Barclays to digital services like Revolut and Wise. Each has its own benefits. For example, Wise lets you have free bank details for the Eurozone. Revolut offers currency conversion for 30 currencies.
By looking at these options, you can find the best euro account in the UK for you.
More people are opening multi-currency accounts in the UK. This is because of the changing world of global transactions. It makes it easier to handle foreign payments and spending while traveling.
If you want to learn more, check out this resource.
Introduction to Euro Accounts
Euro accounts are special banking options. They let users hold, send, and receive euros instead of local currency. This euro account definition is key in today’s global economy. It’s great for those who do lots of transactions in Europe.
One big benefit of euro accounts is no currency conversion fees. This saves money, which is important for travel or international business. It also helps avoid big changes in exchange rates.
In the UK, many banks offer euro accounts with good deals. Barclays has personal euro accounts with no fees. HSBC also has no regular charges for transactions. But, Lloyds and Halifax charge £7.50 a month, which might not be for everyone.
Looking at euro accounts, you’ll see both traditional banks and digital services. Companies like Revolut and Monese offer great deals. It’s important to compare costs and features to find the best account for you.
Guide to Best Euro Account in the UK
In the UK, there are many euro accounts to choose from. Each one has its own features and fees. This helps customers pick the best one for their needs.
Here’s a summary of some notable offerings:
| Bank | Account Fees | GBP/EUR Conversion Fees | Additional Fees |
|---|---|---|---|
| Wise | £0 | Starting from 0.3% (0% markup) | £45 registration fee for business accounts |
| Zing | £0 | Starting from 0.2% (0% markup) | None |
| Revolut | Free – £45 per month | Varies; 1% extra fee on weekends | Depends on subscription tier |
| Monese | £0 – £14.95/month | 0.5% – 2% with 1% extra on weekends | Conversion markup of 2% |
| Lloyds Bank | €8/month | Not disclosed | None |
| HSBC | No monthly fee | No disclosed conversion fees | Conversion markup upon request |
| Barclays | No fees | Free between accounts in the same name | Not disclosed |
| Starling Bank | £2/month | Varying rates shown in app | Free SEPA payments |
When looking at euro accounts in the UK, think about fees, conversion rates, and service. Wise has low fees, while banks like Lloyds and HSBC might cost more. Knowing what each account offers helps you save money.
Top Picks for Euro Accounts in the UK
Looking for the best euro accounts in the UK can be a bit tricky. There are many options, each suited for different needs. Reading euro account reviews can help you make a smart choice. Here are some top picks:
- Starling Bank Euro Account: Great for everyday use, this account has no monthly fees and supports SEPA transfers. Keep in mind, there’s a 0.4% mark-up for currency conversion.
- HSBC Currency Account: Perfect for managing multiple currencies, it has no monthly fees for personal customers. Sending euros within the EEA is free, but international transfers might have fees.
- Lloyds International Current Account: With a monthly fee of £7.50 (waived for the first three months), it offers free international transfers. But, there might be extra bank fees.
- NatWest Travel Account: Ideal for those who travel a lot, this account has no monthly fees and lets you link it to your debit card for euro transactions. There are some limits on sending and receiving money.
- OFX Global Currency Account: Made for businesses, it lets you hold multiple currencies without monthly fees. But, there are charges for money transfers.
- Revolut EUR Account: An app-based option with monthly fees from £0 to £45. It makes euro spending and transfers easy, but watch out for international fees sometimes.
When picking an account, it’s important to look at customer satisfaction. Scores show how happy current account holders are. For example, Starling Bank scores 100%, making it a top choice in the UK. HSBC and Lloyds also have good ratings, showing they’re reliable. With this info, you can pick an account that fits your financial needs and preferences.
How to Open a Euro Account in the UK
Opening a euro account in the UK can make international transactions easier and cheaper. You can choose between traditional banks and digital platforms like electronic money institutions (EMIs). First, think about what you need from your account and which currencies you’ll use. This will help you pick the right provider for you.
It’s important to know what banks need to open a euro account. Traditional banks might ask for proof you live in the Eurozone and that you have income. They also want your ID and proof of where you live. On the other hand, EMIs often have simpler rules, like no minimum balance needed.
The steps to apply differ by provider. Banks usually need you to visit in person, while some EMIs, like Monzo and Revolut, let you apply online. If you’re not a resident, opening an account might take longer, needing more legal and financial documents. Having all your documents ready will make opening your account easier.
