Euros
 

I know a car forum doesn't seem like the best place for money advise but I am keenly aware that there a few people on here that are more finanically savvy then I.

So here goes, I have recently quit my job and will be starting a new one at the end of the month that will pay me in Euro's.

So what is the best or most efficient way that you know of to get Euro's in to Pounds so I may pay the bills etc.

I signed up for Revolut but thats not a euro account that can receive payment from employer that I'm aware of.

So I'm all ears on others experiences of dealing with currency conversion, euro accounts or other services.

Thanks

Del

I think we need to know more, such as where will you be working, where will you be paid and where pay tax?

Most people I know with significant Euro holdings keep separate accounts in the relevant country. Their tax situation can be complex.

I'll be working all over the world and getting paid by an umbrella company based here in UK but in euro's.

I should qualify for Seamans tax which allows me to claim all my taxes back.

I'd be talking to:
a) The new employer to see what others do
b) You current bankers, most (all) major banks offer currency accounts with easy transfers to/from the base Sterling account

There's always a penalty when converting currencies but I expect the majors will all be pretty much the same.
Unless you're earning megabucks and can get a "premier" type account which may get better rates.

The others that are doing the same as me are a mixed bag, some are just having it deposited into their normal account and accepting whatever rate plus fee's the bank decides.

One other has opened a Euro account but I don't know what fee's he get's charged but it allow's him to transfer when the rate has moved in his favour.

Depending who you bank with something like this might be suitable:

It states no account fee and provides live FX rates and can be managed online.
https://www.hsbc.co.uk/1/2/currency-account

Are you going to be working offshore to claim the Seamans tax, if you are on land I would have thought you pay the tax where you earn the income. Rather than claiming the tax back though you might want to look into requesting an NT tax code and have the employer to pay wages without deducting?

I work on vessels offshore and everything outside the 12 mile limit of uk shores counts as days for qualifying.

I'll have a read through their details thanks.

+++

Do you mean seafarers? If so, maybe not. See: https://www.gov.uk/government/public...elpsheet/hs205
Which specifically says:
And if you are actually on a ship:
If you are going to be working in locations controlled/linked to other jurisdictions then there may well be other rules, but you'll need a tax accountant to advise.

Revolut gives you a unique Euro IBAN account number and also Swift payments. Couldn't you use one of those?

I haven't been using Revolut long but, as far as I'm aware, it would also be free to exchange the funds from EUR to GBP and transfer them to your regular (UK) bank account.

I see that now thanks, I'm sure that will work well enough, I also contacted them to see if they are under fca which they are so I'm going to give it ago.

I will need to signup for the premium account though.