Euros

Delboy · #1 20th February 2018, 10:41 PM

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

HPsauce · #2 20th February 2018, 10:45 PM

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.

Delboy · #3 20th February 2018, 10:59 PM

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.

HPsauce · #4 20th February 2018, 11:04 PM

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.

Delboy · #5 20th February 2018, 11:18 PM

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.

pete-p · #6 21st February 2018, 10:20 AM

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?

jonnypym123 · #7 23rd February 2018, 10:54 PM

Del I hope it's not umbrella.co.uk

avoid them at all costs if it is, I went through them a year ago before being employed directly with the company I now work for, can honestly say the worst company I have ever dealt with wouldn't trust them with an abacus!

Quote:

Originally Posted by Delboy

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.

Delboy · #8 24th February 2018, 10:15 AM

Quote:

Originally Posted by jonnypym123

Del I hope it's not umbrella.co.uk

avoid them at all costs if it is, I went through them a year ago before being employed directly with the company I now work for, can honestly say the worst company I have ever dealt with wouldn't trust them with an abacus!

No Johhny, Currently looking to use Binks.

On other news I confirmed that I can indeed pay earnings into Revolut so I spent the afternoon yesterday back and forth with them getting the top up limit increased to a suitable amount as I didn't want to run into issues there.

Gotta say I like the whole app at the moment. Pity it couldn't be expanded to have a family in the one app so you could keep tabs on spending in one place.

But overall I like it.

jonnypym123 · #9 24th February 2018, 07:55 PM

great stuff

Quote:

Originally Posted by Delboy

No Johhny, Currently looking to use Binks.

On other news I confirmed that I can indeed pay earnings into Revolut so I spent the afternoon yesterday back and forth with them getting the top up limit increased to a suitable amount as I didn't want to run into issues there.

Gotta say I like the whole app at the moment. Pity it couldn't be expanded to have a family in the one app so you could keep tabs on spending in one place.

But overall I like it.

Dezzy · #10 26th February 2018, 05:52 PM

Quote:

Originally Posted by Architex_mA8tey

. . . says the man masquerading as an Ambulance driver on the south coast

I'm deffo not masquerading.

Quote:

Originally Posted by Delboy

I could but I need a mule with a vehicle big enough to transport it. Something that wouldn't get stopped by the police.

Any ideas?

Hmmmm? A boat maybe