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  #1  
Old 20th February 2018, 10:41 PM
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Delboy Delboy is offline
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Default 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
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Old 20th February 2018, 10:45 PM
HPsauce HPsauce is offline
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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.
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2003 D2 FL S8. Irish Green Pearl/Beige. Solar sunroof, auto-dim mirrors, electric rear seat functions, ski hatch retrofit; extended leather. Aftermarket DVB-T, reversing camera and full XCarlink (Bluetooth etc.).
2016 Volvo V40 T5 Cross Country (4WD) with ALL the toys including adaptive cruise etc. etc. Osmium Grey with Blonde/Charcoal leather interior. Polestar performance "optimisation". (A much rarer model than a D2 S8 by the way!) Oh, and a brand new engine at just under 30,000 miles on the factory one!
Finally: gone, but not forgotten.....
1998 D2 PF S8. AgateGrey/Platinum. Every option (I think) except electric rear seats, tiptronic steering wheel, ski hatch, towbar & dimming door mirrors.
e.g. Cruise control, NavPlus/TV, Bose, GSM, Xenons, Solar roof, Parking sensors, Alcantara/leather everywhere of course. (internal dimming mirror added later)
1998 (very early) Ford Focus 1.8 Zetec; ABS/TCS, Heated screen/mirrors, Aircon, Auto-dim mirror, Leather, Trip computer, Cruise control, OEM Ford SatNav with CD changer.
And before that a lot of Rover 800s, a few oddities, a lovely Triumph Dolomite 1850HL with Overdrive and way back in my schooldays an Austin Seven aka Mini 850!
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Old 20th February 2018, 10:59 PM
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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.
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Old 20th February 2018, 11:04 PM
HPsauce HPsauce is offline
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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.
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2003 D2 FL S8. Irish Green Pearl/Beige. Solar sunroof, auto-dim mirrors, electric rear seat functions, ski hatch retrofit; extended leather. Aftermarket DVB-T, reversing camera and full XCarlink (Bluetooth etc.).
2016 Volvo V40 T5 Cross Country (4WD) with ALL the toys including adaptive cruise etc. etc. Osmium Grey with Blonde/Charcoal leather interior. Polestar performance "optimisation". (A much rarer model than a D2 S8 by the way!) Oh, and a brand new engine at just under 30,000 miles on the factory one!
Finally: gone, but not forgotten.....
1998 D2 PF S8. AgateGrey/Platinum. Every option (I think) except electric rear seats, tiptronic steering wheel, ski hatch, towbar & dimming door mirrors.
e.g. Cruise control, NavPlus/TV, Bose, GSM, Xenons, Solar roof, Parking sensors, Alcantara/leather everywhere of course. (internal dimming mirror added later)
1998 (very early) Ford Focus 1.8 Zetec; ABS/TCS, Heated screen/mirrors, Aircon, Auto-dim mirror, Leather, Trip computer, Cruise control, OEM Ford SatNav with CD changer.
And before that a lot of Rover 800s, a few oddities, a lovely Triumph Dolomite 1850HL with Overdrive and way back in my schooldays an Austin Seven aka Mini 850!
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Old 20th February 2018, 11:18 PM
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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.
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Old 21st February 2018, 10:20 AM
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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?
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Old 21st February 2018, 02:43 PM
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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.

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Old 21st February 2018, 02:50 PM
HPsauce HPsauce is offline
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Quote:
Originally Posted by pete-p View Post
Are you going to be working offshore to claim the Seamans tax
Do you mean seafarers? If so, maybe not. See: https://www.gov.uk/government/public...elpsheet/hs205
Which specifically says:
Quote:
The word ‘ship’ is not defined in tax law, but ‘offshore installations’ used in the offshore oil and gas industry are specifically identified and are not regarded as ships for the purposes of the deduction.
And if you are actually on a ship:
Quote:
The employment duties of a seafarer are regarded as being performed outside the UK if they are carried out on a vessel that is engaged on a voyage or part voyage which begins or ends outside the UK. For this purpose, the UK sector of the North Sea is treated as part of the UK.
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.
__________________
2003 D2 FL S8. Irish Green Pearl/Beige. Solar sunroof, auto-dim mirrors, electric rear seat functions, ski hatch retrofit; extended leather. Aftermarket DVB-T, reversing camera and full XCarlink (Bluetooth etc.).
2016 Volvo V40 T5 Cross Country (4WD) with ALL the toys including adaptive cruise etc. etc. Osmium Grey with Blonde/Charcoal leather interior. Polestar performance "optimisation". (A much rarer model than a D2 S8 by the way!) Oh, and a brand new engine at just under 30,000 miles on the factory one!
Finally: gone, but not forgotten.....
1998 D2 PF S8. AgateGrey/Platinum. Every option (I think) except electric rear seats, tiptronic steering wheel, ski hatch, towbar & dimming door mirrors.
e.g. Cruise control, NavPlus/TV, Bose, GSM, Xenons, Solar roof, Parking sensors, Alcantara/leather everywhere of course. (internal dimming mirror added later)
1998 (very early) Ford Focus 1.8 Zetec; ABS/TCS, Heated screen/mirrors, Aircon, Auto-dim mirror, Leather, Trip computer, Cruise control, OEM Ford SatNav with CD changer.
And before that a lot of Rover 800s, a few oddities, a lovely Triumph Dolomite 1850HL with Overdrive and way back in my schooldays an Austin Seven aka Mini 850!

Last edited by HPsauce; 21st February 2018 at 02:53 PM.
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  #9  
Old 21st February 2018, 02:57 PM
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Quote:
Originally Posted by Delboy View Post
I signed up for Revolut but thats not a euro account that can receive payment from employer that I'm aware of.
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.
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  #10  
Old 21st February 2018, 06:24 PM
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Delboy Delboy is offline
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Quote:
Originally Posted by moltuae View Post
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.
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