Euros

[moltuae]

Originally Posted by Delboy

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.

[Delboy]

Originally Posted by moltuae

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.

[Turbo Tony]

Take a look at the Transferwise borderless account. I looked into it briefly and it costs nothing to receive funds in any currency. I'm not sure what the arrangements are with transfers though.

I don't have a borderless account, but have used Transferwise for years and they're great. Drop me a PM with your email address if you'd like a referral link.

[oldnick]

have a look at Transferwise borderless account to begin with
I will contact my SIL who is the expert in these matters , his response will probably involve knowing if you intend to keep any money in euros , eg I am currently getting 3.5% in euros in a so called Assurance Vie

basic rule .....keep away from clearing banks who will cost you at least 5 times as much as specialist money changers

sorry , just seen Tony's post

[Markr]

If you are paid in Euros, as others have suggested, you need a Euro account. To transfer straight into GBP you can use your bank to do this, but most likely will get a poor exchange rate. It cost me thousands when I took this route for a property purchase when I did not know any better.

These transfers are linked to the interbank rate, and you want a transfer company that not only gives you the best Interbank+ Rate, but also no commission and free transfer.

For the transfers I do between GBP and EUR, the magic amount to transfer is £5k GBP at a time as that gets me a good rate, a free transfer and more importantly, I don’t get charged a fee to receive into my EUR account.

If I send £10k, then the rate is the same, still free transfer, however my EUR account charges me 1% in fees to receive.

However, setting up an account in another jurisdiction will open you up to their anti-money laundering rules, and thus need to keep going in with my P60 to prove my income is legit.

Hope that helps
Cheers
Mark

[Delboy]

All good food for thought, I will want to go from eur to gbp as I don't want to leave it in a euro account.

I have no need to leave it in eur and at the moment I don't see any benefit to leaving it there other than a short time to maybe gain on exchange rate.

[oldnick]

heard from my SIL in the eurozone
he uses Currencyfair who do matched deals , decides what exchange rate he wants and waits for that ; as you don't want to keep euro's is probably best for you if you have accounts in both currencies

anyway , have a look at their website