Euro Bank accounts

[Coastgal]

Yes, the banks often do win. So I try and make the gain mine whever possible

And I'd rather not pay the extra fees using a Sterling card abroad. To use a non-local bank card at an ATM (ie Barclays debit card at an ATM in Spain) Barclays charge a £1.50 non-sterling cash fee, as well as a 2.99% non-sterling transaction fee.

For Caxton, there are normally no fees (depending on the ATM you use) and you pre-purchase your Euros at a much more competitive rate.

For example, I bought a load of Euros on Caxton at £1 = €1.20
Todays Barclay/Visa rate is just 1.15. So take off Barclays £1.50 & 2.99% fees and you're left with just €0.98!

It probably doesn't make too much difference on £100 withdrawal:
Caxton = €119
Barclays = €98

But when you look at £1000, the loss of £210 is quite significant.

So having a local Euro account represents a very good cost saving, and one I think is worth the extra effort (I'd far rather spend that extra couple of hundred on spares for the boat )



PS Hope I've got my calculations right here :-o

 

[jordanbasset]

Yes, the banks often do win. So I try and make the gain mine whever possible

And I'd rather not pay the extra fees using a Sterling card abroad. To use a non-local bank card at an ATM (ie Barclays debit card at an ATM in Spain) Barclays charge a £1.50 non-sterling cash fee, as well as a 2.99% non-sterling transaction fee.

For Caxton, there are normally no fees (depending on the ATM you use) and you pre-purchase your Euros at a much more competitive rate.

For example, I bought a load of Euros on Caxton at £1 = €1.20
Todays Barclay/Visa rate is just 1.15. So take off Barclays £1.50 & 2.99% fees and you're left with just €0.98!

It probably doesn't make too much difference on £100 withdrawal:
Caxton = €119
Barclays = €98

But when you look at £1000, the loss of £210 is quite significant.

So having a local Euro account represents a very good cost saving, and one I think is worth the extra effort (I'd far rather spend that extra couple of hundred on spares for the boat )



PS Hope I've got my calculations right here :-o

We use Fairfx for similar reasons as for Caxton

 

[Sybarite]

recommend Credit Agricole in France. .

I live in France and I am suing them. But don't let that put you off....

PS IMHO there are not good or bad banks in France, just good or bad bankers. It's a lottery.

 

[Andy and Lyn]

whats the issue? Never had a problem but you never know!

 

[rjcoles]

Thanks Guys

I will sit down over xmas with a small libation and go through the thread and make a decision on which way to go. Thanks again.