Getting a Euro's bank A/C

[Ariadne]

Getting a Euro\'s bank A/C

Ok we have a UK stirling account, but we need a Euros account that we use for everyday life. Preferably one which has a debit card so we can get cash, pay for food, swindlery, marinas etc. I have on going work which I get paid in Euros, so I want to deposit them in the bank for later use. I can get a holding account from my current bankers, but I can only use it to transfer monies between accounts/forums/images/graemlins/mad.gif..........and it costs a lot of money.

I'm told that HSBC have euros/foreign currency account that will do this (for a small fee!), but then we aren't in the UK to open it! and I don't really want to have to pay for the privalige of having one, so my question is:

Is there a Euros account that I can set up while overseas, and have free (or cheap) access to while sailing around the Med for the next 2-3 years? If so, who with and how do I set it up?

Over to you lot............

Dave

 

[michael_w]

Re: Getting a Euro\'s bank A/C

I set up both US$ and Euro accounts with Citibank based in London. You can change the currency of your debit card at will. Can even pay in cash Euro/Dollars/Sterling at any branch.

Heaps better than the HSBC Offshore foreign currency accounts.

 

[jimbaerselman]

Re: Getting a Euro\'s bank A/C

I just went to a Greek bank, handed them €1,000 and my passport, and they opened an account for me. With a cash card for ATM withdrawals and (nominally) as a debit card. Greek Debit cards don't work too cleanly though . . . so I'd recommend any interntional bank with a wide range of outlets in Europe if you're not spending most of your time in one country.

Working via a UK bank to open a Euro account seemed to involve all sorts of heavy fees, annual service payments, nasty exchange rates etc, but came with the potential advantage of credit cards. Didn't need those though.

 

[Conachair]

Re: Getting a Euro\'s bank A/C

Lloyds offshore do euro and dollar accounts, €90 a year I think it costs me. I opened one when I was in Jersey, but looks like you can apply online here www.LloydsTSB-offshore.com
Downside is €4.50 charge for cashpoint use (each time I withdraw €300 anyway)
It might be cheaper to open a nationwide flex account as well which seems to be the cheapest UK account to use in Europe and transfer the money to there as you need it, transfering to UK accounts is free with Lloyds offshore and easy with internet banking. Though I haven't done the maths, you might lose just as much with different buy/sell exchange rates. No doubt there are other options.

 

[Abigail]

Re: Getting a Euro\'s bank A/C

So far we have used a combination fo a Nationwide flex account for cash and then for bigger bills we pay via U forex account. We pay them as we need too and then they pay in whatever currency we need. This has been useful for us with buying a sail in Hong Kong (paid in USD), spending 3 months in NZ (including buying a van) and then paying for boat storage and some chanderly stuff all the last six months (Err - now I realise why I'm broke!) A currency broker charges a better rate and if you can group transactions together (eg paying two or three euro bills at once), you only pay transaction fees.

We use uk forex, connected to nzforex, as they gave us the best nz rates when we needed it, and since then their customer service has been first rate. No connection save as a customer.

Mind you - we will look at the citibank thing as anything which saves on transaction costs is good. And if you're getting paid in euroes I'd've thought such an account was a necessity!

 

[Koeketiene]

Re: Getting a Euro\'s bank A/C

Can also recommend Citibank.
Three accounts with them US$, £ and Euro. Instant access anywhere in the world in any of the 3 currencies.

 

[bryantee]

Re: Getting a Euro\'s bank A/C

Cater allen do euro debit card. no charge for cash withdrawals at ATMs across Europe.I just send them a sterling cheque every now and again to top up. there is a minimum deposit to start the account off. also if using at atms out of euro zone ,charge is in exchange rate but is not noticable.been using it for last few years no problems
http://www.caterallen.co.uk/Default.aspx?pid=1

 

[wingdiver]

Re: Getting a Euro\'s bank A/C

Another vote here for Cater Allen Private Bank.
They are part of Abbey National which is now part of Santander.
The account we use has a debit card for payments in shops and withdrawls from ATMs. So far it has been used successfully in Italy, Slovenia, Corsica, France, Belgium, Holland, Portugal, Spain, Madeira, Canaries.
My firm has an agency with the bank, as several of our clients use them for their limited companies, so if you want any more info, please feel free to send a pm with an email address and I'd be happy to give whatever help I could.

 

[davies]

Re: Getting a Euro\'s bank A/C

Easy to get a Euro card though the Post Office - just top up from your bank account as required.

 

[futurama]

Re: Getting a Euro\'s bank A/C

Abbey have a new credit card called ZERO that says it can be used abroad and in ATMs without charge and no foreign exchange rate charge. Might be worth a look.

 

[Ariadne]

Re: Getting a Euro\'s bank A/C

Lots of info for me to digest here.
Just walking into a 'big' bank with cash and a passport seems the easiest way sort it out.
Going back to the UK to try and organise it ain't going to be worth the hassle, esppecially in the political climate where everyone is a suspected terrorist!

Again thanks for the info, much appriciated.

 

[charles_reed]

LloydsTSB

Have recently cancelled their charge for using their Visa debit card to withdraw your own cash abroad. (At least they have for Platinum AC customers). There is still the Visa impost on credit purchases.

Though I do have an account with LloydsTSB I certainly wouldn't use them abroad, far better than any bank is one of the last of the mutual Building Societies, Nationwide. They have a debit card and a credit card, neither of which do they charge a premium for purchases/withdrawals in foreign currency and you have no bank charges at all to pay, and reasonable interest on any credit in the ac.

I've used them in Italy, Malta, Tunisia, Czech Republic, Finland, France, Croatia, Montenegro, Slovenia, Austria, Germany, Spain and even the USA.

The only thing you can't use it on are the French automated petrol pumps - they only accept cards issued by French banks (well chauvanist is a French word).

 

[Conachair]

Re: LloydsTSB

[ QUOTE ]

Though I do have an account with LloydsTSB I certainly wouldn't use them abroad, far better than any bank is one of the last of the mutual Building Societies, Nationwide.

[/ QUOTE ]
True the charge to withdraw is annoying but I would lose much more transfering the money back to £'s at 1.2€/£ when it changed into euros closer to 1.5€/£. No charge for card purchases though, just got to remember to take your passport for anything more than a few euros.

 

[charles_reed]

When I had a Credit Agricole AC

I used to write out a cheque to myself in £sterling, pay it into Credit Agricole and 3-4 working days later it had been converted into € at interbank rate and with a flat rate charge of €18.
Even with no commission charge you're paying the Visa spread charge which varies between 4-8%.

Banks are the ultimate in con-art, they have no substance, generally make their profit by practices just inside the grey line of legality but usually outside that of ethicality. They practice the ultimate in fiscal irresponsibility in borrowing short and, usually, lending long!!

Fortunately they've short memories and lack imagination, a little research usually allows one to outwit them.

My apologies to any bankers who've I've offended!!!

Having been outside of France for the last 6 years, I still find the near fraudulent practice of banks within the € bloc, of charging for transfers across national boundaries reprehensible.
Whatever happened to the Commission's ruling outlawing the practice.

I fear Aberman's impression that he can walk into a bank with a wad of cash and open an account is far from the practice (unless you're talking of £/$/€ in millions with a really shady one). To prevent money laundering, every bank in the OECD countries has, by national law, to ask for proof of identity and proof of domicile - the former is usually easier to provide, when you're living on your boat, than the latter.

One way round it used to be the letter of introduction from your bank to their correspondent bank in the country in which you wish to set up the account. I understand this has been suspended by a number of banks as being too easy to forge.

 

[narooma]

Re: When I had a Credit Agricole AC

As with a previous poster who took cash in a local bank in Greece, you can do the same in Spain. If you have a boat in a marina you have an address which was acceptable for them. They also give you a card for their cash machines and it is easy to have a currency transfer company send funds from Uk account to Spanish one.

 

[bryantee]

Re: LloydsTSB

auchan(Tesco France) have rectified the problem to some extent.
you can use uk credit cards 24/7 at their super market outlets .it does help if you can get by in french. all their channel port outlets now have instructions in english.they also have the best fast and extremley good fast food outlets.Flunch is super. Carrefore also have outlets but mainly on the peage .travelling between UK and Greece you can actually save the ferry fare by filling up and overnighting in the right places.good luck.

Learn from the mistakes of others - you won't live long enough to make them all yourself.