Opening a euro account will save you a lot of money on exchange fees whether you wish to deal in euro or merely receive euro. If you are a foreign visitor to the UK, you should open a Euro account to avoid excessive currency rates. A euro account comes with a euro IBAN bank account number, as well as an £85,000 deposit guarantee. Euro accounts are part of the SEPA network, allowing you to move money quickly and cheaply within the SEPA zone.
Check Out: How to Open a SEPA Bank Account Online
Open Euro Account in the UK
Wise, Revolut, Starling Bank, and Monese are among the companies that provide euro accounts in the UK.
You obtain a separate euro IBAN when you open a euro account.
When transacting in euro, a Euro account in the UK helps you to save on exchange rates and transfer fees.
Who Needs to Open a Euro Bank Account?
You can open a euro account if you:
- Would you like to keep euros in your bank account?
- You are paid in euros and you are based in the United Kingdom.
- If you'd like to donate or receive money,
- If you live in the United Kingdom and own property there,
- You live in the United Kingdom and wish to send money to family and friends in your home country.
Best Banks Offering Euro Accounts in the UK
There are numerous virtual and physical banks that can assist you with opening a euro account. The following are some of the top euro accounts available to UK residents.
Read Also: Opening a Bank Account in the UK
Wise (previously TransferWise) is a virtual bank account that provides personal and business euro accounts with debit cards. You obtain an IBAN number and your own European bank information in the UK when you register a euro account with Wise. In the United States, the United Kingdom, New Zealand, Singapore, Australia, the Eurozone, and Canada, you will receive free financial information. You can also receive numerous currencies in your euro account without incurring any costs with Wise. There are no hidden fees when sending and receiving euros in 56 different currencies.
How to Open Wise Euro Account in UK
Log into your Wise account, go to 'Balances,' and then 'Get Started' to start a euro account. Fill up the form with your personal information and upload documents to verify your account. Then you can fund your euro account with any of Wise's accepted currencies.
You will avoid exchange rate risk when you open a euro account with Wise, and you will be able to hold many currencies in your Wise multicurrency account. Paying with your account's currencies is free, and you get free ATM withdrawals of up to £200 each month.
- Opening account: free
- Sending money: 0.35%
- ATM fees for over 200 GBP: 1.75%
- Wise debit card: 5 GBP
- Currency conversion: 0.35% – 2%.
Check Out: French Bank Account For Non Residents
N26 used to offer personal euro account and N26 business account in euro. However, the bank left the UK after Brexit.
Revolut is another crypto-friendly bank in the UK that offers euro accounts. You can sign up for a Revolut personal or business account. You can use Revolut to hold, convert, and send money at interbank rates. You get an IBAN number when you register a euro account with Revolut. You can use the IBAN to receive payments from anywhere and to send money to friends, relatives, and suppliers. SEPA quick payments are supported by Revolut. You get a virtual card when you open a Revolut account, and you may also order a physical card.
How to Open Revolut Euro Account in UK
Enter your phone number in the Revolut app, which is accessible on the Play Store and App Store. Then create a password, which will be sent to your phone for verification. Then supply further information such as your name, date of birth, and address. Then, for verification, share a selfie photo. To fund your Revolut account, enter your bank account information.
You can quickly activate your euro account if you have a Revolt personal account. To do so, open the app and select "Top Up," then "By Bank Transfer," and then "Euros." After that, hit 'Activate' to quickly generate an own IBAN.
Revolut Plans and Revolut Fees
- Standard: Free
- Plus: £2.99 per month or £29.99 a year
- Metal: £12.99 per month or £120 a year
- Premium: £6.99 per month or £72 a year
- Transfers of up to £5,000 a month: Free
- Transfers above £5,000: 0.5%.
- Free £200 ATM withdrawals every month
Also Check: How To Open Bank Account In Hong Kong
In 2019, Starling Bank opened a euro account for UK residents. You can send and receive payments in euros with a Starling euro account. Transfers between pound and euro currencies are likewise free. Because it determines which currency is being used in a transaction, switching between pounds and euros is simple. You may manage your euro and GBP accounts with a single debit card from the bank.
The Starling Euro Account does not support SEPA quick payments. As a result, transfers may take a while to appear in the recipient's account. Converting between pounds and euros costs 0.4 percent with the Starling Euro account.
How to Open Starling Euro Account in UK
A smartphone is required to open a Starling Bank Account. Then a photo ID, passport, or driver's license will suffice. Creating an online account will take you about 10 minutes.
Starling Bank Fees
- Monthly fees: Free
- Nonrefundable: £2 per month
- Sending money via Faster Payments and direct debits and standing orders: Free
- Sending money outside UK: 0.4% transfer fee
Monese is an online bank that may assist you in setting up a euro account in the United Kingdom. You may start spending, sending, and saving money with a Monese euro account. You can make immediate top-ups and spend in real time with a Monese euro account. You can open a euro business account in addition to a Monese personal account. The Monese Plus plan provides you access to two personal accounts, one in the United Kingdom and the other in Europe. SEPA payments can also be made and received quickly and without costs. Budgeting tools and expenditure overviews are included with the Monese euro account. With a prepaid contactless debit card, you can conveniently manage your money online.
How to Open Monese Euro Account in UK
All you have to do is download the Monese app from the Play Store or the App Store. Fill up your personal information, such as your email address, phone number, and photo ID. You can use this to create and authenticate a Monese account.
- Monthly fees: £1.95 / €1.95 (Essential account)
- Physical card: Free
- Card replacement: £4.95 / €4.95
- Free £200 / €200 ATM withdrawal every month
- ATM withdrawals above £200 / €200: 2%
Santander Bank UK
Santander UK is a British bank that offers online and offline personal and business euro accounts in the UK. In the United Kingdom, a euro savings account, which is essentially a euro account with interest, can be opened. Other services and products offered by the bank include a current account, online corporate banking, debit cards, UK personal loans, UK business loans for SMEs, and more.
How to Open Santander Euro Account UK
You can apply for a Santander euro account in the UK via phone, mail, or online. Santander Bank UK offers a phone number that is both domestic and international. When you call, a Santander employee will assist you through the steps to get your application started. You can also fill out an application form online or download one to send in by mail or fax. To open a Santander UK account, you must be at least 18 years old and permanently resident in the United Kingdom.
Santander UK Fees
- Monthly fees: £4
- SEPA transfers: Free
- International payments: £25
- Direct debit/standing order: free
- CHAPS (same day payments): £25
Barclays is a physical bank that provides euro accounts. It is one of the most affordable conventional banks to start a euro account with. You can also open a euro savings account with Barclays Bank in the United Kingdom.
Payments to other countries and ATM withdrawals are both free. If you receive payments into your euro account from outside Europe, you will be charged a £6 fee. This bank's disadvantage is that it does not provide ATM cards, thus it may not be a viable choice for regular travelers. It is, nevertheless, a good option if you need a bank account to receive and spend money.
How to Open Barclays Bank Account
To open this account, you'll need a Barclays sterling current account. A mobile app available on the Play Store and App Store allows you to open a Barclays bank account immediately from your phone. Fill in your contact information, such as your name and email address. To establish your identification, you will also need to upload your ID.
Barclays Current Account Fees
- Transferring funds between your euro and sterling current accounts: Free
- Same-day transfer of money to another bank in the UK: £25
- Banker’s draft: £15
- Replacement or additional PIN card reader: £6
Conclusion on How to Open Euro Account in the UK
A euro account is ideal for those who frequently transact in euros. You can avoid exorbitant currency rates by opening a euro account. Consider creating a euro account if you plan to move to the UK, are a UK resident, or have frequent transactions in the Eurozone. The above banks make it simple to open a UK euro account online.