What are the best free Euro bank accounts in the UK?

I live in the UK and want to open a normal current account in Euros. I want a debit card and no monthly charges for the pleasure of having an account. Any ideas?

You’re not alone. There are more people than ever looking to have the convenience of a euro account, but traditional high street bank branches aren’t normally to accommodating of customers looking for this type of service.

Here are your options if you are looking for the best multi currency account.

Barclays and HSBC, for instance, both require you to have a sterling account before you can open a euro account, and neither will give you a separate debit card with the euro account.

Lloyds does offer a euro account with a debit card, but charges £7.50 a month, and requires a deposit of at least £25,000.

Santander offers a euro account through its private bank Cater Allen, but you’ll need to apply through an accountant or financial adviser to open one and deposit at least £5,000.

There are a range of challenger banks which could meet your needs, although they’re not strictly normal current accounts in the traditional sense (you won’t get an overdraft, for instance). They’re mainly free multi-currency accounts available through apps on your phone from the likes of;

• Revolut
• Starling
• TransferWise
• Monese also offer a service but it is charged at £4.95 a month.

You can transfer money through their apps and use the cards as payment or to withdraw cash.

But it’s essential to be wary of hidden fees in exchange rates, warns Jenifer Swallow from Transferwise.

“Sneaky pricing, such as advertising the transaction as ‘free’ or ‘0% commission’, then hiding the real charge in the exchange rate – are the norm among traditional providers and dupe people into thinking they are getting a good deal when they are not,”

That’s because most providers don’t use the mid-market rate for currency conversions, but instead use their own less-attractive exchange rate.

Depending on how often you plan to use the card, falling foul of a bad exchange rate could be a really costly mistake.

Below is a list of UK banks that offer Euro accounts and the costs associated with them (updated 14/9/2020)

• Related guide: Compare the best bank account switching deals here

Richard Berry

Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.

Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.

Richard’s contributions and expertise have been recognized by respected publications such as BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.

Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.

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