A reader asks: I get paid in euros and I am looking for a euro account so I can move money at the best rate time
This is becoming quite a common question to the Good Money Guide as more of our readers work abroad.
There are various options available to you. However, in this area above all others it’s important to shop around and find the service that’s right for you.
Which one you choose is likely to depend on how much money we are talking about and how frequently you need to move or convert that money to pay bills etc.
Global bankers HSBC offer a currency account which allows customers to hold deposits in any one of 14 major currencies. Whilst competitors Barclays offer a specific Euro account for those who travel frequently, work in Europe or that have regular bills to pay in Euros.
But there are also an increasing number of companies that offer these types of services including some challenger banks. Good Money Guide looked at some of the best Euro accounts in the UK.
As an alternative, payment service providers and currency transfer agents are also worth considering. The likes of Revolut offer multi-currency accounts, the ability to make payments and to transfer money in multiple currencies. They offer competitive exchange rates and customers can also withdraw up to €200.00 per month at ATMs for free, though larger withdrawals do attract charges.
TransferWise is another provider in the payments and currency space that offers its users the ability to convert currencies and move money. once again customers can also make cash withdrawals from an ATM using a dedicated Mastercard. In this case £200 per month or equivalent can be withdrawn without attracting fees
If you are converting a large number of Euros to Sterling then you should use a currency broker rather than an online platform. As well as providing bank-beating rates, they can also provide services such as currency forwards for hedging against currency price moves and give you more control at what rate you execute the transaction and conversion.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.