A reader has asked: Can I open a business euro account online?
The good news here is that yes you can. In fact, you can open most business accounts online, although depending on your requirements you will be better off with a challenger bank like Starling or Revolut.
Both of those challenger banks offer slick apps and easy signup procedures.
I myself tried to open up a business account with both Barclays and NatWest a few months ago. I gave up after about 10 minutes with Barclays as the website was horrible and it took far too long. Although I already bank with NatWest it was such a length onerous process to open an account for a new ltd. that I gave up.
With the new breed of challenger banks, you can open a UK bank account with open banking very quickly. Starling I would say is better than Revolut because they operate off a UK license rather than Revolut, who run off their European one. Starling Bank also has very responsive customer service via email or through their app.
Starling Bank also provides excellent exchange rates for Euro international transfers. You can read more about them in my interview with Anne Boden, the founder, and CEO of Starling Bank. They are ideal for small regular transfers, but for larger transfer, it may be worth using a currency broker who can give you more control over the transaction and lock in exchange rates for future large conversions.
However, one of the downsides of Starling is that they only offer mobile banking. Which is probably fine for small businesses, but is very annoying in some instances. An online banking portal to use on a desktop would be very helpful.
You can also review a list of UK banks that offer free Euro accounts here, as most also offer business services.
Compare Vetted Investing, Trading & Currency Accounts
|Investing Accounts||Trading Platforms||Currency Transfers|
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.