Can I open a euro bank account in the UK? (2022)

If you regularly send or receive money in EUR, having a euro bank account could be very useful indeed. It’s particularly handy for freelancers who get paid in euros and businesses who buy from European suppliers, as well as people who regularly send money to friends and family abroad.

The major benefit of having a euro account is that you can avoid losing money to fluctuating exchange rates. But just how easy is it to open a euro account in the UK, and which banks offer them?

We’ll cover everything you need to know here in this guide. Plus, alternatives such as the Wise multi-currency account which could be a better fit for your needs.

Which UK banks offer a euro account?

Let’s start by looking at which of the UK’s major high street banks offer euro accounts.

Barclays¹

The Barclays Euro Account lets you send and receive payments in euros, and you can also transfer money for free between your Barclays euro and sterling accounts.

To be eligible for this account, you’ll need to open a Barclays current account in sterling first.

HSBC²

HSBC offers an international Currency Account, where you can choose from 14 major currencies including EUR. You’ll have a separate account for each currency.

The HSBC Currency Account is easy to manage, offers live exchange rates updated by the second (during market hours) and has no monthly fee.

To be eligible, you’ll need to be over 18 and have an active HSBC current account. If you meet these criteria, you can apply online by logging into your internet banking.

Lloyds Bank³

The Lloyds Bank International Current Account gives you a choice of three currencies, one of which is EUR. The account offers 24/7 worldwide access using internet banking, and you’ll even get a Visa debit card for spending in euros.

There aren’t any fees for making or receiving international payments, but there is a monthly fee.

To be eligible for this account, you’ll need to have a gross annual income of at least £50,000 (or the equivalent in euros). You may be eligible if you have at least £25,000 to save with Lloyds Bank. Another important condition to know about is that you’ll need to make your first deposit into the account within 30 days of opening it.

Santander⁴

Santander International has a Gold Account aimed at customers who regularly make international payments, or who travel or work abroad.

It’s an everyday current account, available in three currencies including EUR. You’ll get a Visa debit card for payments and ATM withdrawals in euros, and you can manage your account through telephone and online banking. There’s no monthly fee, and you’ll even get a variable rate of interest on your money.

What about digital banks?

You aren’t restricted to just high street banks when it comes to getting a euro account. Many digital and mobile-only banks also offer them, such as:

• Monese⁵ - offering a mobile-only account in EUR with a debit card and international transfers.
• Revolut⁶ - open a personal Revolut account and you can create a new account for your choice of 30+ currencies, including EUR
• Starling⁷ - the Starling Euro Personal Current Account comes with a debit card for managing both GBP and EUR accounts and 24/7 weekend transfers. You’ll also get your own unique International Bank Account Number (IBAN).

Fees and exchange rates

Before opening a euro account with your chosen provider, it’s important to check the small print.

The key things to look for are monthly fees and charges for international transfers, but you should also check out the exchange rates. Many banks tend to add a mark-up to what is known as the mid-market rate, which makes overseas payments more expensive for you.

Here’s an overview of the fees for the accounts we’ve mentioned so far:

Manage your money in 50+ currencies with the Wise multi-currency account

If you want to swerve account fees and poor exchange rates completely, there’s a money-saving alternative available.

Open a Wise multi-currency account and you won’t need a separate euro account. You can hold and convert 50+ currencies including EUR from one powerful account, and only pay low, transparent fees to send money worldwide. There’s no monthly account fee, and no hidden charges to worry about.

Better still, with Wise you’re guaranteed the real, mid-market exchange rate, with no expensive mark-up added on top.

Join Wise

Sources used for this article:

Sources checked on 26-04-2022.