Starling Euro Account| Fees, Features and Alternative

Remay Villaester (May)
12.08.21
2 minute read

If you're a business who's dealing with frequent payments in Euros, you may want to look into getting a Euro account to reduce the hassle of converting back to your local currency each time you receive payments. With a Euro account, you can hold the payments you receive in Euro and convert it whenever you want which can be handy for FX hedging.

The Starling Euro account is one of the many options available, but is it right for you? Here, we’ll look at the features and fees of the Starling Euro account, plus an alternatives which could save you money on international transactions.

Starling Euro account features

The Starling Euro account lets you send, receive and hold euros, as well as transferring between GBP and EUR accounts whenever you need to.

You’ll get your own International Bank Account Number (IBAN) and full £85,000 FSCS protection¹.

Other features include¹:

  • Starling banking mobile app - so you can manage money on the move
  • Mastercard debit card for spending and ATM withdrawals
  • 24/7 transfers between GBP and EUR accounts
  • Works with mobile wallets such as Apple and Google Pay²
  • Choice of payment types, including Standing Orders, Direct Debits, card payments and bank transfers (SEPA)

Starling Euro Account fees

Services Fees³
Monthly fees None
Hold, send and receive euros Free (0.5% on positive balances over €50,000)
Currency conversion fee 0.4% transfer fee + local fees for each currency they support + £5.50 for a SWIFT payment⁴
When you convert between currencies, make sure that you check the exchange rate that's being applied as it might be lower than the mid-market rate which means that it's an added fee to the transaction on top of the transfer fee and delivery fee

Is there a cheaper alternative?

Wise-multi-currency-account

As you can see, it gets expensive when currency conversion is involved as with most traditional banks. However, alternatives like Wise Multi-currency account can reduce the conversion cost for you.

When you open a multi-currency account with Wise, you can take advantage of conversion at the mid-market rate, remove the cost to receive payments and only get charged a small fee when you convert or make transfers between currencies.

You’ll get a European IBAN and an international debit card - this covers multiple currencies, so you don’t need a separate card for each currency. Wise is FCA regulated and uses sophisticated security and anti-fraud technology.

Fees:

Service Fee⁵
Send and spend euros Free if you have euros in your account
Receive euros Free
ATM withdrawals Two free withdrawals up to £200 a month
Currency conversion fee Typically between 0.35% (between EUR and GBP)
Pros Cons
  • No monthly fees
  • Mid-market exchange rate
  • Transparent pricing
  • Manage your money across 50+ currencies
  • Business account onboarding can take 2 - 5 working days.

Start saving today with Wise

Summary

And that’s it - all the essentials you need to know about the Starling Bank Euro Account, including features and fees. We’ve even thrown in an alternative, so you can check and find the best option for you, whether it’s for personal transfers or for business.


Sources used for this article:

  1. Starling Bank - Euro account
  2. Starling Bank - Apple Pay
  3. Starling Bank Rates and Fees
  4. Starling Bank Help article
  5. Wise Euro account

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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