benaj
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Post by benaj on Nov 13, 2018 21:50:09 GMT
Hi, I wonder if there is a currency account that takes euro notes deposit without monthly fee?
I hate getting poor rates currency buyback of travel money and want to take advantage of exchange rate at the time suits me.
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IFISAcava
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Post by IFISAcava on Nov 14, 2018 0:49:39 GMT
Hi, I wonder if there is a currency account that takes euro notes deposit without monthly fee? I hate getting poor rates currency buyback of travel money and want to take advantage of exchange rate at the time suits me. If you have a Euro account with debit card you wont have many notes left over to worry about. And it's cheaper / free to exchange and spend electronic Euros, whereas notes always have a fee one way or another.
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benaj
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Post by benaj on Nov 14, 2018 6:54:13 GMT
I use Tandem as the cashback credit card and Starling debit card for ATM oversea mostly.
There are many places in the world only take cash as payment.
It would be nice to put the unused cash in a currency account instead of posting back for buyback. Special delivery aint coat effectively for buyback.
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pikestaff
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Post by pikestaff on Nov 14, 2018 8:20:06 GMT
I simply aim to end a trip with less than €100, and keep it in a drawer until the next time I go. The lost interest is trivial compared to the cost of changing it back to £.
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Mike
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Post by Mike on Nov 14, 2018 9:05:51 GMT
Barclays offer a personal euro account which is very good. Can deposit and withdraw cash euros no cost, no monthly fee either and they give you a cool euro chequebook. It's little known product though so it can be a challenge to convince your branch it exists (and more of a challenge for them to find the right forms)! www.barclays.co.uk/content/dam/documents/personal/current-accounts/9911230LP_UK%2010.18.pdfIt is a proper bank account though so if you're just wanting to speculate on currency movement there are better (cheaper) ways - and IMV it's not worth having a whole new current account just for holiday spare change. As others have said just keep the cash in a drawer until next time (or sell to your family/friends at 'real' rate) |
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benaj
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Post by benaj on Nov 14, 2018 9:08:58 GMT
Barclays offer a personal euro account which is very good. Can deposit and withdraw cash euros no cost, no monthly fee either and they give you a cool euro chequebook. It's little known product though so it can be a challenge to convince your branch it exists (and more of a challenge for them to find the right forms)! I am considering about it, so no quarterly fee?
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Mike
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Post by Mike on Nov 14, 2018 9:12:15 GMT
Barclays offer a personal euro account which is very good. Can deposit and withdraw cash euros no cost, no monthly fee either and they give you a cool euro chequebook. It's little known product though so it can be a challenge to convince your branch it exists (and more of a challenge for them to find the right forms)! I am considering about it, so no quarterly fee? Unless it's changed, the euro account has no annual quarterly monthly fees. Take a look at the PDF I added to my post for the details (annoyingly they combine two products in one document when the fees are quite different for each). Don't expect a great exchange rate between GBP and EUR though - it's okay but you can get better quite easily.
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benaj
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Post by benaj on Nov 14, 2018 9:16:25 GMT
I am considering about it, so no quarterly fee? Unless it's changed, the euro account has no annual quarterly monthly fees. Take a look at the PDF I added to my post for the details (annoyingly they combine two products in one document when the fees are quite different for each). Don't expect a great exchange rate between GBP and EUR though - it's okay but you can get better quite easily. I intend to make SEPA transfer to Revolut. Revolut offers very good exchange most of the time, it much better than Western Union, Fineco, Transferwise.
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Nomad
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Post by Nomad on Nov 14, 2018 9:21:19 GMT
Unless it's changed, the euro account has no annual quarterly monthly fees. Take a look at the PDF I added to my post for the details (annoyingly they combine two products in one document when the fees are quite different for each). Don't expect a great exchange rate between GBP and EUR though - it's okay but you can get better quite easily. I intend to make SEPA transfer to Revolut. Revolut offers very good exchange most of the time, it much better than Western Union, Fineco, Transferwise. But Revolut does have annual "topup limits", which I hit quite quickly, and they require documentation if you ask for an increase - Link
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Stonk
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Post by Stonk on Nov 14, 2018 9:45:15 GMT
I am considering about it, so no quarterly fee? Unless it's changed, the euro account has no annual quarterly monthly fees. Take a look at the PDF I added to my post for the details (annoyingly they combine two products in one document when the fees are quite different for each). Don't expect a great exchange rate between GBP and EUR though - it's okay but you can get better quite easily.
I have one of the Barclays euro accounts. It's simple, efficient, and fits my need perfectly. There are no fees for "normal" operation. No monthly fees, and SEPA transfers are free. There are also no balance or deposit requirements. When I opened mine, the document said that SEPA transfers were £5 a go, but I think the doc was out of date because in practice they have been free. I didn't bother with a card or cheque book; I just operate it online, doing occasional SEPA transfers and using TransferWise for conversions. If you use Barclays for the conversion (e.g., by doing a transfer from a GBP account to the EUR account), their overall exchange rate seems to be about mid-market +/- 3%. You can withdraw euro notes -- but not coins -- from your EUR balance fee-free from branches, and presumably deposit them as well (I have not tried that).
You need to have a Barclays current account to open a euro account, because all the AML and KYC stuff is done in association with the current account. This necessitated a couple of trips to a branch and a one-hour appointment, just to open an account I didn't really want. Having said that, I did enrol the current account in their Blue Rewards scheme and use it for a couple of DDs per month, which makes me £4 a month for nothing.
Just make sure they open the right one of the two different euro accounts. The euro account has to be opened by Head Office -- assuming the branch knows about the product, they just fill in a form and send it off.
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benaj
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Post by benaj on Nov 14, 2018 10:05:09 GMT
Unless it's changed, the euro account has no annual quarterly monthly fees. Take a look at the PDF I added to my post for the details (annoyingly they combine two products in one document when the fees are quite different for each). Don't expect a great exchange rate between GBP and EUR though - it's okay but you can get better quite easily.
I have one of the Barclays euro accounts. It's simple, efficient, and fits my need perfectly. There are no fees for "normal" operation. No monthly fees, and SEPA transfers are free. There are also no balance or deposit requirements. ...
You need to have a Barclays current account to open a euro account, because all the AML and KYC stuff is done in association with the current account. This necessitated a couple of trips to a branch and a one-hour appointment, just to open an account I didn't really want. Having said that, I did enrol the current account in their Blue Rewards scheme and use it for a couple of DDs per month, which makes me £4 a month for nothing.
Just make sure they open the right one of the two different euro accounts. The euro account has to be opened by Head Office -- assuming the branch knows about the product, they just fill in a form and send it off.
Apart from Barlcays blue reward, Co-Operative bank also makes me £4 a month for nothing. Just 4 DDs and paying in £800 a month. Even better, making £1.50 extra for 30 debit card "transactions". Best bit, I don't have to make a purchase for these transactions, and the 4 DDs almost cost me less than nothing, :-)
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IFISAcava
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Post by IFISAcava on Nov 14, 2018 11:03:47 GMT
Citibank offer a good Euro account but there's a minimum balance for it to be free of a monthly fee (around £2000 equivalent or thereabouts)
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puddleduck
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Post by puddleduck on Nov 14, 2018 11:15:25 GMT
HSBC also seem to offer a foreign currency account for existing account holders.
I'm looking into this - I'm not prepared to have a mobile account, due to the bio-metric profiling (selfies / video nonsense), I intalled and uninstalled Starling, Revolut and Bung for this reason just this morning!
Will also check out Citibank.
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benaj
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Post by benaj on Nov 14, 2018 11:17:31 GMT
So, are there any currency account for "cash" deposit apart from Barclays? I thought HSBC doesn't take foreign notes.
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bigfoot12
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Post by bigfoot12 on Nov 14, 2018 11:42:27 GMT
Citibank offer a good Euro account but there's a minimum balance for it to be free of a monthly fee (around £2000 equivalent or thereabouts) It used to be a fantastic account, not so good now. Not sure that it is possible to deposit cash any more as all of the branches have gone, cheques can be posted, also some of the online FX payment services don't work with it (that might be with us$ rather than Euro). As others, above, say I don't really see the need - I have the Citibank account in GBP, Euro and USD and no longer use it for holiday cash. None of these accounts pays interest so you will not gain anything by depositing it and you might well find that you can't easily use revolute or transferwise to move the money out because of the way the account is held. If you regularly travel back with 1,000s of Eur the chance that you pocket is picked must be higher than some bank charges.
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