UK bank account in Euros?

Are you aware that having a Euro account doesn't mean that cheques in Euros to or from other EU countries can be handled without extra charges?

Given that proviso I think nearly all of the major banking groups offer Euro accounts, just try asking your existing bankers initially I would suggest.

Thanks for the input. I wasn't really aware, but it doesn't surprise me now you mention it. I want to minimise the costs of my international transactions in Euros.

Thanks

JK

In that case if most of your Euro transactions happen to be with one EU country it might well be more effective to open an account in that country. This would mean that all your Euro receipts and payments in that country at least would be free (or nearly so). You could then at intervals transfer larger amounts cross border to/from the UK.

When I investigated the above, you had to be a resident in the country where your trying to open an account. Though I think in France there was one bank which would allow such accounts for people trying to move to France. Sorry no other details

Perhaps it depends on the country. I am not and have never been a resident of Spain, but had no difficulty in opening a bank account there.

Yes, it's Credit Agricole in Brittany I think. All you need is evidence that you've been in France in the last six months. It costs money to maintain the account though. I think it's called britbank or or some such.

[ to " In that case if most of your Euro transactions happen to be with one EU country it might well be more effective to open an account in that country."]

Residency is not a requirement for France but in my very recent experience v. good references and a genuine reason other than use for cashflow to minimise conversion costs are the main issues. Example: a mortgage bank in France will want foreigners to have a bank account so they'll gladly pave the way to help them open one. If you do business in a country customers will similarly pave the way. No specific rules against non-residents, in fact rules stacked pretty much against everyone resident or not.

Dutch banks used to have problems with residents who became suddenly ex-resident without telling them. I see similar tales this week with a good doctor who departed from the UK with a nice car but may have forgotten to inform the good bank who loaned him the wads to pay for his good taste in automobiles.

Yes, after my comment about CA's britbank I remembered I actually asked my bank (HSBC) if they had an associate in France with whom I could open an account and they came back with all the forms etc, needed to open an account with Societe General (I *think*) with no residency requirement - so it is possible.

Some can and some can't. Euro traveller's cheques clear in any euro country. Some major firms may arrange for cross-border clearance free of charges. It's like Canadian dollar cheques before the mid-1970s: they did not clear free of charge except in their local banking area, unless they said on them "encashable without charge anywhere in Canada" or unless they were traveller's cheques or government cheques. (They do now clear free of charge.) The commission was small, and depended upon distance. Typically 1/8 of 1%.

Why not open the euro account in Ireland or some other European country where you visit often? The one advantage I can think of to having a euro account in the UK is that it does not, if you are non-domiciled, become subject to IHT at your death. Only Sterling accounts are so taxed.

The IHT legislation is not so generous as that. It requires that the deceased is also not resident nor ordinarily resident, as well as not domiciled, in the UK at the date of death.

Indeed you can open a non-resident account in any currency in Spain, via a web site without ever going there!