Paid in Euros into UK Bank Account

The_President

I'm paid in Euros into UK Bank Account - Santander.
Luckily, since I started here, coz of the Pound slide against the EUR, i'm getting roughly 7 per cent more when converted into GBP than when I started in March.
However, I want more !
The FX rate that Santander charge is not very competitive to say the least, and their margin for FX is well, just robbery. Also, it sometimes takes 3 business days for it to hit the account.

This has led me to think about trying something different, maybe different Business Bank account etc.

Anyone had similar issues?
Any suggestions/ideas? (Mr One Lung might have some thoughts)

Rob62

I'm in the same situation as you and can recommend signing-up for a free Transferwise borderless account: http://transferwise.7eer.net/c/209566/208336/3511

I've used them for years and they're great. You get a completely free Euro account that the money can be paid into, and then you can transfer the funds directly into your UK account getting the real inter-bank rate, with only a 0.5% fee. The cash normally arrives the same day too. You'll get a hell of a lot more for your cash.

Lincsaddick

I used to deal with similar situations .. what my firm would do was this .. on payday, the best current exchange rate would be used by the payroll dept. to convert (in this case) Euros to pounds with no commission/exchange fees payable (presumably you're paying tax/social payments to the host country ?).. the resultant figure would then be faxed/emailed to the UK & paid into the UK account in sterling from the company's UK account.. the only issue is that the net salary would vary according to the pertaining xrate ..

get banks/money changers involved as little as possible, they charge for EVERYthing as you know

The_President

Rob62 said:

I'm in the same situation as you and can recommend signing-up for a free Transferwise borderless account: http://transferwise.7eer.net/c/209566/208336/3511

I've used them for years and they're great. You get a completely free Euro account that the money can be paid into, and then you can transfer the funds directly into your UK account getting the real inter-bank rate, with only a 0.5% fee. The cash normally arrives the same day too. You'll get a hell of a lot more for your cash.

Brilliant - thanks Rob

Shag

Take a look at the Revolut app , rates are spot on

cafcfan

Many banks offer euro accounts in the UK. (I've got two, one with Citibank and another with Cater Allen (a subsidiary of Santander).

My advice would be to have your euros paid into a euro account and then just transfer as a contra transaction into your sterling account as and when you need to. That way you pay no charges and get something approaching wholesale exchange rates.

letthegoodtimesroll

Rob62 said:

I'm in the same situation as you and can recommend signing-up for a free Transferwise borderless account: http://transferwise.7eer.net/c/209566/208336/3511

I've used them for years and they're great. You get a completely free Euro account that the money can be paid into, and then you can transfer the funds directly into your UK account getting the real inter-bank rate, with only a 0.5% fee. The cash normally arrives the same day too. You'll get a hell of a lot more for your cash.

It's not clear how your money is protected. Is it covered by the FSCS ?

The_President

Transferwise has a lot of poor reviews.

randy andy

When I used to work for a US company I banked with Lloyds in the UK and then opened a Dollar account with Lloyd Offshore in the Isle of Mann. I would then get paid into the Dollar account and when I moved it from there to my current account it was fee free, commercial (rather than consumer) exchange rate and would only take 2 hours to get from offshore to onshore.

Rob62

Shag said:

Take a look at the Revolut app , rates are spot on

Revolut is great, but you don't have a euro account as such, and so no bank account to be paid into as I think is needed in this case. It also charges 2% withdrawl fees after the first £200 withdrawn per month. Great for travelling though.

Rob62

The_President said:

Transferwise has a lot of poor reviews.

Like I say, I've used it for years and found their service spot on. It's got 9.5/10 from over 40,000 reviews on trustpilot too: https://www.trustpilot.com/review/transferwise.com :

Rob62

letthegoodtimesroll said:

Rob62 said:

I'm in the same situation as you and can recommend signing-up for a free Transferwise borderless account: http://transferwise.7eer.net/c/209566/208336/3511

I've used them for years and they're great. You get a completely free Euro account that the money can be paid into, and then you can transfer the funds directly into your UK account getting the real inter-bank rate, with only a 0.5% fee. The cash normally arrives the same day too. You'll get a hell of a lot more for your cash.

It's not clear how your money is protected. Is it covered by the FSCS ?

They cover that here: https://transferwise.com/help/article/2811591/borderless-account/how-is-my-money-protected

Basically it can't get FSCS protection as it's not a bank, but users money is held separately to their accounts so if they were to fail, all deposits would be safe.

MrOneLung

Missed this earlier.

I work for Moneycorp. you can open a private or corporate trading facilty and have the euros paid directly to your account with us. (It is a client safeguarding account in Moneycorps name, ring fenced) You can then convert to GBP and transfer to your U.K. Bank account either online yourself or by phoning your dealer.

Can book same day EUR/GBP deals up to 2:59pm after that it is next day value.

Think there are a few people on here who use/have used Moneycorp


Re the delay in funds hitting your bank account is that from when your bank receives the euros till it credits the GBP or is the delay from when your company sends the funds to when it hits your bank as euros? If latter it is probably remitting banks causing delay rather than your bank. If the first one then your bank is taking the piss.

jamescafc

MrOneLung said:

Missed this earlier.

I work for Moneycorp. you can open a private or corporate trading facilty and have the euros paid directly to your account with us. (It is a client safeguarding account in Moneycorps name, ring fenced) You can then convert to GBP and transfer to your U.K. Bank account either online yourself or by phoning your dealer.

Can book same day EUR/GBP deals up to 2:59pm after that it is next day value.

Think there are a few people on here who use/have used Moneycorp


Re the delay in funds hitting your bank account is that from when your bank receives the euros till it credits the GBP or is the delay from when your company sends the funds to when it hits your bank as euros? If latter it is probably remitting banks causing delay rather than your bank. If the first one then your bank is taking the piss.

Office in Knightsbridge by any chance?

cafcfan

MrOneLung said:

Missed this earlier.

I work for Moneycorp. you can open a private or corporate trading facilty and have the euros paid directly to your account with us. (It is a client safeguarding account in Moneycorps name, ring fenced) You can then convert to GBP and transfer to your U.K. Bank account either online yourself or by phoning your dealer.

Can book same day EUR/GBP deals up to 2:59pm after that it is next day value.

Think there are a few people on here who use/have used Moneycorp


Re the delay in funds hitting your bank account is that from when your bank receives the euros till it credits the GBP or is the delay from when your company sends the funds to when it hits your bank as euros? If latter it is probably remitting banks causing delay rather than your bank. If the first one then your bank is taking the piss.

I have used Moneycorp for random currencies. But stopped using them when they stopped the home delivery service.

Seems totally weird. When the world and his dog are offering a delivery service, Moneycorp stopped!

The_President

I have used Moneycorp for last 10 years sending money to South Africa and they have been first class - their online system is very good too. I might look into MOL's option, as I am an existing customer.
However, delivery service ? Ah, you mean delivering currency to home? - sounds a bit dodgy to me, plus doesnt everyone take money out at ATM where they are nowadays? also don't Moneycorp have shops at every major UK airport?

MrOneLung

jamescafc said:

MrOneLung said:

Missed this earlier.

I work for Moneycorp. you can open a private or corporate trading facilty and have the euros paid directly to your account with us. (It is a client safeguarding account in Moneycorps name, ring fenced) You can then convert to GBP and transfer to your U.K. Bank account either online yourself or by phoning your dealer.

Can book same day EUR/GBP deals up to 2:59pm after that it is next day value.

Think there are a few people on here who use/have used Moneycorp


Re the delay in funds hitting your bank account is that from when your bank receives the euros till it credits the GBP or is the delay from when your company sends the funds to when it hits your bank as euros? If latter it is probably remitting banks causing delay rather than your bank. If the first one then your bank is taking the piss.

Office in Knightsbridge by any chance?

Yeah it was. Moved to Victoria last year.

MrOneLung

cafcfan said:

MrOneLung said:

Missed this earlier.

I work for Moneycorp. you can open a private or corporate trading facilty and have the euros paid directly to your account with us. (It is a client safeguarding account in Moneycorps name, ring fenced) You can then convert to GBP and transfer to your U.K. Bank account either online yourself or by phoning your dealer.

Can book same day EUR/GBP deals up to 2:59pm after that it is next day value.

Think there are a few people on here who use/have used Moneycorp


Re the delay in funds hitting your bank account is that from when your bank receives the euros till it credits the GBP or is the delay from when your company sends the funds to when it hits your bank as euros? If latter it is probably remitting banks causing delay rather than your bank. If the first one then your bank is taking the piss.

I have used Moneycorp for random currencies. But stopped using them when they stopped the home delivery service.

Seems totally weird. When the world and his dog are offering a delivery service, Moneycorp stopped!

I work in Corporate but have no idea why Retail stopped the home delivery service.
You can of course order at online rates to be collected at one of the airports we have a presence at (Stansted, Gatwick, Southampton, Bristol , Southend) but never buy at the airport !!!

i_b_b_o_r_g

I think the trick is to chose a firm and stick with it, without looking at deals from other companies.

I basically set up an alert on my Transferwise account to tell me when we hit a 2 week high and just put the money across then. If I was still comparing, I still don't reckon I would've made the transfer now.

I was only making one largish transfer though, although I do make the occasional small transfer, but I look at it as what I don't know, don't bother me

i_b_b_o_r_g

....if I was getting paid in a foreign currency, I'd tell em what I wanted GBP and let them take the risk with god / bad rates

The_President

i_b_b_o_r_g said:

....if I was getting paid in a foreign currency, I'd tell em what I wanted GBP and let them take the risk with god / bad rates

sometimes i wish it worked thst way! but i am employed by a Luxembourg company who pay their bills in Euros. however,i have also made 7 per cent by being paid in EUR