Euro Bank Account (Cater Allen absolutely shocking)

[northernladuk]

Oh Faqqie, who's suffering from self delusion? If she only loves you when you keep giving her yellow diamonds. it's not real. It won't last.

But that Barclaycard debt will

But he's still right.

[TheFaQQer]

Oh Faqqie, who's suffering from self delusion? If she only loves you when you keep giving her yellow diamonds. it's not real. It won't last.

But that Barclaycard debt will

If you believe that you must have "run up bills they cannot pay" to have a 0% interest rate credit card, then you're wrong. Unfortunately for your argument, the mere matter of fact would get in the way.

Barclaycard is actually a good deal at the moment - 0% on spending for the next 25 months. So if you manage it properly, then it's a no brainer to have 0% credit. Until the banks are paying negative interest, that is.

[Crocket]

So, I've confirmed with currencyfair that I can receive euro payments directly from the agent (they make a payment into their bank account). So this pain might be a blessing in disguise because I'll save so much money in transaction fees as they can deposit straight into sterling at the actual exchange rate or hold the money. Plus I'll get £30 eur free and free transaction when I signed up. If only I found this sooner.

TransferWise couldn't receive a payment without the agency signing up, if you read my other posts.

[jamesbrown]

So, I've confirmed with currencyfair that I can receive euro payments directly from the agent (they make a payment into their bank account). So this pain might be a blessing in disguise because I'll save so much money in transaction fees as they can deposit straight into sterling at the actual exchange rate or hold the money. Plus I'll get £30 eur free and free transaction when I signed up. If only I found this sooner.

TransferWise couldn't receive a payment without the agency signing up, if you read my other posts.

TBH, I'd be wary of any company that's willing to process third-party payments. You won't find large institutions doing this, because there's no way they can be sure they're meeting their regulatory/legal obligations w/r to money-laundering etc.

[Crocket]

TBH, I'd be wary of any company that's willing to process third-party payments. You won't find large institutions doing this, because there's no way they can be sure they're meeting their regulatory/legal obligations w/r to money-laundering etc.

They must be because they have asked to see quite a few company documents, proof of address and they did say they will need the invoice and agency contract on large amounts to check for laundering.

Anyway, I'll give it a few months and see!

[jamesbrown]

They must be because they have asked to see quite a few company documents, proof of address and they did say they will need the invoice and agency contract on large amounts to check for laundering.

Anyway, I'll give it a few months and see!

Still sounds dodgy to me. I've used various FX companies over the years (business and personal), and I've never encountered one that's willing to accept third-party payments. Your experience with TransferWise is not unusual. I'm not familiar with currencyfair (and I can't be fecked to explore the link ), but I'd guess they're located outside the UK (?) Anyway, be careful if you have large amounts at stake and bear in mind that there's no need for third-party payments. There are many providers other than CA that offer foreign-currency business accounts, which you can use to hold the payments from the client/agent and then transfer via your own account with an FX broker. That's what I do.

[whats]

I have a Cater EUR/UK accounts as well.
For last 6 months I've had my customer pay directly into Currencyfair EUR account.

The good thing is the reference number that's used to work out the onward account is static. I always fill in the web form listing the expected payment, which is a chore. I wonder what would happen if I didn't, but considering the size of payment it seems sensible to do things properly.
Currencyfair is huge! When I last looked they had offices all over the place including I believe Redhill.

I would prefer a pukka EUR account with IBAN. To have an HSBC EUR account you also need an HSBC UK account. I do very few transactions so the arrangement with Cater works for me - and I do agree with many of the quirks mentioned in this thread. Though I've had 0 issues.

[lecyclist]

RBS are garbage for currency accounts. If you want online banking you need to upgrade to their pricey bankline lite package. Otherwise you need to phone to check your currency balance. And imagine.. you need to send a fax when you want to make a SEPA transfer

[coolkat]

I would recommend HSBC. I do have a USD account with them and service has been great.

jmann, yes HSBC is a great bank and they do offer great service!

But what about conversion rates/fees between your currency accounts?
Do they use a fair conversion like Revolut's "Spot Interbank exchange rate"?

[northernladyuk]

I need to get away from Cater Allen ASAP, can you guys recommend a EURO account (approx. 10k eur month) where it's reasonable to transfer money into Sterling?

I've used transferwise for transfers but haven't tried their 'account' yet. Other may have.

http://transferwise.com/borderless