Euro Bank Account (Cater Allen absolutely shocking)

[SuperLooper]

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

http://transferwise.com/borderless

I use a Transferwise Borderless account for receiving USD payments. Works very nicely and the rates are good.

[m0n1k3r]

Ulster Bank in Ireland (the republic) for a proper euro account with an euro debit card. Document certifications etc done at any NatWest/RBS branch in the UK.

[Neptune]

Euro Account

Have you looked at any of the challenger banks? Metro and Cashplus are getting good press at the moment.

I've been told by Cashplus that they cannot provide a Euro Business Account for my UK Ltd Co and they're not familiar with SEPA. I can receive Euros from the Eurozone via IBAN into a seperate Natwest account owned by Cashplus, however I cannot choose to retain the incoming funds in Euros. They automatically buy STG£ and whatever the rate is on that day and transfer into my UK STG£ business a/c

I start new contract soon and the new agency in Euro Zone says I need a SEPA account.

Any ideas?

[SuperLooper]

I've been told by Cashplus that they cannot provide a Euro Business Account for my UK Ltd Co and they're not familiar with SEPA. I can receive Euros from the Eurozone via IBAN into a seperate Natwest account owned by Cashplus, however I cannot choose to retain the incoming funds in Euros. They automatically buy STG£ and whatever the rate is on that day and transfer into my UK STG£ business a/c

I start new contract soon and the new agency in Euro Zone says I need a SEPA account.

Any ideas?

Get a Transferwise Borderless Account. You can hold funds in EUR and it is SEPA compliant.
TransferWise Help | What are SEPA Transfers?

[Lance]

Pick any bank (forget the Euros).

Get your business account setup, and get a Transferwise card (PM me for a recommendation link). Transferwise will do all the Euro transfers for you, into any currency you desire. And can also be used to accept payments in pretty much any currency.

[WordIsBond]

I've been using Transferwise Borderless for a while. I find the service is good and the price is right. It was not hard to set up.

I would, however, be hesitant to use it to hold significant funds for any length of time, because I've not been able to get any kind of satisfaction that funds held in their account would be covered by FSCS protection. I did do some checking with some people who are very well connected in banking and got pretty satisfactory answers about the people behind Transferwise and the way they have it structured. So I think the risk is probably quite low but I still don't want a lot of funds sitting in that account.

[jamesbrown]

I've been using Transferwise Borderless for a while. I find the service is good and the price is right. It was not hard to set up.

I would, however, be hesitant to use it to hold significant funds for any length of time, because I've not been able to get any kind of satisfaction that funds held in their account would be covered by FSCS protection. I did do some checking with some people who are very well connected in banking and got pretty satisfactory answers about the people behind Transferwise and the way they have it structured. So I think the risk is probably quite low but I still don't want a lot of funds sitting in that account.

Funds aren't covered by FSCS:

TransferWise Help | Is my money covered by a financial protection scheme?

However, they are covered by the FCA, so they cannot play fast and loose with client funds, in theory. Doesn't guarantee protection following insolvency though, depending on what their employees might have done (e.g. illegally).

I moved from Revolut to TransferWise recently, as they are much better supported with accounts in client countries (in YourCo's name), rather than international accounts, which reduces friction.

All that said, I agree that it's best not to keep a large amount of Sterling or foreign currency with TransferWise for any length of time.