Best business account to be paid in euros

[RajaStyle]

Hi All

Can anyone recommend the best business account to setup in order to receive / be paid in euros and then convert into gbp without incurring too many fees / charges for a euro paying contract.

Starling say they charge 2% to receive euros and convert into gbp, Anyone know of any of the others that work out better such as tide, mettle etc or if there is a better way?

Many Thanks

[SuperLooper]

Wise.

[eek]

Wise.

Yep Wise is the only sane option.

[jamesbrown]

+1, Wise.

[RajaStyle]

Thanks all any recommendations on an efficient online company setup company also welcome

Additionally starling offer a euro account at £2 a month and then the fee goes down to 0.4%. Does that compare with wise?

[jamesbrown]

Thanks all any recommendations on an efficient online company setup company also welcome

Additionally starling offer a euro account at £2 a month and then the fee goes down to 0.4%. Does that compare with wise?

Probably comparable on raw %, but Wise is difficult to beat w/r to ease of use, adding accounts w/ new currencies, providing local bank account details for clients in foreign jurisdictions etc.

[Bodger]

You need to be careful looking at fees. Your real danger here is what conversion rate they are using. Wise use the interbank rate, whereas other banks usually skim a bit off this. The fee might be lower, but if the rate used is a couple of percent off the interbank rate, you're losing out.

On Wise website you can input an amount to convert and it will show you the rate used and the exact fees charged. They are pretty transparent.

I get paid in euros, and my setup looks like this:

Paid --> Wise Euro Account
Transfer --> Wise Euro to Wise GBP
Transfer --> Wise GP to Business main account (mettle)

It took me about 25 seconds to do this conversion and transfer yesterday.

[jamesbrown]

other banks usually skim a bit off this

Very true - this is the main advantage of Wise. Fees probably work out to something like ~0.5%, which is pretty decent, but you get spot and that is the main selling point, price wise.

[Whitelime]

You need to be careful looking at fees. Your real danger here is what conversion rate they are using. Wise use the interbank rate, whereas other banks usually skim a bit off this. The fee might be lower, but if the rate used is a couple of percent off the interbank rate, you're losing out.

On Wise website you can input an amount to convert and it will show you the rate used and the exact fees charged. They are pretty transparent.

I get paid in euros, and my setup looks like this:

Paid --> Wise Euro Account
Transfer --> Wise Euro to Wise GBP
Transfer --> Wise GP to Business main account (mettle)

It took me about 25 seconds to do this conversion and transfer yesterday.

Step 2 is unnecessary of you send directly to a GBP recipient.

[ladymuck]

Step 2 is unnecessary of you send directly to a GBP recipient.

If you send EUR to a GBP recipient, the exchange rate used is that of the receiving bank, not the sending. That could cost you a rather a lot for the very reasons Bodger mentions. By keeping the EUR within Wise, you make use of their rates which are better.