Do I need a foreign currency account?

[Mammoth]

I am about to start a contract in Belgium, through a limited company. I will invoice the customer/company and they will pay in EUROs. I have a standard business account with Santander, who will except payments in EURO for no fee. Would not having a foreign currency account, create frustration for the customer/company paying me? Potentially, they may hit a fee.

[BR14]

Euro transfers are free in EU, so no fee for your client.
I think you need to be careful of the tax situation in belgium though. tax and social insurance is due where the work is done.

[FrontEnder]

I am about to start a contract in Belgium, through a limited company. I will invoice the customer/company and they will pay in EUROs. I have a standard business account with Santander, who will except payments in EURO for no fee. Would not having a foreign currency account, create frustration for the customer/company paying me? Potentially, they may hit a fee.

If your bank will accept SEPA payments into your account, then it doesn't matter what currency it is in.

The money will just be converted at the standard rate the bank uses on that day for transfers though. If you need the money right away, then that's fine, but it may be a good idea to have a euro account so that you can make the conversion at a time when the rate is favourable. You'll also get a better rate for higher amounts. It's not without risk though.

If you're in begium you'll also need to pay for food etc, so if you can get a card with it or can transfer to a local account for free, you'd be better off using the euros directly rather than converting to GBP then converting back to EUR for anything you buy over there.

[Mammoth]

Thanks

Thanks for your advice, it is appreciated.

[BR14]

Thanks for your advice, it is appreciated.

i would look into your taxation situation as a priority.
Belgium can be a real nightmare, - i think there are threads on here about it all.
well worth a read. IMHO

[stek]

Yeah I don’t respond to agencies as soon as they mention Belgium, 56% Tax out of the box, I know there are ways but I prefer the straightforward these days. You get bitten in the end unless you go local brolly/payroll and in BE take the massive hit.

[BR14]

Yeah I don’t respond to agencies as soon as they mention Belgium, 56% Tax out of the box, I know there are ways but I prefer the straightforward these days. You get bitten in the end unless you go local brolly/payroll and in BE take the massive hit.

this, - i lived in NL and wouldn't entertain belgium gigs.

[tarbera]

this, - i lived in NL and wouldn't entertain belgium gigs.

After he starts he will soon find out the client can't pay his agent as HR will flag it up, and he will need a local payroller otherwise they face massive fines

Good luck fella