Recommened business accounts (UK based but euros)

[psychocandy]

I use my bank commercial rate on date of invoice and print a PDF of the web page for my records. It doesn't really matter which one you use, I would just recommend retaining proof should Hector ever want to query it, but that's probably a belt and braces approach to be honest.

Agreed. I understood the rules are that you need to use a consistent method of calculating the sterling equiv on invoices. I use oanda.com.

[psychocandy]

Not as far as I can tell...only very slightly less than the published commercial rate of the day (typically around 50-75 cents worse off).

Maybe. Cater Allens rate today is 0.8395, I can get 0.85 on Currency Fair. So for 10,000E today the difference would be £105.

Sometimes the amounts are more than 10K so it does make a difference. Up to a day rate just for a small bit of admin transferring money over. (although like I said it currently costs me 29E to transfer and £3 to transfer back).

[Ignis Fatuus]

Agreed. I understood the rules are that you need to use a consistent method of calculating the sterling equiv on invoices. I use oanda.com.

Uh-huh. when I started doing it, I felt that the Bank of England was a respectable institution. I am less sure now.

[stek]

Recommened business accounts (UK based but euros)

Alas it is not free any more. Nationwide debit cards have a currency fee on each transaction, and a separate withdrawal fee for euro cash from an ATM. They are still better than any other High St bank, but no longer free.

Nationwide credit cards are still free for euro purchases, though more expensive for ATM withdrawals than the debit cards.

I usually go with the easy way: get euro invoices paid into sterling business account. Use Nationwide credit card for purchases, Nationwide debit card for cash. Or even simpler, use company visa card for purchases and stop worrying about it.

Note that your invoices must have a sterling amount on them, you are not allowed to account in euros. So you bill in euros, and also list the sterling amount on the invoice. The client pays euros into your business account, they convert to sterling, not of course arriving at the same figure as you did. No sweat, the difference will be accounted for smoothly as exchange gains/losses.

There is no official exchange rate for your invoice. I use Bank of England "XUDLERS" rate (google it) but I don't think anybody cares because it will all come out in the wash.

It's free with a Flex Select current account - well tenner a month but still a saving for me plus there's loads of other benefits