Anyone got a foreign currency account?

[Bear]

I think cater allen let you open accounts in multiple currency. You can have a euro, dollar and pound account and transfer dosh between the three of them

Absolutely - Cater Allen (also part of Santander) let you do exactly this

with no charges. They just transfer at current exchange rate

[NoddY]

Ta for comments, will look at those.

These are sales of CDs & printed stuff, mostly to schools who generally prefer to pay by cheque. Anywhere between £18 and £1200 but quite a few in £30-£50 range so £10 matters. We do do credit card sales but don't take a lot that way.

That's because Ireland has stamp duty of €30 per credit card account (was €40 last year). The domestic debit card is Laser, but cannot be used for crediting Paypal and the payment processors are limited (try www.realex.ie), although it's the de facto purchase method after cash.

A no cost way is to ask for payments via EFT (electronic funds transfer, similar to the UK's BACS) to a UK based Euro account, which buyers will be able to do on receipt of your IBAN.

[xoggoth]

Ta for comments, will look at those.

These are sales of CDs & printed stuff, mostly to schools who generally prefer to pay by cheque. Anywhere between £18 and £1200 but quite a few in £30-£50 range so £10 matters. We do do credit card sales but don't take a lot that way.

[Joe Black]

Thinking of selling in Eire but currently we get charged £10 for every euro cheque. Foreign currency account may be the answer but my bank (abbey) don't seem to do one. Anyone got any recommendations? Cheers!

Will probably have people thinking I'm on their payroll given how many times I've mentioned them, but a possibility of course is Citibank.

They do multi-currency current and savings accounts (free subject to status etc etc) which would certainly provide a suitable account in which others could credit payments, allowing you to do the switch to GBP when it suits and at decent rates.

As a side note, according EU Article XXX (no!, I can't remember the number), all inter-country Euro transfers should be now be free (inc the UK), and beginning this year all banks should apparently start enabling [free] bill payment/direct debit etc between the various countries if both accounts are in Euros using IBAN.

[SteveV]

I think cater allen let you open accounts in multiple currency. You can have a euro, dollar and pound account and transfer dosh between the three of them

[d000hg]

Is £10 a lot on the size of the cheques? Maybe you could look at some sort of electronic payment, eCheque type thing?

[DimPrawn]

Thinking of selling in Eire but currently we get charged £10 for every euro cheque. Foreign currency account may be the answer but my bank (abbey) don't seem to do one. Anyone got any recommendations? Cheers!

If you are looking at receiving payments, why are your customers paying by cheque? Wouldn't you be better off receiving payments via Google Checkout or via PayPal Pro (e.g credit/debit card)?

All UK banks are robbing gits, especially where international payments are concerned.

[Jason]

I used to have one, but I opened it while I was in Switzerland, and closed it many years ago.

Many of these banks have portals now. Or are you set on a UK bank?

[oracleslave]

I have a sterling account in the UK

Try not to be overly helpful.

[darmstadt]

I have a sterling account in the UK

[xoggoth]

Thinking of selling in Eire but currently we get charged £10 for every euro cheque. Foreign currency account may be the answer but my bank (abbey) don't seem to do one. Anyone got any recommendations? Cheers!