The best Euro bank accounts for UK residents

Navigating the world of Euro bank accounts as a UK resident can be daunting, but fear not! In this guide, we’ll explore the top options tailored specifically for UK residents looking to manage their finances in Euros. From low fees to generous ATM limits, we’ll uncover the best Euro bank accounts to suit your needs and streamline your international transactions.

Which is The best Euro bank account for UK residents?

My pick goes to Starling. It has the lowest exchange fees and the most generous limits when withdrawing cash. But don’t discount Wise. It gives you an address in Europe to use for your bank account, which can help if you have clients on the continent.

Euro accounts overview

	Debit card provided?	Monthly fee?	Exchange fees	Free monthly ATM limit
Starling Bank	✅	❌	0.4%	£300 daily
Wise	✅	❌	0.45 EUR + 0.56%	€200
Revolut	✅	Free – £45	0.5% (with limits)	£200 – £2,000
Monese	✅	£5.95	From 0.5%	£500
Barclays Euro Account	❌	❌	2.82%	N/A

Starling Bank

Overview

Starling is one of the new breeds of banks and is one that is certainly worth exploring. Launched back in 2014, it has been voted Best Bank multiple times and recently awarded Which? Banking Brand of the Year.

Account holders will already have a Starling debit card that works with sterling. By going into the app just a few clicks later, the debit card is now a Euro one. It allows users to seamlessly flit between the two currencies as and when needed.

Benefits:

• There are no monthly account fees

• No fees to hold, send or receive Euros

• You can transfer currencies 24/7, including weekends

• There is a single card that can be used for both sterling and Euros

• FSCS protection up to £85,000

• Free ATM withdrawals

Eligibility:

• You must already hold a regular Starling current account

• Aged 18 +

• Have a UK address

Notable costs:

There is a 0.4% fee for transferring between pounds and Euros

Starling Bank

Wise

Overview

Formerly known as TransferWise, this company was launched back in 2010. I intentionally used the word ‘company’ rather than ‘bank’ as Wise isn’t actually a bank. Wise describes itself as a non-bank payment provider and what it offers is a multi-currency account that is ideal for travellers and ex-pats alike.

Wise has created a reputation for being significantly more cost-effective than most high-street banks when it comes to converting currencies and sending money abroad. The biggest concern that potential customers may have is the lack of FSCS protection. However, Wise keeps its customers’ funds in a ring-fenced Barclays account. This means that should the worst happen, the likelihood is that your funds will be safe.

Benefits:

• Wise operates with 50+ currencies

• You can set up direct debits in pounds and Euros

• You’re given an address in Europe to use

• There is just one card that can be used for multiple currencies

• The account is free to open

Eligibility:

• To be 18+

• Hold a valid ID

• Be able to prove your address

Notable costs:

A conversion fee of 0.45 EUR + 0.56% applies when you convert Euros to GBP. You only have two free ATM withdrawals per month, worth a total of €200. After this, each costs you a 1.75% fee.

Wise

Revolut

Overview

Revolut is a digital account that was launched in 2015 and began life as a pre-paid card aimed at travellers. It produced a card that operated with numerous currencies, making the travelling experience a bit easier. Revolut has since grown and developed, allowing its customers to hold funds in numerous currencies, including the Euro and the pound.

Benefits:

The app allows you to set budgets and control spending

• Spending analytics show exactly how your spending is broken down

• Revolut will pay you interest on any savings

• You can open an account for free

• Revolut is regulated by the Financial Conduct Authority

• You can open an account in around 60 seconds

Eligibility:

• To be 18+

• Hold a valid ID

• Have a European/UK address

Notable costs:

Exchanges are free up to €1,000 each month. After this, they are subject to a 0.5% fee. A 2% fee if you withdraw more than £200 from an ATM every 30 days. These limits can be increased if you’re willing to pay a monthly subscription.

Revolut

Monese

Overview

Launched a year after Starling, Monese is another digital account making waves with now over 2 million customers. Like both Revolut and Wise, Monese is not actually classed as a bank. Because of this, your money is not protected by the FSCS.

Benefits:

Dual £ and € account

Free instant card top-ups

International transfers (19 currencies supported)

Real-time transaction notifications

Track your spending

Round up your spending

Authorised by the FCA

Eligibility:

• To be 18+

• Hold a valid ID

• Provide a video selfie

Notable costs:

Monthly fee of £5.95. Currency exchange fees start from 0.5% (minimum charge €2/£2)

The free cash withdrawal limit is set at £500 (2% afterwards). However, you can take out a Premium subscription for an increased limit.

Monese

Barclays

Overview

This is one of the best value high-street Euro banks available… although the competition is slim. However, it doesn’t come with a debit card for spending in Europe.

Benefits:

• You can pay cash into your account for free (Euros)

• There are no fees to transfer money between your Sterling account and Euro account

• No charges for ATM withdrawals

• No fees for international payments

• Covered by the Financial Services Compensation Scheme (FSCS) – £85,000

Some of the points to look out for if you are considering Barclays include:

Eligibility:

• You need to be 18 years or over

• Accounts can only be opened in branch or over the phone

• You must already hold a Barclays sterling current account (not a basic account)

• You must reside in the UK

Notable costs:

Barclays adds its own markup to currency exchanges. For anything under the value of £25,000, this is equal to around 2.82%.

Barclays Euro Account

What are the advantages of holding a Euro bank account?

Currency Diversification: Holding funds in Euros alongside British pounds can provide currency diversification, which may mitigate risks associated with fluctuations in exchange rates. It can offer a hedge against potential depreciation of the pound or other currency volatility.
Convenient International Transactions: Having a Euro bank account can simplify transactions and payments in Euros, especially if you frequently travel to Eurozone countries or conduct business with Euro-based clients or suppliers. It eliminates the need for currency conversion, reducing associated fees and potential losses due to unfavorable exchange rates.
Access to Eurozone Markets: For UK residents interested in investing or conducting business within the Eurozone, having a Euro bank account can facilitate smoother financial operations. It allows for direct access to Euro-denominated assets, investments, and markets without the hassle of currency conversions.
Avoidance of Foreign Transaction Fees: Using a Euro bank account for Euro-denominated transactions can help avoid foreign transaction fees typically incurred when using a UK-based account for international payments or withdrawals in Euros.
Hedging Against Brexit Impact: Given the uncertainties surrounding Brexit and its potential impact on the British economy and currency, holding funds in Euros can serve as a precautionary measure against any adverse effects on the pound sterling.
Potential for Higher Interest Rates: In some cases, Euro bank accounts may offer higher interest rates compared to British pound accounts, providing an opportunity for better returns on your savings or deposits.
Financial Privacy and Security: Euro bank accounts may offer additional privacy and security features, depending on the jurisdiction and banking regulations. This can be appealing for individuals concerned about financial privacy or seeking a more secure banking environment.
International Travel Benefits: When travelling to Eurozone countries, having a Euro bank account can streamline financial transactions, such as paying for accommodations, dining, and shopping, without incurring currency conversion fees or unfavourable exchange rates.

By considering these factors, UK residents can make informed decisions about opening Euro bank accounts to enhance their financial flexibility, minimise risks, and capitalize on opportunities within the Eurozone and beyond.

What do you need to consider when choosing a Euro account?

When selecting the right Euro bank account, there are several factors you need to think about before making your final choice.

Account Fees and Charges: Evaluate the fee structure associated with the Euro account, including monthly maintenance fees, transaction fees, ATM withdrawal fees, and currency conversion fees. Look for accounts with low or no fees, especially for basic banking services.
Exchange Rates: Compare the exchange rates offered by different banks or financial institutions for converting British pounds to Euros and vice versa. Opt for accounts that provide competitive exchange rates, as this can significantly impact the cost of international transactions and currency conversions.
Account Access and Convenience: Consider the accessibility and convenience of managing your Euro account. Look for features such as online banking, mobile banking apps, ATM networks, and customer support services in English, which can facilitate easy account management and transactions, especially when residing outside the Eurozone.
Interest Rates and Benefits: If you plan to maintain a significant balance in your Euro account, explore the interest rates offered on savings or deposit accounts. Additionally, check for any perks or benefits associated with the account, such as cashback rewards, discounts on international transfers, or travel insurance.
Deposit Protection and Security: Ensure that the Euro account is offered by a reputable bank or financial institution with adequate deposit protection schemes in place. Verify that your funds are protected up to the applicable limit by the relevant deposit insurance scheme or regulatory authority in the account’s jurisdiction.
International Transfer Options: Assess the ease and cost-effectiveness of making international transfers to and from your Euro account. Look for accounts that offer competitive fees and processing times for SEPA (Single Euro Payments Area) transfers, SWIFT transfers, and other cross-border payment services.
Additional Services and Features: Consider any additional services or features offered with the Euro account, such as multicurrency capabilities, overdraft facilities, investment options, and integration with other financial products or platforms. Choose an account that offers the flexibility and functionality you require for your financial goals.
Regulatory Compliance and Transparency: Ensure that the Euro account provider complies with relevant banking regulations and maintains transparency regarding fees, terms, and conditions. Review the account agreement carefully to understand any restrictions, limitations, or potential risks associated with the account.

FAQs

What happened to Fineco Bank?

This Italian bank provided a great option for a Euro account However, they decided to end their UK operations in late 2023.