Best EUR business account in the UK

Best EUR business accounts

There’s no single best euro business account - which means you’ll need to compare a few to find out which would suit you best. We’ve summarised some key features for several options, covering digital providers and banks, with a bit more detail below, to help you start your research.

Wise

Wise Business accounts support euros as well as 40+ additional currencies. With your digital Wise account you can get local account details for various foreign currencies including EUR, so you can receive payments conveniently from customers, PSPs and marketplace sites. All currency conversion uses the mid-market exchange rate with low, transparent fees.

You can also get debit and expense cards for you and your team, perks like batch payments and cloud accounting integrations, and access to a powerful API to streamline workflow.

• Wise fees: One time 60 GBP business account opening fee, 3 GBP card order fee, currency conversion from 0.33%
• Supported currencies: 40+ including euros
• Wise exchange rates: Mid-market rate
• Receiving payments: Get paid with local details in 10 currencies
• Other notable features: Send to 160+ countries, spend with your card in 150+ countries

OFX 

OFX is a currency specialist which offers multi-currency accounts aimed at online sellers. Account holders don’t get debit cards, but can get paid in euros, send transfers and withdraw their money. This means you can use your OFX account to receive payments from marketplace platforms, PSPs and from your own website if you’re an online seller. OFX also offers broader currency services, including currency risk management products like forward exchange contracts, used to cut down the risk involved with fluctuations in the forex markets.

• OFX fees: No fees to open or operate account

• Supported currencies: 7 currencies offered

• OFX exchange rates: Rates include a small markup

• Receiving payments: receive payments in 7 currencies

• Other notable features: OFX transfers and currency conversion have no upfront fees but there will be a markup on the exchange rate used. Currency risk management products also available

  Go to OFX

Revolut

Revolut business accounts can hold and exchange EUR alongside many different currencies, with several different account tiers available depending on your business requirements. All account types have some weekday currency exchange which uses the Revolut exchange rate with no additional fee. Once you hit your account limit for currency exchange, fair usage fees may apply.

• Revolut fees: 0 GBP - 79 GBP/month ongoing fees, 5 GBP international transfer fee fair usage and out of hours fees may apply on currency conversion
• Supported currencies: 25+ fiat currencies available
• Revolut exchange rates: Revolut rate to plan limits - fair usage fees apply after that
• Receiving payments: SWIFT account details available for select currencies,
• Other notable features: Choose from 4 different account tiers to unlock a broad range of account services

Barclays

Barclays business customers can open EUR accounts, as well as foreign currency accounts in many other currencies. SEPA payments are pretty cheap at just 0.35 GBP online, but some international transfers elsewhere can cost more - 15 GBP for digital transfers. Customers using their euro account to make payments to others will find EUR transfers are usually settled on the same day.

• Barclays fees: No ongoing monthly fee, up to 15 GBP international payment fee
• Supported currencies: Accounts offered in EUR - or separate account options in other major currencies
• Barclays exchange rates: Barclays rates are likely to include a markup
• Receiving payments: Pay in and out from other bank accounts
• Other notable features: Services offered split out by business turnover and type, to make it easier to open the right account for your needs

HSBC

HSBC offers euro accounts for business customers, with 4 different account types covering current accounts, savings accounts, and foreign currency accounts opened directly with HSBC’s operation in the overseas market. This means you can choose the right type of account based on your priorities, including some which offer interest earning opportunities.

• HSBC fees: Annual account fees, monthly online banking fees and transaction fees can apply - these may vary depending on the specific account you select
• Supported currencies: Business accounts can operate in any tradeable currency
• HSBC exchange rates: HSBC rates are likely to include a markup
• Receiving payments: Pay into your account from other HSBC accounts
• Other notable features: Several different types of foreign currency business account available

Santander

Santander’s euro business account is offered on the basis of having a relationship manager who can help you to select the right account for your needs. As accounts can be set up to suit an individual business, many details can only be checked by calling the bank to talk to the service team to understand your available options.

• Santander fees: 0.2 GBP SEPA payment fee, 17 GBP international transfer fee, other fees depend on the specific account you select
• Supported currencies: EUR among 26 different currencies available
• Santander exchange rates: Santander rates are likely to include a markup
• Receiving payments: Variable options depending on account type - check with your relationship manager
• Other notable features: Get services through a relationship manager

How to open a EUR business account in the UK

Different banks and non-bank providers have their own processes to open a euro business account. Digital first providers will allow you to open your account online or in an app while banks can often ask you to call them to talk through your options - particularly if you're a new customer.

That said, the steps you’ll usually need to take to open a euro business account in the UK are broadly similar, whichever service you decide on. They can include:

1. Choose the best provider for your needs

2. Check you meet any eligibility criteria

3. Register for your account online, through the provider app, or in a branch location

4. Give your personal, business and contact information

5. Complete the required verification steps

6. Fund your account - and you’re ready to go

All banks and non-bank alternative providers will need to get some documents and information from you to be able to legally open your account. Exactly what is needed depends on the bank or provider you pick and also your business entity type - but you’ll pretty much always be asked for:

• Government issued photo ID to prove your identity

• Photo ID for any other ‘beneficial owner’ - anyone who directly or indirectly controls 25% of more of your business

• Proof of address - a utility bill or bank statement in your name for example

• Business registration documents which can vary based on your entity type

What are the advantages of a EUR business account in the UK?

If you ever send, receive or spend in euros for your business, a euro account could help you cut the costs of currency exchange. If you’re receiving payments in EUR, getting a dedicated EUR account, or a multi-currency business account is a good plan as you can be paid directly in EUR by customers, PSPs like Stripe or marketplace sites. Receive your money in EUR and hold it until the next time you have to pay a contractor or supplier overseas - cutting out the costs of unnecessary currency exchange.

Read also:

• Best EUR business accounts
• Best EUR accounts for consumers
• Best multi currency accounts UK

Conclusion

Opening a EUR business account can be very helpful if you have customers, suppliers or contractors in the Eurozone. You’ll be able to send and receive euro payments more easily, and can also help to cut out unnecessary - and costly - currency exchange by holding a balance in EUR for future use.

Use this guide to consider your options - from a non-bank provider like Wise or OFX, a digital bank like Starling, or a brick and mortar bank like HSBC.

FAQs

Can I open a EUR business account in the UK?

Yes. Open a euro business account from a bank, including digital banks, or a specialist non-bank online service. Different providers offer accounts with different features and fees, and eligibility requirements may apply.

How much does it cost to open a EUR business account?

Some euro business accounts can be opened for free, with no monthly charges or minimum balance requirements. Others have monthly fees or a one off fee for opening, followed by transaction charges. Compare a few to find the right one for you.