Santander EUR Account Review 2024

Santander UK does not offer euro accounts, but UK customers may be able to open a Santander EUR account through the Santander International service. Santander International is based out of Jersey and the Isle of Man, and accounts have different terms and conditions compared to the GBP accounts you may open in your high street branch. Santander EUR accounts are predominantly aimed at high wealth individuals who will deposit 75,000 GBP or more, and who need access to offshore banking and services.

This guide walks through what you can do with a Santander EUR account, and how to open one. As a comparison, we’ll also introduce some specialist providers like Wise and Revolut that can be good alternatives if you’re looking for a flexible, low cost account product.

What is a Santander EUR account?

The Santander euro account is called the Santander Gold account, and is offered through Santander’s international banking division.

International banking services usually focus their products on high wealth individuals and expats who need to manage their money across different currencies, and who want ways to invest and save as well as day to day financial services. This means that the minimum balance required to open a Santander Gold EUR account is very high at 75,000 GBP - around 90,000 EUR at the time of writing.

Santander euro accounts come with a linked debit card for spending and withdrawals, and have no maintenance fees.

In addition to the Santander Gold EUR account, Santander International has other euro products aimed at savers, and Santander UK may also offer some business EUR account services to eligible customers.

Read also: Best EUR business accounts UK

Pros and cons of Santander EUR account

Whether or not the Santander EUR account will suit you might depend on your personal preferences and aims - here are some pros and cons to consider:

How does the Santander EUR account compare?

Santander’s Gold EUR account has a strong focus on high wealth individuals looking for an account they can use to hold a high balance. That’s not the right option for everyone, but there are plenty of other accounts out there from banks and non-bank providers. We’ll look at a few non-bank alternatives to the Santander Gold account later - here’s a quick overview of what we will explore.

All of the EUR accounts we look at have their own features which can make them a good pick for different customer needs. You’ll need to weigh up your options to help decide which may be a good fit for you, looking at features and fees as well as eligibility rules.

What is the eligibility for a Santander foreign currency account?

When you open your Santander Gold EUR account you must deposit 75,000 GBP or the equivalent and maintain this deposit in your account. You’ll also have to complete a verification process, which is likely to require you to upload images of your personal ID and a proof of address such as a driving license, as part of your account opening process.

Who is it good for?

Santander International markets the Gold EUR account for people who:

• Want an everyday foreign currency current account

• Send payments internationally or need to hold a balance in EUR

• Travel, live or work overseas

• Have a mortgage with Santander or Santander International already

When is a multi-currency account needed?

Santander offers some euro account services for both individual and business customers. You may find you benefit from a multi-currency or foreign currency account for your own use, and if you’re a business owner, a foreign currency account can also be handy for taking and sending international payments.

A euro account can be very useful if you travel often in the Eurozone, or if you need to send payments or pay bills in euros. You might also benefit from an account which can receive euro payments if you’re a freelancer or being paid by an employer in EUR.

Here’s a look at a few different EUR account options and when they might be a good pick:

Santander Gold EUR account - good choice for people looking to save significant amounts in euros, with a high balance to deposit

Wise Account - good choice for people looking for a flexible multi-currency account which holds EUR as well as 40+ other currencies with no minimum balance or ongoing fees

Revolut - good choice for people looking for a choice of different multi-currency account plans so they can pick the right account tier for their specific transaction needs

OFX - good choice for online sellers and business owners being paid through marketplaces and PSPs in foreign currencies

How to open a EUR account with Santander

You can apply for a EUR account from Santander International online, by phone, by mail or in a branch in Jersey or the Isle of Man. If you’re applying online you’re asked to complete a short enquiry form and then wait for a call back from a member of the team to talk through your requirements and check your eligibility.

What documents you'll need

You’ll be notified of the documents needed for your Santander EUR account application when you talk to a member of the team by phone. Generally, this will include providing a photo of a government issued ID document like your passport, and a proof of address, like a utility bill in your name.

Santander pricing

There’s no ongoing fee to pay with a Santander EUR Gold Account, but some transaction fees may apply depending on how you use your account. It’s particularly worth looking at the costs of sending international payments, which are pretty high at 20 GBP or the equivalent. An alternative provider may be able to help you move your money with a lower overall cost, such as Wise which has fees from just 0.33% when sending money abroad.

Here’s a summary of the key Santander EUR Gold Account fees:

*Correct at time of writing - 3rd December 2024

Santander exchange rate

Santander International states that you benefit from commission free exchange rates when you convert currencies from EUR to GBP or USD.

You’ll need to compare the rate you're offered from Santander against the mid-market exchange rate which you can find on Google, to see if there's any fee included here. If there’s a difference between the mid-market rate and the Santander rate, you may find you can get a better deal from a third party provider like Wise. Shop around to make sure you know what options are available.

Santander foreign currency account alternatives

There are quite a few alternatives to Santander which may suit you depending on the specific requirements you have. Some, like Wise and Revolut offer accounts for business and personal use, with linked cards and multi-currency functions, while others like OFX have a speciality in business services which can make them a good fit for ecommerce sellers.

Here are a few options you might want to consider - we’ll look at each with a little more detail after the comparison table:

Wise multi-currency business account

Open a Wise personal or business account, to hold and exchange 40+ currencies, and receive payments in select currencies with local or SWIFT account details. You’ll also be able to get a linked debit card for spending and cash withdrawals, and can send money abroad to bank accounts in 160+ countries. Currency exchange uses the mid-market rate and low fees from 0.33%.

Business customers also get extras including batch payments, multi-user access, cloud accounting integrations and access to a powerful API.

Foreign currencies: 40+ for holding and exchange, plus local and SWIFT account details available to receive foreign payments in select currencies

Fees and exchange rates: Mid-market exchange rate, no ongoing account fees, currency exchange from 0.33%

International transfers: Send to 160+ countries from 0.33%

Debit card: Available

Revolut multi currency account 

Revolut accounts are available for business and personal customers, with a selection of accounts which can include some with no ongoing fees. All accounts offer some no fee weekday currency exchange which uses the Revolut exchange rate, before fair usage fees apply. Different account tiers have their own features - but all accounts have some no fee features and services. If you choose an account with monthly charges you may get discounts on transaction fees, or perks like lounge access and travel extras.

Foreign currencies: 25+ for holding and exchange, SWIFT details for receiving payments in select currencies

Fees and exchange rates: Up to 45 GBP  monthly fees. Revolut rate on weekday conversion to plan limit, 0.5% to 1% fair usage fees

International Transfers: Variable fees based on destination and value

Debit Card: Available

OFX

Currency specialist OFX has a Global Currency Account for businesses and online sellers which lets account holders accept payments in 7 different currencies including EUR. Get paid from marketplaces like Amazon, and use your local account account details to get paid in a range of global currencies without fees. You can also access OFX’s currency risk management products like forward exchange contracts which can be used to lock in an exchange rate for a future payment.

• Foreign Currencies: Hold and exchange 7 currencies

• Fees & Exchange Rates: No fees to open or operate account, exchange rates include a small markup

• International Transfers: No upfront fees but there will be a markup on the exchange rate used

• Debit Card: Not available

  Go to OFX

How to use Santander EUR account

If you need to transfer money internationally from your Santander EUR account you can do so either using the online and mobile banking service or by phone. You’ll need to register for the online and phone banking services as part of your verification process, and can then set up payments conveniently. Fees are lower when using the online service. Here’s an outline of what you’ll need to do:

1. Log into your online or mobile banking service

2. Navigate to the payments area and select the international transfer option

3. Enter the amount and currency you need to send

4. Add your recipient’s banking details following the on screen prompts

5. Check and confirm your transfer

Funding methods

You can add money to your Santander EUR account using the following methods:

• Bank transfer from another account

• Sterling cheque deposit

Payout methods

You can use your Santander EUR account to send money to other bank accounts.

How to use Santander EUR account abroad

Your Santander Gold Account comes with a linked debit card which means you can continue to spend and make withdrawals wherever in the world you happen to be. Bear in mind that a foreign transaction fee of up to 3% applies if you’re spending in any currency other than euros.

When you travel you’ll also still be able to access your account through online and mobile banking, to keep an eye on transactions and arrange payments.

Supported currencies

Santander Gold Accounts are available in GBP, EUR and USD.  Other Santander products are also available, including multi-currency business accounts.

Santander EUR account limits 

Santander does impose various limits on account use, which may include limits on the number of payments or withdrawals you can make, transfer limits and so on. If a transaction you’re making hits a limit you will be notified - you can also get details of the limits which apply to your specific account by calling Santander, or in your online banking system.

Are Santander multi-currency accounts safe?

Santander is an enormous global bank which operates in many countries in the world. It is safe to use.

Before you sign up to a Santander International account do take a little time to review the account terms and conditions which will detail the safeguards and compensation information for your account. Offshore accounts like these are not subject to all the same terms and conditions as an account you may get with a UK highstreet bank, so being aware of the differences and similarities can give you peace of mind.

Conclusion

The Santander International Gold euro account is targeted at individuals looking to deposit a significant amount in EUR, with options to earn a variable interest rate while getting instant access to funds using a debit card. There’s a high minimum deposit amount of around 90,000 EUR which makes this a product for higher wealth individuals first and foremost.

If you’re looking for a more flexible low cost international account it’s worth comparing Santander with non-bank alternatives like Wise and Revolut which both offer multi-currency accounts which can hold and exchange many currencies and which have cards for spending and withdrawals. There are no minimum deposit requirements and low transaction costs, as well as great exchange rates, making these good options for day to day use at home and abroad.

FAQs

1. Does Santander offer EUR accounts?

   Santander UK does not offer euro accounts, but UK customers may be able to open a Santander EUR account through the Santander International service.

2. Can I deposit foreign currency into my Santander account?

   If you have a Santander EUR account you can add funds with a cheque or bank transfer. If you have a Santander GBP account you’ll be able to deposit GBP cash, cheques or with a bank transfer, but incoming payments will be converted to GBP before being deposited.

3. Does Santander charge international fees?

   There’s no monthly fee for the Santander EUR account but there is a high minimum deposit amount of around 90,000 EUR, as well as some service fees. Sending an international payment costs 20 GBP - 30 GBP, which is on the high side.

4. Can I access my Santander foreign currency account overseas?

Your Santander Gold Account comes with a linked debit card which means you can continue to spend and make withdrawals abroad. You can also log into online and mobile banking to manage payments and view your balance.