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Opening a Euro Account

Euro Currency

If you have business dealings with companies in the countries that use the Euro - such as Germany, France, Spain, Belgium or Ireland - then you may decide to open a Euro account.

But will you be receiving payments from these countries, buying goods or services from them, or will the cash flow both ways?

If you have incoming and outgoing cash-flow in Euros, then a Euro account is a good idea. If the money only goes one way then it is not so obvious what your best option is.

If you are only receiving payments in Euros, then you will have to convert the currency back to sterling at a later stage anyway. It might be better to pay the money straight into your sterling account and pay associated charges up front, especially if receipts are relatively infrequent.

But if you are getting more frequent, smaller payments, a Euro account may be a better idea, because you will avoid regular commission payments.

This gives you an idea of the issues to consider, but we advise you to seek advice from your business banking adviser as to whether your business needs a Euro account.

All major UK banks offer Euro accounts, so shop around before committing. Compare levels of commission, cheque-clearing fees and look for any hidden charges. Also take account of the minimum balance each bank insists you maintain, and that this is viable.

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