There are a surprising number of people who ask us, “Can I deposit euros in my UK bank account?”
So, we decided to tackle this question and help you navigate your options.
Of course, if you don’t have a UK account yet but are considering opening one, this topic is also relevant if you need to receive euro transactions.
That said, it’s important to remember that UK banks have specific requirements, and opening a UK bank account without proof of address is often challenging, so you’ll need to prepare before applying.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- UK Bank Account Currency Considerations
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
UK Bank Account Currency Considerations
Naturally, UK bank accounts are primarily geared towards sending and receiving sterling, not euros.
That said, certain UK banks enable multicurrency transactions and some banks allow cryptocurrency purchases, both in the UK and outside of the UK. And, that’s where we will be focusing our attention.
In fact, if you choose the right bank, you’ll find that you can send and receive GBP, EUR, and USD along with other currencies, providing much more flexibility than you’ll find elsewhere.
Depositing Euros in a UK Bank Account
Generally speaking, there are two ways to deposit euros into a UK bank account, which include:
1. Receiving a transaction that was originally sent in euros and that is automatically converted by your bank into GBP when it arrives. In most cases, this option is not desirable because banks typically charge high fees for currency conversion which can result in the value of the transaction plummeting.
2. Receiving a transaction that was originally sent in euros into a euro-denominated account at a UK bank. In other words, you send and receive money directly into an account at your bank that is denominated in euros.
Out of these two options, the second is preferred as it results in lower conversion fees. Holding euros directly is also a benefit, especially if it’s a currency that you transact in regularly.
However, not all UK banks offer euro accounts as an option. Additionally, banks that do offer this as an option typically treat euro (and other foreign currency) accounts differently than standard GBP accounts. This differentiation often results in higher fees and sometimes has restrictions on incoming and outgoing transfers.
Alternatively, if you’re looking for student banking options, specifically a bank account for international students in the UK, you can click the link for more information.
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Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to better understand banking in the UK. If you have further questions that you would like answered, don’t hesitate to get in touch with us directly.
Can I Deposit Foreign Currency in My UK Bank Account?
Yes, most banks will allow you to receive transactions from a foreign bank in a foreign currency. However, when the transaction arrives it will be automatically converted into the currency of your account. In most cases, the conversion rate applied to the transaction is not favorable and often higher than the market rate. For this reason, many people that frequently transact in foreign currencies open a second account denominated in euro or another currency of their choosing. Another option is to open a separate account at a different financial institution that specializes in cross-border transfers.
Should I Open a Euro Bank Account?
If you are frequently sending and receiving transactions in euros, it can make sense to open a euro bank account. That said, there are other more cost-effective options available, such as using an international money transfer service like Wise or other similar platforms.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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