Euro based account options

Hi,

I’m wondering about getting a EUR-based account that I’d use for business & holiday trips in the EUR zone countries, feeding money in (via transferwise/revolut etc) roughly evenly through the year.

What (I think) I’m looking for:

  • A card to draw cash & spend debits
  • Ability to pay to Euro accounts direct (pay holiday accommodation!)
  • A ‘real’ account (not entirely comfortable [yet] with loading lots up on a pre-pay)
  • truly based in EUR-zone (try to avoid B****t-caused strife… )
  • smaller-the-better fees/charges
  • probably “turning over” around 10k EUR/year

I figured this is likely something a lot of savvy Monzoers may have so would be interested to hear views!

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Sorry to be the bearer of bad news, but depending on what happens it’s possible that non-UK banks will be obliged to close the accounts of UK residents (if there’s no agreement and the UK ends up a third country).

But no one really knows…

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Have you looked at Transferwise Borderless?

Yes, you’re right that we don’t really know on that front.

Anyway, in the few months remaining its still something I want to pursue as I’m seriously looking at spending more time in the EU27 countries for work (dual national) - perhaps I should sort that first.

Who has said that? I have a legacy Irish €uro bank account with KBC Ireland and a Fintech Dutch €uro bank account with Bunq. Neither bank has informed me that there is a possibility my account will be closed because of Brexit. The Government only Thursday stated:

For UK-based customers who access banking, insurance, investment funds and other financial services with EEA firms currently passporting into the UK, the temporary permissions regimes will enable these firms to continue to provide those services to UK customers for up to three years after exit. This will allow time for these firms to apply for authorisation to continue operating in the UK. If they receive authorisation covering the full scope of the services that they currently provide, then they will be able to continue to provide services as before.

That being said, both my accounts are under Irish or Dutch law so doesn’t need UK passporting and should continue to operate under those laws after Brexit.

@jpdw I opened my KBC Ireland bank account because of Brexit. You can apply for the basic account (you need to do it on paper but you can scan it and email it) and you can get free banking with the basic account. You can apply for their normal fee based account online. Bunq is easier and quicker to open, but you are charged a monthly fee to use a card.

KBC Ireland Basic Account: https://www.kbc.ie/our-products/kbc-current-account/current-account/basic

Bunq:

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Hi Chapuys

Nice quote from Thursdays docs, but I’m trying to avoid relying on any assurances from HMG. Y’know, just in case.

I had seen you mention of KBC Ireland elsewhere on here - hadn’t figured out the distinction between Basic & standard current a/c though, so good to know.

Bunq looks interesting (much more fintech!) but also looks like it could cost quite a bit.

The other one I’d seen mention of is Fineco but they seem to bounce you to a UK sub & primary account in GBP - suggesting it may be london-based passported…

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The situation is quite unclear, but unfortunately no one is obliged to write to you to tell the range of possibilities. For example, my pharmacist hasn’t written to me to tell me that they have been asked to stock additional drugs due to leaving the EU, or that there might be a shortage. And there would currently be no purpose to the letter - your overseas providers just don’t know what the situation will be.

Ultimately, it might not come to this. And you will have a personal view about the likelihood of a hard Brexit. But nevertheless it remains a possibility - and if @jpdw is risk adverse and wants to avoid a UK-based euro account, then they need to know there is equivalent risk with opening one overseas.

Think about it this way: how easy is it to open a US dollar account from the UK? Why would it be different for the UK outside the EU?

(This isn’t an opinion on the merits or otherwise of leaving the EU, simply a reflection that this is a possibility. How remote that possibility is will become clearer over the coming months).

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I second KBC Ireland as an easy, free Euro account. Do make sure it is the Basic account though, it makes a difference (basic is completely free). The app ain’t bad but it’s definitely not Monzo.

Bunq on the other hand, is in many ways, far superior to Monzo. You get 3 debit cards, 25 accounts with separate account numbers, a great app and loads of other stuff, but it’s €7.99 a month, which is too much.

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