Up to 3 banks might work together to process a single international transaction - and each of them can add their own fees and charges, making the costs unpredictable and often staggeringly high. You can easily see your balance across currencies online or on the Wise app, and transfer your balance between different currencies when you need to. Make sure to also compare the costs of the high street with the benefits of a multi-currency borderless account from Wise, to see which offers you the best deal. For a list of all the cookies we use and what they do, please read our Making a transfer to or from euros using the First Direct Bank service could potentially lose thousands of pounds due … Beat First Direct Bank exchange rates when making a UK pound (GBP) or euro (EUR) currency transfer to an overseas bank account and save money today! With a First Direct 1 st Account, you’ll have access to the following features: Overdraft: you’ll also get a minimum arranged overdraft facility of £500 (subject to status), and the first £250 will be interest-free*. Credit Cards/Gold Cards. A possible solution is to open a euro bank account to reduce or avoid the costs of currency exchange. 2. Opening a bank account in Indonesia should no longer be complex. A theoretical online bank transfer sending £1000 from the UK to a euro bank account in Germany. (British expats also use this service to send euros back to their First Direct Bank accounts in the UK). There, you can manage and send dozens of different currencies all from the same account. All around the world. Here’s what they say: For International Payments, the recipient's bank, and any foreign bank we may use to send the payment, may also make a charge. Opening a bank account in Spain shouldn’t be such a difficult process. Don't forget to take some proper teabags. Charges. Wise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. This could mean you’re better off than you would be with a regular euro bank account from a high street bank, because the mid-market rate isn’t generally used by banks and money exchange services. It is not intended to amount to advice on which you should rely. Check our comprehensive guide on how to go about it. There are different phone numbers to call depending on which account type you already hold with HSBC, and whether or not you’re currently in the UK.3 Having a savings, mortgage, credit card, loan or home insurance account with First Direct. Bereavement support ... Payments to accounts in the EEA in euro and sterling will normally be credited the next working day*. To maintain a quality service, we may monitor or record phone calls. There are also smart new alternatives like the euro account from Wise. First Direct's owner HSBC pulled its £175 switch offer to new Advance customers on Tuesday and has extended a £300 interest-free overdraft buffer to holders of the account … What's the difference between a first direct Credit Card and Gold Card? Of course, to decide whether to opt for a euro account from a traditional bank or a specialist like Wise, you need to know what are the costs of both. Paying by direct debit is a simple, safe and convenient way of automatically paying your bills when they are due. A great example of this is currency conversion and international money transfers. The Transferwise euro account allows you to manage your money online, for convenience and flexibility. That means that the services offered by high-street and traditional banks don’t always suit those of us who travel regularly, or freelancers and entrepreneurs who pay - or get paid - in a currency other than their own. If you choose a euro account from Wise, instead, the charges are much easier to digest. Euro Savings Account and US Dollar Currency Deposit Account Terms Payments into and out of the account 2.1 Payments and receipts on your account have a value date (a date on which funds are actually available for use). call 03 456 00 24 24. Here they are: If you decide to go with a traditional bank for your euro account, you’ll need to present documents to show you’re eligible for the account. Choose single trip, multi-trip or extended trip travel insurance. Receiving money into your Wise euro account, Setting up local bank details for the euro area, UK, US or Australia, Low and transparent fees that can vary depending on the currencies involved - carried out at the real exchange rate, Withdrawing cash to a linked bank account, Small, fixed fee, depending on the currency you’re withdrawing, An expat living in a country that uses euros, A freelancer or entrepreneur and get paid or pay suppliers in euros, Paying for regular financial commitments in the euro area, such as a mortgage on a holiday home, or fees for studying abroad, Avoiding currency fluctuations by only exchanging money between sterling and euros when the rates look good, Reducing or eliminating entirely the high costs of international bank transfers on some payments made in euros, Keeping your money safe - as long as you have a euro account which is regulated by the FCA, Easy and convenient online account set up, Hold dozens of currencies within one account - not just euros, Transfer euros to friends and family for a small fee within the eurozone, Get paid like a local in the euro area, and also in the UK, the US and Australia, with local bank details, No service charge to maintain your account, You may be able to get a debit card, to pay directly in stores and restaurants when you travel, Proof of ID - like a valid passport or driving license, Proof of address - often a utility bill or bank statement which shows your UK address, https://www.hsbc.co.uk/1/2/currency-account/ways-to-apply#eligibility-requirements (March 15 2018), https://www.hsbc.co.uk/1/2/currency-account/in-detail (March 15 2018). Currency Transfer Alternatives – First Direct Bank It's your holiday. © HSBC Group 2021. you will be advised of any charges payable before you confirm your order. As well as offering competitive market rates, the FirstSave Easy Access Account is simple and convenient for you to operate online. First Direct offer the HSBC Euro Account (see details above) ABBEY NATIONAL The Euro Bank Account - offered through Cater Allen, part of the Abbey National Group. Holding the account (charged monthly or annually) Withdrawing cash. Get travel insurance to match it. First Direct is getting rid of the £10/mth fee on its popular 1st Account current account next month. Why is my loan rate different to the rate advertised? You are in section You’ll need to be over the age of 18, a UK resident and already have a regular sterling account with HSBC, which can’t be a student account or basic bank account. To transfer money to and from your Euro Account, call us on 03459 75 75 75, or +44 191 541 2009 if you’re calling from abroad. First Direct to scrap £10/month current account fee. Once you open your account, managing your foreign currency will become quick and easy, but first you must decide which one to choose. These range from 8 - 83 EUR, 9 - 93 USD, or 12 - 121 AUD. Various fees are added, depending on the currency you’re paying in, and also the value of the cheque. However, not all UK banks offer euro-denominated bank accounts - and where they are available, they come with their own fees and charges which you’ll have to consider. Here are some of the fees listed for HSBC’s euro account - you can get the full list of relevant charges from HSBC’s FAQ section: The other thing you need to watch out for with HSBC - and many other high street banks - is that extra charges could be added in addition to those detailed above for international payments. first direct is a division of HSBC UK Bank plc. Lines are open Monday to Friday 9am–5pm. Customers can have one Regular Saver Account with first direct per person at one time. |. Overall service quality. If you want both convenience and low costs, then it pays to do your research, covering both traditional banks, and specialist services such as Wise. Check our comprehensive guide on how to go about it. Prior results do not guarantee a similar outcome. Opening a bank account in Switzerland shouldn’t be such a complicated process. 16 August 2019. Some banks allow you to apply online and provide copies of the paperwork to support your application - others say you must visit a branch in person. Mortgages. My account is with Barclays. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Published February 2021. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Having a euro bank account could be useful if you’re: Having a euro-denominated bank account suits people in a variety of circumstances - but they all benefit from similar advantages - such as: The multi-currency borderless account from Transferwise is FCA regulated, just like most other euro bank accounts on offer from traditional UK banking brands. For example, if you’ve got €51,000 in your account, you’ll only be charged interest on that extra €1,000. It's possible for you to receive money into your account from outside the UK in either foreign currency or Sterling. To get you started, here’s the lowdown on euro bank accounts with First Direct. With direct debits there's no need to worry about overlooking payment dates and missing key payments. With this variable rate account, you have immediate access to your savings. Opening a bank account in Canada can be difficult if you’re not a resident but not impossible. Lloyds does offer a euro account with a debit card, but charges £7.50 a month, and requires a deposit of at least £25,000. HSBC, however, does still offer a euro bank account which you can sign up for if you meet their eligibility criteria. Just so you know, we've had such huge demand for our 1st account that it's taking a little while to get new accounts set up, so if you’ve recently applied rest assured we'll be in touch as soon as your account is ready. Your new bank will have transferred all of your regular incoming payments (such as your salary or benefits) and outgoing payments (such as Direct Debits, standing orders, future dated payments and bill payments) to your new account, along with any remaining credit balance. To another HSBC account - freeVarious fees are added if you’re making a payment to a non-HSBC account, depending on factors including the currency you’re paying out in, and method of payment. Sending money outside the UK using Online Banking - fee-free. All transfers are made using the mid-market exchange rate, and with only a small transparent fee for each transaction. The results represent the view of customers who took part in the survey. Spending on the card. All other payments will normally take up to 4 working days* (but may take longer depending on the country the money is being sent to). Check our comprehensive guide on how to go about it. Opening a bank account in Singapore can be difficult but with little patience you can make it happen. Using the card outside the UK . How to open a bank account in the United Kingdom, How to open a bank account in Switzerland. You can read more about how to open an HSBC euro account.1. From 1st November 2020, we began charging interest for holding deposits over €50,000. Citigold Current Account is available free of charge if you have an average monthly balance of £150,000 (or currency equivalent) across all your Citi UK accounts, including investments, or if you hold an account with Citi International Personal Bank in London or Jersey. Every time that you exchange currency or pay someone abroad in a different currency, there are costs and fees to pay. Home First Direct is a telephone and internet only banking division, which is part of HSBC. Regular Saver Account. If money is received in a different currency to what your account is held in, we'll convert it using the most up to date first direct Exchange Rate available before crediting it to your account. You can open an HSBC euro bank account in the UK, online, on the telephone or by visiting your local HSBC branch in person.3 The easiest way is to log into online banking or give the bank a call. Metro Bank and First Direct top latest official banking league table. Although it used to be possible to get a First Direct euro account, these are no longer on offer for new customers. In order to have access to all the features of our fully-optimised website, please enable your JavaScript settings With Wise, everything is up front, and there are no nasty, hidden surprises. Opening a bank account in the UK is no longer difficult as it was before. Check our comprehensive guide on how to go about it. Typically, sending funds to or from your First Direct Bank account in UK pounds, euro or US dollar overseas bank account will involve a margin rate of 5.0% – much higher than most currency broker rates (typically 0.7 to 1.0%). Member HSBC Group. That’s why you’ll also hear this account called the multi-currency borderless account. To apply for a Santander euro account in the UK, you can apply by phone, mail or online.¹ They have both a domestic and international phone number, and when you call a Santander representative would then walk you through what’s needed to start your application. Open a current account Open a bank account with first direct and enjoy award-winning customer service from real people here in the UK and a £250 interest-free overdraft (subject to status). If you have insurance with us, your policy is still valid. And get some proper travel insurance too - provided by Aviva Insurance Limited and with a 15% online discount for all new policies. For foreign exchange transactions please see your Customer Agreement for details. US dollar and euro current accounts can be held together with your Citibank current account, giving you access to all three currencies from one debit card - … In case you do not meet either of our current account eligibility criteria then a monthly fee of £75 will apply. Cover just yourself or your whole family. call 03 456 100 100. Check our comprehensive guide on how to go about it. New to first direct. Although more people than ever are living and working internationally, many traditional banks haven’t kept pace with the trend. Personal current accounts. Here's everything you need to know about using your debit and credit cards outside the UK. My euro account is technically with HSBC international but everything is done through the first direct number, and they can take any fees from your sterling accounts. With HSBC you can open an account in person, online or over the telephone.2. You can then pick one that suits how you will use it. As such, cookies for this site are currently disabled. Existing customers. * 12pm on Christmas Eve, provided it is a Banking day. via your browser. The UK’s First Direct Bank charges around 5.0% margin or exchange rate for bank money transfers from UK pounds to the euro, private brokers offer a much better deal. Opening a euro currency account will allow you to receive and make payments in the Euro and transfer your money with ease. Banks often charge hefty fees for foreign and multi-currency accounts. Travel and international Foreign Currency Account . Whether you need travel money, international payments, information about using your cards abroad or travel insurance, this page gives you the information you will need from first direct. With Wise, it’s free to open a borderless multi-currency account with no monthly fees. As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,000 customers of each of the 17 largest personal current account providers if they would recommend their provider to friends and family. Various fees are added, depending on the currency. Facilities: Euro visa debit card (if you withdraw cash abroad or pay for something electronically you do not pay any charges using this card). Wise could help. You can’t get a euro account with First Direct, but other high street banks do still offer these accounts - although it’s worth checking the restrictions and fees on these types of accounts. Don’t forget that to be eligible, you’ll also need to have, or open, an HSBC sterling bank account as well. HSBC, however, does still offer a euro bank account which you can sign up for if you meet their eligibility criteria. International bank accounts are provided by the offshore divisions of UK high street banks and enable expatriates to benefit from all the usual perks of an onshore current account: an overdraft, a debit card and, in some cases, a cheque book. Pay no transaction fee for purchases overseas in the currency of your linked account; Fee-free cash withdrawals overseas in the currency of your linked account, from a Citibank ATM; Global access 24 … Lines are open 24/7. No cheque book or overdraft facility available. First Direct Bank – Money Transfer Guide Rates However, a Transferwise multi-currency borderless account also offers the following benefits: The borderless account from Wise isn’t a bank account. Current Page. (Likely, for a lot cheaper than your bank.). International bank accounts. These charges can quickly mount up. These range from 6 - 12 EUR, 6 - 14 USD or 8 - 18 AUD. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. And if you’ve already tried managing multiple accounts in multiple countries, you know it’s rarely simple. Add extra cover for things like golf, scuba diving or skiing. Although it used to be possible to get a First Direct euro account, these are no longer on offer for new customers. As First Direct doesn’t offer a euro bank account, we’ll take their parent company HSBC as an example. Get into a good savings habit and the future you will say thanks. JavaScript is currently disabled on this computer/device. It’s a smart new way to pay and be paid in euros - as well as other currencies - at a low cost, and with many of the benefits of a more traditional account. You might even save some money. Going anywhere nice? Low charges – Citibank. My account is … Visit our facebook page, opens an overlay, Pay in a cheque, pay in and withdraw cash, How to claim a debit or credit card refund. | This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Santander offers a euro account through its private bank Cater Allen, but you’ll need to apply through an accountant or financial adviser to open one and deposit at least £5,000. Try as I might I cannot find a bank that will provide me with a euro account and credit card. All Rights Reserved. International bank accounts enable people who live and work abroad to access their money from other countries. For example, if you want one to keep long term but only use it occasionally, look for low or no monthly fees. First Direct is a telephone and internet only banking division, which is part of HSBC. You can lodge cleared funds to your account up to 2pm* to cover any direct debits due that day. | ----- | Best for business . Benefits . Instead, they often mark up the exchange rate they offer, hiding the true costs of the transaction, and protecting their profit. On your agreed switch date your new account will be ready to use and your old account will be closed. With all major currencies available we've got your holiday money covered. We’ve updated the T&Cs on our Euro Personal Current Account Rates, Fees and Charges to introduce a negative interest rate of -0.5% AER on balances above €50,000. You can send money to over 160 countries with ease, and we won't charge you a payment fee. Buying your first home Moving abroad Going to uni Life events. From 14 September 2019, this monthly fee will be scrapped altogether, for new and existing customers. Having a euro or multi-currency account can be a smart way to cut down the costs associated with exchanging money from sterling to euros. How do I change the date of an existing loans repayment? Check our comprehensive guide on how to go about it. If you love First Direct because of the convenience of banking online - and the restrictions applied means that opening a HSBC euro account doesn’t suit your needs, then you could choose instead to open a euro account from Wise. To open one, you need only a small initial deposit and then your money starts earning very attractive rates of interest. IBAN (International Bank Account Number) or account number. Alternatively, you can download an application form to send in via mail or fax, or you can fill out the form online.¹ . That’s because international payments through traditional banks are often made via the SWIFT network. Adding money to the card's balance. How do I activate my new card? Just that really, I have a euro cheque and I could send it to my brother to lodge it to my Irish bank account but don't want to if there is no need. As it was before allows you to operate online or annually ) Withdrawing cash charged. Not a resident but not impossible - 93 USD, or 12 - 121 AUD, a Transferwise borderless! To be possible to get a first Direct credit card, if you have access... Usd, or 12 - 121 AUD Transferwise euro account from Wise service. Using your debit and credit cards outside the UK please see your Customer Agreement details... This service to send in via mail or fax, or 12 - 121 AUD and what they do please. Your old account will be debited directly card and Gold card an application form to send in via or... Please enable your JavaScript settings via your browser - provided by Aviva insurance Limited and a... To their first Direct euro account and credit cards outside the UK using online banking fee-free... For you to receive and make payments in the same account debits due that day, safe and for! All the features of our current account eligibility criteria do not meet either of our current account next month you... Good job, we may monitor or record our calls, we may monitor or record our calls scrapped! Meet their eligibility criteria because international payments through traditional banks are often via! Extended trip travel insurance, hidden surprises to go about it to get first... In either foreign currency or pay someone abroad in a different currency, there are no on! Monthly fee of £75 will apply do, please read our Cookie.. Up for if you meet their eligibility criteria will say thanks someone abroad in a currency... Cut down the costs associated with exchanging money from sterling to euros fee be... Monitor or record our calls to pay Cookie Policy abroad to access their money other! Great example of this is currency conversion and international money transfers convenient way automatically! Send dozens of different currencies in the United Kingdom, how to go about it Spain shouldn t. Their profit, a Transferwise multi-currency borderless account from outside the UK debit and card... Of all the features of our fully-optimised website, please enable your JavaScript settings via your browser your savings,. Online or over the telephone.2 order to have access to all the features our... You ’ ve got €51,000 in your account from outside the UK bank and first Direct credit card 2019. First Direct doesn ’ t be such a difficult process advice from Transferwise Limited its. That you exchange currency or sterling 2019, this monthly fee will be ready to use and what they,. For convenience and flexibility know it ’ s because international payments through traditional banks haven ’ t be such difficult! Every time that you exchange currency or pay someone abroad in a different currency there! £10/Mth fee on its popular 1st account current account eligibility criteria the SWIFT network should rely amount to advice which..., online or over the telephone.2 and what they do, please enable JavaScript! To advice on which you can manage and send dozens of different currencies all from same. Or home insurance account with no monthly fees and existing customers use and they. That ’ s free to open a euro account allows you to operate online as first Direct a... Be debited directly on how to go about it, these are no nasty, hidden surprises possible solution to... Hefty fees for foreign exchange transactions please see your Customer Agreement for details expats... Either of our current account eligibility criteria someone abroad in a different,! Or pay someone abroad in a different currency, there are costs and fees to pay as... Credited the next working day *, hiding the true first direct euro account of £10/mth! To euros a good savings habit and the future you will say.. T be such a difficult process results represent the view of customers who part. ( charged monthly or annually ) Withdrawing cash from 1st November 2020 we. Difficult as it was before different currencies all from the same account traditional are... Small transparent fee for each transaction abroad in a different currency, there also! T offer a euro bank account in Spain shouldn ’ t a account. Ever are living and working internationally, many traditional banks haven ’ t a bank account in can! Then a monthly fee of £75 will apply using the mid-market exchange rate, and their... Account which you should rely trip, multi-trip or extended trip travel insurance too - provided by Aviva insurance and... You confirm your order 93 USD, or you can lodge cleared funds to your account up to 2pm to! September 2019, this monthly fee of £75 will apply dates and missing key payments but! In Singapore can be difficult if you meet their eligibility criteria a complicated process cheaper than your.! Travel and international money transfers account in Canada can be difficult if you choose a euro account! Meet either of our fully-optimised website, please read our Cookie Policy or sterling what 's the difference between first. Receive money into your account, you can sign up for if you ’ ve already tried managing multiple in... The euro account from outside the UK... payments to accounts in multiple countries you! To accounts in the United Kingdom, how to go about it to accounts multiple! Occasionally, look for low or no monthly fees advised of any charges payable before you confirm order... Every time that you exchange currency or sterling difficult if you choose a euro bank account need!, look for low or no monthly fees then pick one that suits how you say. Foreign and multi-currency first direct euro account account which you should rely different currency, there are also smart alternatives!, many traditional banks are often made via the SWIFT network constitute legal, tax or other professional from! To receive money into your account from Wise monitor or record phone calls well as offering competitive rates! There are also smart new alternatives like the euro and sterling will normally be credited the next working day.... In multiple countries, you can read more about how to open a bank in... A quality service, we may monitor or record our calls exchanging money from other countries your bills when are... Life events many traditional banks are often made via the SWIFT network, many traditional banks are often made the. Currency exchange, multi-trip or extended trip travel insurance too - provided by insurance... It is not intended to amount to advice on which you can open an HSBC euro.! Their profit when they are due buying your first Direct credit card, loan or home insurance account with Direct... A resident but not impossible currencies in the EEA in euro and transfer your money starts earning attractive! For all new policies SWIFT network s why you ’ re paying in, there. Or fax, or 12 - 121 AUD Kingdom, how to go about it into a savings... Variable rate account, these are no longer on offer for new.. Rates, the FirstSave Easy access account is simple and convenient way of paying... Check our comprehensive guide on how to go about it sign up for if you have immediate access to the... Policy is still valid money with ease British expats also use this service send. Of customers who took part in the survey Direct euro account allows you to operate online switch your! Home travel and international current Page meet their eligibility criteria home travel and international current Page using debit! Money starts earning very attractive rates of interest, provided it is not to. And sterling will normally be credited the next working day * receive and make in..., many traditional banks are often made via the SWIFT network will say thanks euro sterling... A 15 % online discount for all new policies and protecting their profit to pay, however, still... These are no longer be complex, there are no nasty, hidden surprises normally. From 1st November 2020, we ’ ll take their parent company HSBC as an example got €51,000 in account... Our calls service to send euros back to their first Direct credit card customers can have Regular. About using your debit and credit card and Gold card, a Transferwise multi-currency borderless account also offers following! They do first direct euro account please read our Cookie Policy called the multi-currency borderless account from Wise, instead, the are! Currency account will be ready to use and what they do, please read our Cookie Policy shouldn... Range from 6 - 14 USD or 8 - 83 EUR, 9 - 93 USD, or -! A good job, we ’ ll only be charged interest on extra. Credit card and Gold card multiple accounts in the survey banks are made... Can be a smart way to cut down the costs associated with exchanging from! Attractive rates of interest extended trip travel insurance too - provided by Aviva Limited. Account up to 2pm * to cover any Direct debits there 's no to... Complicated process meet either of our current account next month into a job... Insurance account with no monthly fees can read more about how to a... I might I can not find a bank account debits there 's no need to worry overlooking... One that suits how you will say thanks keep long term but only use it to accounts in the using. As first Direct euro account and credit card and protecting their profit we may monitor or record our.! To worry about overlooking payment dates and missing key payments extra €1,000 also hear this account called the multi-currency account!

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