If you are selling to the Eurozone and/or paying suppliers in EUR (no matter where they are in Europe), you’ll need to find yourself the best euro bank account in the UK. Step forward, multi-currency digital accounts. These incredibly quick-to-open digital bank accounts are available in a wide variety of major currencies, including EUR. For online sellers, Amazon currency conversion costs can be up to 4.5% of the lump sum converted. By opening an online euro business bank account, you can reduce the amount of currency transactions conducted, thus reducing the foreign exchange fees incurred.
Our euro business bank account comparison for UK businesses will help you discover the best option to save money on currency exchanges. Go here for more Multi-Currency Account information.
Best UK Euro Account / Ecommerce Collection Account UK
View the top rated foreign currency collection account in UK below – Updated for: October 2021
- Best Multi-Currency Account for Businsses and Online Sellers (Individuals not accepted)
- Bank accounts available in UK, France, Germany, USA, and Canada, as well as Singapore, China and Japan (recent additions)
- Top Rated since 2014
- Industry Leader in the eCommerce Space, Owned by Ant Financial (AliPay)
- Excellent, Transparent, Currency Rates with Less than 0.5% Spread Margin
- Global Offices in 5 Continents
- Online euro business bank account available to UK clients
- Make and receive EUR payments with SEPA
- Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia are available
- Publicly traded company
- Local UK-based support team
- Online euro business bank account available to UK, EU and USA clients
- Generate a free euro business account number, complete with IBAN
- Euro business accounts supplied by a leading Tier 1 bank
- Make EUR same currency or cross-currency payments
- Suitable for marketplace collections only
- Corporate FX Specialists
- Leading Online Platform
- History of Consumer and Business Awards
- Excellent Rates
- Euro business bank account easily available to UK clients
- No limits on Wise online euro business bank account
- Hold balances in multiple currencies, including your euro business bank account in UK
- Most Recognizable Brand in Money Transfers Today
- Transparent Pricing, much cheaper than UK/European banks
- NAMED ACCOUNTS - MULTI-CURRENCY ACCOUNT IN YOUR NAME
- Receive Money in 32 Currencies including Exotic Currencies
- New Business, Experienced FX Team
- A Managed, Bespoke Currency Brokerage
- Premium Service
- Streamline Currency Transfers
Business Euro Account FAQs
What’s the difference between Euro accounts with UK banks and online Euro business bank accounts?
Online Euro business bank accounts are only accessible online or via the provider’s app. These online-only providers have no retail presence and the bank accounts are not able to accept cheques. Other than this, the accounts operate in much the same way. Whether the accounts are held in the UK or Europe, EUR payments are made within the SEPA network, allowing for either same-day (urgent SEPA credit transfers) or next-day delivery (standard SEPA credit transfers).
What are the benefits of opening a Euro business bank account?
By opening a euro bank account you can avoid the excessive conversion charges of constantly converting all EUR receivables to GBP. If you have both payments and receivables in EUR then you should find a natural hedge between the two. By being able to hold EUR balances you may also avoid potential exchange rate loss by opting to convert when the exchange rate is in your favour.
Are these euro business accounts free to open?
Yes, all of the online providers allow you to open a euro account for free. The only cost will be the fee to make payments, as well as currency conversion fees when you’re converting between two currencies. Currency conversion fees are almost always cheaper with money transfer companies than they are with banks. UK banks may also charge an account opening fee.
Best Euro Accounts UK vs. Default Currency Conversion
The ground facts
- If you are selling on Amazon into Europe (or any territory where EUR is charged) and are using the default Amazon setup, you will lose up to 4% of your sales in foreign exchange fees when using their Amazon Global Seller Program if you supply a GBP denominated bank account in the UK for your EUR sales.
- If you are using eBay, your items will appear more expensive than their listed price for international buyers (due to Paypal’s high currency exchange fees, even if you transfer money from Paypal account to your Transferwise account).
- If you use a UK or European bank to exchange overseas funds to domestic currency, it will cost you spreads of 2% or more of the lump sum (what’s more you probably won’t be able to open a bank outside of the UK in the currency you require regardless).
Selling internationally comes with countless hurdles to jump, including operations, warehousing and tax, but nevertheless – it presents a huge opportunity to grow your business. Using the right services together, offering you multi-currency accounts, a euro business bank account in UK and cheaper FX will beat Amazon’s currency exchange program (offered via the Amazon Global Sellers Online centre), eBay’s currency exchange fees, or other high-cost “default” solution.
Best Euro Account in the UK & Your Savings – Online Marketplace Sellers
|Annual Turnover||Amazon Currency Exchange||Specialist Provider||Saving|
|€10,000||€400 in currency fees||€50-€100 in currency fees||€300-€350|
|€50,000||€2,000 in currency fees||€250-€500 in currency fees||€1,500-€1,750|
|€100,000||€4,000 in currency fees||€500-€1,000 in currency fees||€3,000-€3,500|
|€1,000,000||€40,000 in currency fees||€5,000 – €10,000 in currency fees||€30,000 – €35,000|
Notes: The table above is not marketplace specific. The currency exchange services for online sellers are applicable to your business regardless of whether you sell on Amazon, Ali Baba, TMall, Overstock, eBay, Ubid, Bonanza, or any other online marketplace. The figures used in this table are only meant to demonstrate what you could potentially save; They use 4% as the base figure for currency exchange fees, and 0.5%-1% in foreign currency fees when choosing a specialist provider – this is not necessarily what you’re paying at the moment, or what you’ll be paying with a currency provider, but rather a rough figure based on Amazon’s FX fees and information supplied by currency providers.
The best UK euro account?
Multi-Currency Accounts Keep You Covered!
Below are the euro business accounts you can open globally using two of our most recommended multi-currency accounts:
|With World First You can…||With OFX You Can…|
|✓ Open Euro account in UK||Open Euro account in UK|
|✓ Open Euro account in Australia||Open Euro account in Australia|
|✓ Open Euro account in Europe||Open Euro account in Europe|
Note there are other euro accounts with UK banks where you can open up foreign bank accounts for your business, such as HSBC euro accounts UK, however we have only focused on services offered by money transfer companies. This is because they are always cheaper to operate and faster to open. It’s also worth pointing out that HSBC’s multi-currency accounts are actually held in Jersey. The money transfer companies we feature here have built solutions where the currency account is held locally to the country it represents – making it easier to do business like a local.
How to Open a Euro Account in the UK?
If you want to open a business euro account then you should know the process is actually really simple when using an international money transfer firm or Fintech listed on this page. The process will look just like this:
- Choose who you deem to be the best euro account UK from our selection above.
- Open your online euro business bank account (shouldn’t take longer than 10 minutes to complete your initial application for any of the euro business bank accounts listed here).
- Complete your registration profile by uploading your documents to verify your account for security purposes. The same compliance protocols apply to FinTech’s operating euro business accounts in the UK as banks, FinTech’s just speed the whole process up by automating a lot of the process online).
- Activate your euro accounts in the UK and any other currency accounts you require. Get your euro bank account details – including account number and IBAN.
- Upload funds, receive incoming payments and, in some cases, even order your debit card to start spending from your euro account in the UK.
Added values when using our recommendations for online euro bank accounts in the UK?
Companies such as World First, MoneyCorp or OFX provide clients with so much more than simply transferring money from country A to country B, or enabling businesses to collect and pay balances from a multi-currency bank account. It’s not only about improving the poor currency exchange rate offered by Banks, Amazon’s Global Sellers Program or improving your eBay seller account’s value proposition to overseas buyers.
All of these companies listed provide customers with dedicated account managers that often become a vital cog in their business – they can assist with recommendations for the timing to exchange certain currencies, suggest tailored hedging solutions specific to each business, and even help answer queries relating to selling internationally online based on their experience in assisting clients who have a similar business profile and sell on many of the same marketplaces
For example, we know of cases where account managers from these companies have helped their clients who sell on Amazon reduce their Amazon Seller fees above and beyond just the Amazon Money Transfer costs by recommending local solutions for delivery as well as recommending new marketplaces to sell on, with unique introductory offers. Additionally, the power to open a euro business account (or any other multi-currency account locally), and accepting payments in foreign currency into your bank account is simply unrivalled in the money transfer and currency exchange industry. Very few companies have the same capabilities when it comes to euro business bank accounts for businesses and online sellers as the companies listed here.
Bottom Line – Compare Euro Accounts UK
If you are a small business or online seller, making foreign currency payments in EUR or receiving them, you should consider a specialised and bespoke service to open a free euro business account in the UK. We believe the above companies provide the best Euro accounts in the UK – they’re free to open, have no ongoing maintenance costs and are accompanied by a smooth, reliable and low-cost payment solution. Applications take no longer than 10 minutes and you can open a euro business account on the same day you apply.