What's the Best Euro Account For UK Residents? We Compared 8 Top Options

Famous for its rolling hills, fish and chips and black cabs, there are many attractions to living and working in the UK. So, it's no wonder that as of 2021, around 3.6 million EU nationals lived there. What's more, the euro is also a popular currency among Brits themselves, where it's widely used for holidays, business, and personal investments.

But whatever your reason for wanting a euro bank account in the UK, this short guide will show you everything you should know about getting the job done and what the best accounts on the market might be for you.

How to Open a Euro Bank Account in the UK

You'll generally have two main options when it comes to opening a euro bank account in the UK. You can choose to go down the traditional route and open an account with a high-street bank, giving you access to physical branches across the country. Or you can choose an account offered by a fintech company. These can offer a lower cost structure compared to high street banks and can save you a decent chunk of money as a result. But you must be happy carrying out all of your banking tasks online or via an app.

As we'll see, if you decide to open an account with a high street bank, you'll primarily be looking at offerings from Barclays, HSBC, Lloyds, NatWest and Santander. As well as requiring proof of identity such as your passport or EU national identity card, you will also need proof of address such as utility bill, rental contract or council tax bill, making these accounts trickier to get accepted for if you're not yet settled in the UK.

On the other hand, fintechs on the rise in the UK, so if you're happy to take care of your finances solely online, it's well worth exploring what these companies have to offer. What's more, some digital finance apps won't require you to provide proof of address, which can be useful if you've yet to arrive in the UK or you're just getting settled.

Below, we've ranked the top nine best euro accounts that are available in the UK and the charges you're likely to pay for each.

1. Revolut

Personal finance super-app Revolut (not a bank) has over 26 million personal customers and allows you to hold, transfer, and spend money in more than 30 currencies, including euros. Similar to Monese (which we'll look at later), there are several different pricing structures which offer different ATM withdrawal allowances.

Revolut's plans are as follows, with each plan providing better benefits the higher up the tiers you go. However, we find Revolut Standard to be a great, multifunctional account with all the basics, especially if you just have basic needs like travelling, spending, receiving, and holding euros.

2. Wise Account

Another option you should consider if you're planning to spend euros often is opening a Wise Multi-Currency Account. The big selling point of this account – as the name suggests – is that you can hold several different currencies, allowing you to switch between them when you want and make and receive payments across the globe. Unlike Revolut, you even get a dedicated European IBAN account, based in Belgium, to make and receive international payments in euros.

This means you can pay and be paid like a local in the UK (and across the Eurozone) and send money back home without being charged exorbitant fees.

Registering for the account is straightforward – you sign up online or in the app with an email address or Google, Facebook or Apple account and then verify your ID with your passport or government ID card. You don’t necessarily need proof of address either – you can supply proof from a standard list of documents or send in a selfie in which you’re holding your ID. 

Once set up, you can enjoy the following features:

• Hold, exchange and top-up up to 56 currencies,
• Local bank details in the UK or Eurozone, as well as several other countries,
• A multi-currency Mastercard that you can use to pay in foreign currencies with no hidden fees,
• Access to Wise’s international money transfer service from your account balance.

As an example, if you have just moved to the UK from Germany, you’ll be able to:

1. send euros from your regular account to your Wise euro account,
2. convert all or part of it to British pounds for a low fee (0.43% or £3.75 to convert €1,000 to pounds),
3. pay with your Wise debit card, set up direct debits with UK providers to pay your bills or make local transfers free of charge.

3. Monese

Founded in 2015, challenger bank Monese is particularly attractive to newcomers to the UK thanks to its lack of requirement for proof of address. All that's required to open an account is a photo of your ID and a selfie, plus an email address and phone number.

The Monese Account allows you to:

• open an account in pounds sterling, euros, or Romanian lei,
• transfer money between Monese and other accounts in the same currency for free,
• transfer money into 19 different currencies at the standard mid-market exchange rate, although you will have to pay a service fee of between 0.5% and 2% if you do not have a Premium account,
• choose between three different pricing structures – the Simple account is free of charge, the Classic account costs £5.95/€5.95 a month, and the Premium account costs £14.95/€14.95 a month. These offer tailored monthly allowances for ATM withdrawals, cash top-ups and foreign currency spending;
• benefit from customer service and support in multiple languages, including English, Spanish, French and German.

Here's a full overview of Monese's plans:

4. Barclays

Arguably Britain’s best-known bank, Barclays is headquartered in London and has over 24 million customers. The bank operates as two divisions – Barclays UK and Barclays International – and as such, it offers a euro account, allowing customers to make and receive euro payments. 

Below is an overview of the Barclays euro account:

• Fee-free transfers between a euro account and a Barclays sterling account in the same name; 
• Option to request a cheque and/or credit book to make payments and deposits in euros;
• Customers must hold a Barclays sterling current account to be eligible; 
• Applications must be made in a branch.

The table below highlights the main fees the account charges:

5. HSBC

British multinational banking and financial services organisation HSBC has over 40 million customers globally and a network covering 64 countries and territories worldwide. As part of its international network, it offers a Currency Account with no monthly fee. You can choose from 14 major currencies, including euros.

Here’s an overview of how the HSBC account works:  

• No charges for any payments made to other HSBC accounts;
• No charges for payments in euros to another account in the EEA – payments in euros to accounts outside the EEA will be charged either €6 or €12 depending on whether the payment is made online or in-branch/by phone;
• Electronic bank charges into your account won’t be charged;
• Online international payments can be made up to £50,000. International payments in-branch are unlimited;
• You must hold an active HSBC current account (excluding the basic account) to be eligible.

6. Lloyds Bank

The largest retail bank in Britain, Lloyds Bank is part of Lloyds Banking Group, which also includes Halifax, Bank of Scotland and Scottish Widows. Lloyds’ subsidiary Lloyds Bank International offers two international bank account options as follows:

• International Current Account: Offering a choice of three currencies, including euros, this account provides fee-free international payments and 24/7 worldwide access. However, it comes with an €8 monthly fee, which kicks in after the first three months. To be eligible, you need a gross annual income of £50,000 or currency equivalent or have £25,000 to save with Lloyds Bank international banking services.
• Premier International Current Account: Similar to the above account, but without the monthly fees. This account also offers a dedicated relationship manager plus worldwide travel insurance for you and your family. The drawback is the eligibility criteria are much tougher. You will need a deposit of at least £100,000 (or currency equivalent) to save and maintain with Lloyds within six months. Or you will need to have a sole annual income of £100,000 and be able to save and maintain a balance of £100,000 within 12 months.

7. NatWest

Owned by NatWest Group, which also includes banking brand Royal Bank of Scotland (RBS), National Westminster Bank or NatWest has more than 7.5 million customers and offers an everyday international account for those looking to make international payments.

An overview of the International Select account can be found below:

• Fee-free international payments,
• Monthly account fee of £8,
• Manage your account via the mobile banking app or online banking,
• To be eligible, you must open the account with at least £25,000 or pay a mandated salary of £40,000.

8. Santander

A subsidiary of the major global bank Banco Santander, Santander UK has more than 14.3 million customers, including 6.3 million digital customers. As part of its large portfolio, it offers a multicurrency account that can be held in sterling, euros or US dollars. 

An overview of the Island Gold account can be found below:

• No monthly account fee,
• Manage your account online or by telephone banking,
• Fee-free international transfers,
• SWIFT payments via online banking are charged at €30 (jumping up to €45 for telephone banking).