How to Deposit Euros Into a UK Bank Account in 2023

Are you planning to receive a transfer from a Eurozone country into your British bank account? Are you an expat living in Europe and curious if you can pay euros into your bank account back home in the UK? In any case, you'll probably be wondering if depositing euros into a UK bank account is possible and, if so, how to get the job done without a hassle.

Fortunately for you, not only is it possible to deposit euros into a UK bank account, but because the UK is part of SEPA, it's very easy to do! In this short guide, we'll explain everything you should know about euro deposits in the UK. If you'd like to skip ahead and find the best deal for you (or the person sending you money) to send euros to sterling, simply search on our real-time money transfer comparison engine below! 👇

Option 1: SEPA Transfers

When most people think about British pounds being deposited into their bank account, they're normally thinking about a domestic bank transfer such as Bacs, CHAPS, or Faster Payments. These three transfer types use different means to achieve the same thing: sending British pounds from one bank account in the UK to another.

When the transfer comes from the Eurozone, the concept is more or less the same. In these cases, although there are differences involved, from your point of view as a customer, it works more or less the same: euros are exchanged by third parties behind the scenes and deposited into your UK bank account in GBP. This is largely thanks to a system called the Single Euro Payments Area (SEPA), in which the UK participates, even after Brexit. SEPA facilitates fast and efficient online direct debits between Eurozone counties using just an IBAN, and because the UK is a member, UK bank account holders benefit from this system too when sending or receiving transfers with bank accounts in other SEPA countries. All you'll need to do is ensure your sender has all the basic information about you to be able to instruct the transfer, namely:

• Your full name,
• Your physical address,
• Your IBAN,
• Your bank's BIC code.

As soon as the transfer is instructed, nothing more is typically needed from you, because the EUR-GBP currency conversion happens behind the scenes and will therefore be out of your control.

SEPA Transfer Charges

If all you're interested in is receiving euros as sterling in your bank account, then there's no problem. However, if you're interested in receiving as much sterling as possible in exchange for the euros you receive, then we recommend thinking things through a bit more closely. That's because SEPA transfers can be rather pricey when done via the bank, racking up a number of possible fees along the way:

• Sending bank charges: Your sender's bank will sometimes charge your sender a fee to send to the UK. Additionally, they will exchange the euro amount into British pounds, which is normally done at an unfavourable exchange rate (the EUR-GBP average range among banks is around 3% to 7% of the entire transfer amount).
• Recipient bank charges: Your bank might add a final fee to the transfer amount before depositing the money into your account. If your sender transfers the amount in euros, then your bank will handle the GBP exchange itself (in other words, no euro balance will appear in your bank account unless you have a specialised foreign currency bank account in euros).

Take a look at our guide to bank charges for international transfers to learn more about these types of fees.

To save yourself money on the exchange rates and to skip the banks altogether, we recommend that you or whoever sends euros to your UK bank account use an international money transfer provider instead of a bank-to-bank wire transfer. This way, you can save a large fee amount, ultimately leading to more sterling being deposited into your bank account at the end of the day! You can use Monito's live comparison to scout the market in real time:

Option 2: Euro Bank Accounts

If you're frequently sending money to the UK from the Eurozone or receiving euros in your UK bank account, opening up a foreign currency account in euros could make sense. This option can let you open up an account in euros and convert it into sterling in your own time (usually at better exchange rates than via SEPA) or spend directly in euros online or while visiting Europe.

Fintech Euro Accounts

Non-bank financial services are popular in the UK. Many offer foreign currency balances in euros (not full bank accounts), which you can use to pay in euros and even receive euro deposits. In this category, we recommend Revolut in particular. Its critically acclaimed and popular mobile finance app has changed the way people send and spend foreign currencies in recent years, and with its online platform, you'll be able to receive euro deposits and convert them to sterling at excellent exchange rates (although fair use limits and weekend surcharges may apply).

• Foreign currency balances: 30+ currencies
• Monthly fee: £0
• EUR-GBP conversion cost: Approx. 0.2%
• More information: See our Revolut review or visit the website

Option 3: Cash and Check Deposits

Cash or a cheque is another option to receive euros into your UK bank account. Although less and less popular these days, especially given that cash and cheques have rapidly fallen out of fashion in both the EU and the UK, there's always a slim chance you may have a wad of euro banknotes or a cheque you need to cash.

In these cases, we recommend visiting your bank branch and speaking directly to the teller. They'll be able to give you information about the specific requirements and fees for depositing foreign cash or cheques into your bank account. For cheque deposits, you'll probably need to endorse the cheque and write up a deposit slip with your account details.

Alternatively, if you have euro banknotes, you can visit your nearest post office and exchange them for sterling over the counter. You can then pocket the cash or deposit it into your bank account by visiting your bank later.

Either way, remember to allow up to a few days of processing time for foreign currency transactions to reflect in your bank account.