Sending money abroad can be expensive, so if you’re planning to expand your business to Europe or you already deal with European clients and suppliers, opening a euro business bank account could help you carry out foreign transactions for less.
Reviews of business accounts that allow you to use Euros
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With Revolut Business, it’s easy to set up a multi-currency account that can hold, send and receive money in more than 30 currencies worldwide, including euros. You’ll receive a competitive exchange rate and be able to use your debit card overseas in more than 130 currencies (an ATM withdrawal fee applies). Depending on the Revolut plan you have (there are 4 to choose from), you’ll have a monthly fee-free exchange limit and anything over that will be charged a small conversion fee. You can set up a multi-currency account in minutes and manage it via the app.
Pros
Flexible account options
Mobile app with lots of good features
Ability to issue cards to all employees
Easy to apply
Freeze card if lost or stolen
Safe and secure
Free purchases
Cons
Basic account does not include many free transactions
Open a Wise business account and you can make payments and get paid internationally in more than 40 currencies, including euros. There are no hidden foreign exchange fees and the more you send, the more you’ll save. Plus, you can get debit cards for your team to use for spending overseas with no foreign transaction charges, if used in the correct currency. You’ll also earn 0.5% cashback on your spending. The first card is free, but each subsequent card for team members costs £3. Note that there is a one-off £60 fee to pay for registering for a Wise account, but there are no ongoing monthly fees.
Pros
No monthly fees.
FCA regulated.
Integration with accounting software, including Xero and Quickbooks.
A euro business account is a business bank account designed to hold, send and receive payments in the Euro currency. It means you can send money to clients, companies and suppliers in Europe in their own currency.
This can be ideal if you regularly trade abroad as you won’t need to pay hefty foreign exchange fees each time.
Why might you want a euro business account?
Your business might need a euro business account if it regularly deals with clients in Europe or if you’re thinking about expanding your operations abroad.
Sending money to overseas accounts can often come with high conversion charges, but by opening a euro business account, your business can avoid these expensive fees and save money. Plus it’s far more convenient to stay in the same currency.
How does a euro business account work?
A euro business account usually comes with its own IBAN, so that payments can be made and received using a single account. You can receive, hold and send euros without needing to convert the funds into pounds sterling, helping you to avoid expensive transfer and currency exchange fees.
Some euro business bank accounts also come with a debit card that you can use in Europe without paying currency conversion fees and saving you even more money.
Many euro business bank accounts can be managed via an app or online, and you can usually track your spending and set budgets to help you stay on top of your finances.
How to get a euro business account
You can open a euro business account in much the same way as any other business account. Make sure you check the eligibility criteria first, however, as some business bank accounts will ask that your business has been trading for a minimum amount of time and/or has a minimum annual turnover.
Compare accounts carefully, looking at features such as:
Monthly account fees
Currency exchange fees (if any)
Transaction fees
Debit card fees
Account management
Number of permitted account holders
Once you’ve found an account you want to apply for, you can often do this online or via the provider’s app. You’ll need to provide some personal details and some information about your business, as well as a form of ID. Once this is verified, your account could be up and running the same day or within a few days, depending on the provider.
What type of business or person would need one?
You might get a euro business account if:
You regularly send payments to clients, employees or suppliers in Europe
You’re expanding your business to Europe
You receive payments from customers in the Eurozone
You receive payment for services in euros as a self-employed contractor
You regularly visit Europe on business and want to spend and withdraw cash on your debit card fee-free
Pros and cons of euro business accounts
Pros
Enables you to send, hold and receive euros in the one account
You can avoid paying hefty foreign exchange fees
Many accounts offer competitive exchange rates
Often come with a debit card you can use overseas for free
Easy to open and operate your account
Cons
Some euro business accounts come with monthly fees
Other transaction fees may apply
You might need to meet certain criteria to qualify for the account
Only euros can be held in the account, so it’s no good if you use multiple currencies
Limited choice of accounts
Bottom line
If your business regularly trades in Europe, it can make good financial sense to open a euro business account. Many of these accounts let you transfer funds overseas fee-free, and they often come with a debit card that you can use overseas too.
However, as with all financial products, be sure to compare your options carefully. Check whether you need to pay a monthly fee for the account and whether there are charges for other transactions. Also keep in mind that if you regularly transact in a range of currencies, a multi-currency business account might be more suitable.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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