If you’re someone who travels frequently or does business overseas, you may find yourself needing to convert money into other currencies on a regular basis. But every time you move money across borders or exchange it to a different currency, you could be losing some of it to poor exchange rates. It doesn’t have to be this way — TransferWise moves money at the exact mid-market exchange rate, only charging a small transfer fee. Another popular option for people who often need to move money internationally is to open a euro account.
Before you get started, a word.
Banks often charge hefty fees for foreign and multi-currency accounts. And if you’ve already tried managing multiple accounts in multiple countries, you know it’s rarely simple.
TransferWise could help. With TransferWise, it’s free to open a borderless multi-currency account with no monthly fees. There, you can manage and send dozens of different currencies all from the same account. All around the world. (Likely, for a lot cheaper than your bank.)
Give it a try. Check out TransferWise today.
Now, back to what you came here to read.
If you’re planning on moving abroad, and you need to make euro transfers, or want to protect your money from currency fluctuations, a euro account may be for you. However, beginning in summer 2017, Nationwide International ceased operations and started the process of closing customer accounts, including all euro accounts.² If you bank with Nationwide, you should keep in mind that they only accept payments in GBP and they also don’t accept cheques from foreign banks³. But if you want to be able to send, receive and hold money in euros, you still have options.
Among your alternatives is TransferWise, a free and simple solution to a euro bank account. TransferWise borderless multi-currency accounts allow you to send, receive and manage money in euros, as well as dozens of other global currencies — and you can move your money from one currency to another at the real exchange rate. Borderless accounts aren’t bank accounts, but they come with a lot of the same perks, like the ability to get your own European bank details so you can get paid like a local.
Euro accounts are great for:
- People who invest money internationally
- Freelancers or businesses who work with clients in the eurozone
- International students studying in Europe
- Anyone who wants to send and receive money in euros instead of their local currency
Euro accounts offer a number of benefits. Holding your money in euros, a relatively stable currency, protects it from exchange rate fluctuations, which can save you money by allowing you to convert only when the exchange rate is favorable to you. You can send and receive transfers in euros without having to lose money to unfavourable exchange rates. And with TransferWise, you can transfer euros to family and friends in the eurozone for free, hold your money in dozens of other currencies at the same time, and get local bank details for Europe, the US, the UK and Australia.
Planning to use your Nationwide card in the eurozone or elsewhere outside of the UK? You’re probably going to end up paying fees. Most Nationwide cards come with a 2% foreign transaction fee applied to every purchase you make in foreign currency.¹ On a long holiday or business trip, those fees can really add up.
Instead of using your Nationwide card, use a TransferWise debit card. It’s free to pay with the currencies you have in your account or if conversion is needed, it’s always done with the real exchange rate - the one you’d find on Google, and ATM withdrawals are free up to £200 per 30 days.
Ready to open your TransferWise euro account? Here’s what you need to do.
- Open a TransferWise account (or log in if you already have an account)
- Click on “Balances,” and then click on “Get started”
- Fill out your profile and upload the required documents to securely verify your account
- Activate euros, as well as any other currencies you plan to use in your account. See a list of available currencies here.
- Start sending, receiving and managing your money all over the world in up to dozens of currencies
If you’ve decided that a euro account is for you, you’ll need an alternative to Nationwide. Whether you decide to go with TransferWise or another bank, knowing your options is the first step toward choosing the account that’s right for you — and your wallet.
1.https://www.nationwide.co.uk/support/travel/fees-charges (May 15, 2018)
2.https://www.nationwide.co.uk/support/support-articles/discontinued-accounts/nationwide-international (May 15 2018)
3.https://www.nationwide.co.uk/support/support-articles/apply-activate/nationwide-customers-living-and-or-working-abroad (August 6, 2018)
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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