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Looking for a thread - accounts to convert between £ / Euro ?


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Andersen
Posted (edited)

There was a thread on here a few months ago with suggestions for cards / accounts that gave decent exchanges between ££ and other currencies Euro etc. Forum search is still acting up so I can't find the original thread, any suggestions? @spunko ?

Monza, Revolut, Starling come to mind, any others I've missed? (the thread mentioned a couple I'd not heard of that sounded useful ..)

Wish list: accept payments / transfers in £, allow withdrawals in Euros - ideally without the £200/£500 monthly limit some have, good exchange rate and no monthly fees, something that can be used as a business account if possible, ideally an actual bank - some challengers are not formally registered as banks which makes me uneasy.

This has been something I've been looking at for a while, a recent change in my circumstances mean finding a suitable card has now moved up my priority list ;) 

Edited by Andersen
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DTMark

I ditched Transferwise - it's like dealing with a one-man-band who has a queue of days worth of emails to respond to.

Revolut works OK as long as it works OK. If you need any help, you can forget it. It's basically just an application.

The thing to bear in mind with both of these is that the company with whom you are dealing is beholden to the whim of their bank.

If their bank sniffs anything vaguely suspicious they'll lock your funds until you provide more and more ID. Apparently, under money-laundering regulations, they can lock your funds for up to 60 days without any explanation whatsoever and with no compensation.

Client payments can still go in, but nothing can come out. Exactly what they spend the 60 days doing is a mystery. This would bring down many a small business.

So do not put all your funds in it, and do not think of either of them as banks or an alternative to a bank. While it's true that a bank could do the same it's unlikely to happen if you've been with them for 20 years and also bear in mind that the transaction which got my account locked was merely a £230 payment to a hosting company. They need give no reason and can withhold your funds from you at any time.

I've gone back to sending money from my UK account even though it costs more.

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Andersen

@Inigo that's exactly what I was looking for, many thanks ! :Beer: 

@DTMark thanks for the info, I had seen Revolut mentioned so thanks for the background info :Beer: 

Now I'm away now to see if I can get some applications sorted out  :D

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