If you have a business that mainly transacts in euros in the UK or within the Eurozone, it would be a great idea to open a euro business account in UK. You will eliminate currency exchange losses and transfer fees by paying suppliers, contractors, customers, workers, etc., with a euro business account. In this article, we are going to show you how you can open a euro business account in UK and banks that can help you open a euro account.
Euro Business Account in UK
Contents
What is a Euro Business Bank Account?
A euro business bank account is an account that allows you to hold, send, receive euros in your account. When you open a euro business account UK, you get rid of unnecessary exchange fees and transfer fees when doing business in Europe. In this article, we will show you how to open a euro business account and banks that can help you open a euro account in the UK.
Requirements to Open Euro Business Account in the UK
To open a euro business account in the UK, you need to have the following:
- A physical EU business address
- Details of company registration in UK
- Tax identification number within an EU country
However, you need to check the specific requirements from an individual bank since requirements differ from one bank to the other.
Why You Need a Euro Business Account
If you have a business in the UK or within the Eurozone, then it is important that you consider opening a euro business account. This is why you need a euro business account in the UK.
- Pay suppliers. Traditional banks charge between 2.6% and 3.5% fees above the interbank rate for currency exchange. However, you can pay your suppliers within the Eurozone without incurring high currency conversation fees.
- Paying European employees. You can use a euro account to pay your employees with the Eurozone without having to incur currency exchange fees.
- Spend money abroad. When you travel in the Eurozone, when you use your debit card or credit card, you will be charged. However, if you have linked the debit card or credit card to a euro account, you won’t be charged.
- Receive payments from customers. You can get paid for goods and services by your customers using a euro account without incurring currency conversion fees.
How to Open Euro Business Account UK
The best and easiest way to open a euro business account is to apply online. However, you can still open a euro business account with traditional banks. Choose the bank of your choice you would want to open a euro account with. For an online bank, complete the online form and then upload documents to verify your account. You will need to provide details about your company. Then you need to activate your European business bank account. Then you need to fund your euro business account and you can even order a debit card to start spending from your euro account.
The following are some of the best euro business accounts you can open in the UK.
Best Euro Business Account UK
You can open a European business account online with the following banks.
Payoneer Business Euro Account
Payoneer is a virtual bank that will assist you to open a euro business account UK. You can apply for your UK business euro account online with Payoneer and so you don’t need to be physically in the UK to open one. Payoneer charges fees per transaction hence reducing transaction costs.
Payoneer also comes with local receiving accounts in USD, GBP, JPY, and MXN for businesses. Therefore, your business will be able to maintain a multi currency business bank account in UK. You won’t be charged an extra fee to have these multi currency business accounts. Businesses can pay VAT obligations from Payoneer accounts hence saving businesses costs that would have been used for currency conversion.
Wise Business Euro Account
Wise is an online bank that you can use to open a eur business account UK. Wise allows you to open local accounts, and among them is a euro account. When you open a Wise business euro account, you get access to a multi-currency account that you can use to manage over 54 currencies. This means having a Wise business account allows you to have a multi currency business bank account in UK. It is indeed one of the best multi currency business account in UK.
With a Wise business account, you can enjoy exchange rates at mid-market rates. You also get your own European bank details and a debit card that you can use to spend and withdraw money from ATMs. No monthly fees while the transfers are cheap. Wise euro business account is a great option and does not have any hidden fees.
Open Wise Business Euro Account Here
Revolut Business Euro Account
Revolut is also an excellent bank that can help you open a euro business account UK. It comes with a multi-currency, which means you can open a multi currency business bank account in UK. You can send and receive money into your account without incurring high conversion fees. You can track your operation transactions in real-time and you can also set account permissions for your employees.
When you open a Revolut business account, you get local account details in EUR and GBP and an IBAN. You can create as many unique IBANs as you want. You can also set up a euro direct debit to enable you to pay subscriptions.
Monese Business Euro Account
Monese is also an online bank you can use to open a euro business bank account. You can manage your personal and business accounts from a single app. You only need your ID to open a business account. No extra documents are needed to open a business account. You will get a business card you can use for shopping in-store and online. Also, you can make direct debits within the UK and make free payments through the Faster Payments network. With the Monese app, you can create invoices and get paid faster. You can fund your Monese business account in PayPoint, or Post Office.
Starling Business Euro Account
Starling Bank is a UK online bank that offers personal and business accounts. For £2 a month, you can open Starling’s business euro bank account. This will allow you to receive and make payments to contractors, suppliers or customers from all over the Euro zone without incurring currency exchange fees. The euro business bank account comes with its own unique IBAN and a single debit card to manage your EUR and GBP business accounts.
To open euro business account with Starling, you first need to open a business account, then apply for a euro business account in-app. If you are an existing customer, you don’t need to download anything new because you can apply in-app in the account menu.
Starling Bank euro business accounts are subject to eligibility criteria and will only be visible in the app to eligible businesses.
Verto Business Euro Account
Verto is a B2B cross-border payments solution for eCommerce businesses, import and export, marketplaces, SMEs and large corporations. You can open a eur business account with Verto and start paying your suppliers, contractors and employees without incurring currency conversion fees. You can send and receive payments in euro through Verto API or web platform. You won’t be charged setup fees, no transaction fees, or monthly fees.
Verto also comes with a multicurrency account, meaning you can hold different currencies in one account. It uses real-time exchange rates that use real-time infrastructure. There are flexible and integrated payins and payouts. You can use Verto business account to receive funds from your customers, make local and international payments.
Open Verto Business Euro Account Here
Wittix Business Euro Account
Wittix is an electronic money institution that can help you open a euro business account. You can use the account to receive, transfer and withdraw funds. When you open a euro business account, you get a unique IBAN account with your business name.
You can hold 75 different currencies in your business account and enjoy multi-currency conversion. You can also make batch transfer for suppliers and employees. You can also order unlimited debit cards for your employees. With a Wittix euro account, you will avoid high currency conversion fees hence increasing profit margin for your business.
Open Wittix Business Euro Account Here
Summary of How to Open a Euro Business Account UK
With a euro company account UK, you can increase your business profit margin since you won’t be incurring high conversion and transfer fees. You can use a euro business account to pay your suppliers and receive payments from customers. To open your euro business account, you will need to provide necessary business documentation like tax identification numbers and company registration details. If you are not a business person but want to transact in euro, you can still open euro account in the UK.
