Yes, you can open a euro account in the UK, but it works differently than a standard sterling account

Most UK banks will let you hold euros in a separate account or sub-account alongside your regular pounds account. You do not need to live in the eurozone or be a eurozone citizen. However, not every bank offers this, the fees vary widely, and the exchange rates they use are often worse than what you would get elsewhere. A euro account makes sense if you regularly send money to Europe, receive payments in euros, or want to hold euros without converting to pounds each time.

The account itself works like any other: you get a card, online access, and the ability to send and receive money. The main difference is that your balance sits in euros rather than pounds, so the value in pounds changes with the exchange rate. You will also see different fees for transfers, currency conversion, and account maintenance depending on which bank you choose.

Key Takeaways

  • Most high street banks in the UK offer euro accounts, but you will need to ask directly because they are not always advertised on the main website.
  • You will need proof of identity, proof of address, and sometimes proof of income or employment, just as you would for a sterling account.
  • Exchange rates and fees differ significantly between banks, so comparing costs before opening an account can save you hundreds of pounds per year if you move money regularly.
  • Some banks charge monthly fees for euro accounts while others charge only when you send or receive money, so check the fee structure that matches your usage.

Which UK banks offer euro accounts

The major UK banks — Barclays, HSBC, Lloyds, NatWest, and Santander — all offer euro accounts or multi-currency accounts that include euros. Smaller banks and building societies vary: some offer them, others do not. The easiest way to find out is to call your bank's customer service line and ask whether they offer a euro current account or a multi-currency account that includes euros.

Online banks like Wise (formerly TransferWise) and Revolut also offer euro accounts, though these work slightly differently — they are designed more for moving money between countries than for everyday banking. If you want a traditional euro account with a debit card and online banking, start with your existing UK bank. If you do not have one yet, contact the banks above directly before opening an account to confirm they offer euros.

What documents you will need

The documents required are the same as for any UK bank account: a valid passport or UK photocard driving licence, proof of your current address (usually a recent utility bill, council tax letter, or bank statement), and sometimes proof of income or employment. Some banks ask for these upfront; others ask for them only after you have opened the account.

If you are opening the account online, you will usually upload these documents through the bank's app or website. If you open it in a branch, you bring the originals. The process takes the same time as opening a sterling account — usually a few days to a week for the account to be set up and your debit card to arrive.

Exchange rates and how they affect your money

When you put pounds into a euro account or take euros out, the bank converts your money at an exchange rate. This rate is not the same as the "real" exchange rate you see in the news. Banks add a margin — a percentage they keep as profit — on top of the real rate. This margin varies: some banks charge 2 to 3 percent, others charge 4 to 5 percent or more.

Over time, this difference adds up. If you regularly move £1,000 to euros, a 3 percent margin costs you £30 each time. A 5 percent margin costs you £50. Over a year, choosing a bank with better rates can save you hundreds of pounds. Before opening an account, ask the bank what margin they explore to euro conversions, or ask them to quote you the rate for a specific amount on a specific day.

Your euro balance also changes in pounds value as the pound and euro exchange rates move against each other. If the pound weakens, your euros are worth more in pounds. If the pound strengthens, they are worth less. This is not a cost — it is just how currency works — but it is worth understanding if you are holding euros for a long time.

Fees for sending and receiving euros

Most UK banks charge a fee when you send money out of a euro account to another country. This fee is usually £10 to £25 per transfer, though some banks charge a percentage of the amount instead. A few banks charge a monthly fee just to hold the euro account open, typically £2 to £5 per month, whether you use it or not.

Receiving euros into your UK euro account is usually free, though the sender's bank may charge them. When you receive money, the bank converts it at their exchange rate, so the same margin applies — you lose a small percentage to the conversion.

If you send money to Europe regularly, these fees add up quickly. Some people find it cheaper to use a specialist money transfer service like Wise or OFX for large transfers, even though they charge a fee, because their exchange rates are better than high street banks. For small, occasional transfers, your bank account is usually fine.

How to open a euro account with your current bank

If you already have a UK bank account, the fastest route is to contact your bank and ask whether you can add a euro account. Many banks let you open a second account or a sub-account within your existing banking app without visiting a branch. You may be able to do this entirely online.

If your bank does not offer euros, you will need to open an account with a different bank. Choose one from the list above, gather your documents, and open the account the same way you would open any new bank account — online, by post, or in a branch. The whole process usually takes a week.

Once the account is open, you can transfer pounds from your sterling account to your euro account and ask the bank to convert them. The bank will quote you the exchange rate before you confirm, so you will know exactly how many euros you will receive.

When a euro account makes sense and when it does not

A euro account is worth opening if you regularly send money to Europe, receive payments in euros, or want to hold euros without converting back and forth to pounds. The fees and exchange rate margins are small enough that they do not matter much if you move money only once or twice a year. But if you send money every month, the costs add up, and you might save money by using a specialist transfer service instead.

A euro account does not make sense if you rarely move money to Europe or if you only need to convert euros to pounds once. In that case, a one-off transfer through a specialist service or even your bank's travel money service is cheaper and simpler.

Frequently Asked Questions

Do I need to be a UK citizen to open a euro account in the UK?

No. Most UK banks will open a euro account for anyone who can provide proof of identity and proof of address in the UK. You do not need to be a British citizen or a permanent resident. If you are on a visa, bring your visa document along with your other papers.

Can I use a euro debit card to spend euros in the UK?

Yes, but the bank will convert euros to pounds at their exchange rate, so you will lose money on the conversion. It is usually cheaper to use a sterling card and let the shop convert the currency, or to withdraw pounds from an ATM before you shop. Check with your bank what they charge for spending euros in the UK.

What happens to my euros if the bank goes out of business?

Your euros are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, the same as pounds. If the bank fails, you will get your money back. This protection applies whether your account is in pounds, euros, or any other currency.

Can I open a euro account if I do not have a UK address?

Most banks require a UK address to open any account, including a euro account. If you do not have one, you may be able to use a friend's address temporarily, or you could open an account with an online bank that serves people outside the UK. Contact the bank directly to ask what they accept.

Is it better to open a euro account or use a money transfer service?

It depends on how often you move money. For regular monthly transfers, a euro account with good exchange rates may be cheaper overall. For occasional large transfers, a specialist service like Wise usually offers better rates and lower fees. Compare the total cost — exchange rate margin plus fees — for your typical transfer size before deciding.