You can open a euro account in the UK, but only through specific banks and building societies—not all of them offer it

A euro bank account is a current or savings account held in euros rather than pounds sterling. You can open one in the UK, but the banks that offer them are limited. Most high street banks do not offer euro accounts to individual customers. The ones that do include some international banks, certain building societies, and online-only banks that specialise in multi-currency accounts. You will need to meet each bank's own requirements, which typically include proof of identity, proof of address, and sometimes a minimum deposit.

The main reason to open a euro account in the UK is to hold money in euros without converting it to pounds every time you send or receive it. This saves you money on currency conversion fees if you regularly deal with euro payments—whether you work for a eurozone employer, send money to family abroad, or run a business that invoices in euros. If you only occasionally need euros, a regular pound account with currency conversion when needed may be cheaper.

Key Takeaways

  • Euro accounts in the UK are offered by international banks, some building societies, and online currency platforms, but not by most mainstream high street banks.
  • You will need proof of identity and address to open any account, and some banks require a minimum deposit or regular activity to keep the account open.
  • A euro account saves money on conversion fees if you regularly receive or send euros, but costs more if you only need it occasionally.
  • Some banks charge monthly fees for euro accounts, while others charge only when you convert currency or make international transfers.
  • You can also hold euros through a multi-currency account or a peer-to-peer transfer service, which may be cheaper than a traditional bank account.

Which UK banks actually offer euro accounts

HSBC, Barclays International, and Lloyds all offer euro accounts to UK customers, though not always through their standard retail branches. You may need to use their international or business banking divisions, or meet a minimum deposit requirement. Santander UK offers euro accounts through its international banking service. Wise (formerly TransferWise) offers multi-currency accounts that include a euro account number and IBAN, and this is often the cheapest option for regular international transfers.

Building societies that offer euro accounts include Nationwide and some regional societies, though availability varies by branch and by your circumstances. Online banks such as Revolut and N26 offer euro accounts as part of their multi-currency offering, though these are not traditional bank accounts—they are e-money accounts, which means your money is held differently and has different protections than a bank deposit.

Before you approach any bank, check their website or call their international banking team to confirm they still offer euro accounts to new customers. Banks change their products regularly, and some have stopped offering euro accounts to individuals in recent years.

What documents and information you will need

Every bank will ask for proof of identity and proof of address. Proof of identity can be a passport, driving licence, or national ID card. Proof of address must normally be dated within the last three months and can be a utility bill, council tax bill, mortgage statement, or tenancy agreement. Some banks will also ask for your National Insurance number.

If you are opening the account for business purposes, you may need to provide your business registration documents, proof of business address, and details of the business owners or directors. If you are opening it because you work for a eurozone employer, some banks will ask for a letter from your employer or a recent payslip showing your euro salary.

A few banks set a minimum deposit—this might be €500, €1,000, or more. Check the specific bank's requirements before you apply, because this can be a barrier if you do not have that amount to deposit immediately.

How much it costs to open and maintain a euro account

Opening a euro account is free at most banks. The costs come later, in the form of monthly fees, currency conversion charges, or transfer fees. Some banks charge a monthly maintenance fee (typically £3 to £10) just to keep the account open. Others charge nothing monthly but take a cut when you convert euros to pounds or vice versa—this cut is usually 1.5% to 3% on top of the mid-market exchange rate.

International transfers out of a euro account typically cost £10 to £25 per transfer, depending on the bank. Receiving transfers into a euro account is usually free or costs a small fee. If you use Wise, there is no monthly fee, but you pay a small percentage (usually under 1%) when you convert currency, which is significantly cheaper than traditional banks.

If you hold the account but do not use it for several months, some banks will close it without warning. Check the terms and conditions for any inactivity clause before you open the account.

The difference between a euro bank account and a multi-currency account

A euro bank account is a single-currency account that holds only euros. A multi-currency account holds multiple currencies at once—euros, pounds, dollars, and others—in separate pockets within the same account. Multi-currency accounts are more flexible if you deal with several currencies, but they are also more complex to manage.

If you only need euros, a single-currency euro account is simpler. If you regularly deal with euros and dollars, or euros and pounds, a multi-currency account may be more convenient because you can hold both without opening two separate accounts. Wise offers multi-currency accounts; so do Revolut and N26. Traditional banks like HSBC and Barclays can also set up multi-currency accounts, though they charge more.

What happens to your euro account if you move abroad

If you move to a eurozone country, you can usually keep your UK euro account open, but some banks will close it or restrict it. Check with your bank before you move. If you move to a non-eurozone country, the bank may ask you to close the account or may charge higher fees because you are no longer a UK resident.

If you move to a eurozone country, it is often simpler and cheaper to open a local bank account there instead. Local banks will not charge you international transfer fees, and you will have easier access to your money. Your UK euro account can stay open as a backup or for receiving payments from the UK, but it should not be your main account once you are living abroad.

Alternatives if no bank will open a euro account for you

If you cannot open a euro account through a traditional bank, you have other options. Wise lets you hold a euro balance and gives you a euro IBAN and account number, so people can send you euros as if you had a normal bank account. You pay only when you convert the euros to pounds or another currency. This is often cheaper than a bank account and works well if you receive euros regularly but do not need to keep a large balance.

Peer-to-peer transfer services like OFX and Remitly also let you hold euros, though they are designed more for sending money than for receiving it. If you only occasionally need euros, you can also convert pounds to euros through your regular UK bank account when you need them—this is more expensive per transaction but requires no separate account.

Some UK employers and payroll providers can pay you in euros directly into a eurozone bank account, even if you live in the UK. If this is your situation, ask your employer whether they can do this instead of opening a UK euro account.

Frequently Asked Questions

Do I need a euro account if I only send money to Europe occasionally?

No. If you send euros fewer than four or five times a year, converting pounds to euros through your regular bank account or through Wise each time is usually cheaper than paying monthly fees for a euro account. Work out the cost: if your bank charges £10 per transfer and you transfer twice a year, that is £20 annually. A euro account with a £5 monthly fee costs £60 a year. The occasional transfer wins.

Can I use a euro account to receive my salary if my employer is in the eurozone?

Yes, if the bank provides you with a euro IBAN. Your employer can send your salary to that IBAN, and it will arrive in euros. However, check whether your employer will accept a UK bank account number—many eurozone employers expect you to have a local bank account. If you are working remotely for a eurozone company, opening a euro account in the UK is simpler than opening one abroad.

What is the difference between an e-money account and a bank account for holding euros?

A bank account is regulated as a deposit account, and your money is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS) if the bank fails. An e-money account (like Revolut or N26) holds your money differently and is protected by different rules—usually up to €100,000 or €200,000 depending on the provider. Both are safe, but bank accounts have stronger legal protection in the UK.

Can I open a euro account online, or do I have to visit a branch?

Most banks now let you open a euro account online if they offer them at all. You upload your proof of identity and address, and the bank verifies them electronically. Some banks still require you to visit a branch or send documents by post, so check the specific bank's process before you start.

What happens to my euro account if the UK leaves the eurozone?

The UK is not in the eurozone and has no plans to join, so this is not a concern. Your euro account will continue to work as long as the bank offers the service and you meet their requirements.