Euro bank account recommendations

[argoal]

HSBC have recently informed me that they are closing my Euro bank account at the end of January.

I'm not sure if it is the product that they are withdrawing or me specifically that they are dumping. Either way I need to open a new Euro account. I'm a UK resident but have a few small regular Euro payments going into the account and occasionally withdraw euros for trips abroad generally leaving a couple of thousand in the account most of the time.

A euro debit card (which i don't get with my current Euro account) would be useful as would a low or zero monthly charge. An on-line account would be great.

I have been looking at opening an account with KBC Ireland which I believe is reasonably straightforward once I provide the relevant documents to prove my identity.

Does anyone have experience opening a Euro bank account or with KBC Ireland specifically? Is there any Euro account that you would particularly recommend or advise against?

Thanks fools in advance.

[youfoolishboy]

First Direct are closing my Euro account and have told me to goto HSBC to get an account and am in the process of transfering my current account to HSBC so I can get the foreign currency account open. You must have a current account with HSBC to open a foreign currency acccount. Are you sure its HSBC that's closing your account and not First Direct as my First Direct euro account has HSBC logo on it.

[argoal]

How weird.

My Euro account is definitely HSBC. My current account is First Direct.

I didn't know First Direct does, or rather, did a Euro account. Maybe it is because I didn't have a HSBC current account that they are closing my Euro one. I'll speak to KBC and HSBC tomorrow and see what they say.

[youfoolishboy]

Good luck talking to HSBC I was forced to goto a branch to have a meeting with someone who nothing about euro accounts and had to open the current account that day now its set up I am trying to get them to open the euro account whilst they screw up my direct debits. Maybe stick with KBC on reflection they cant be stupider than the HSBC lot.

[argoal]

Funny (not for you obviously) to hear about your issues with HSBC.

When I first set up the euro account with them there was only one HSBC branch in the city which I had to visit to withdraw Euros. Every time I went into the branch they couldn't understand that the account was in Euros therefore they didn't need to convert the money into sterling before reconverting it into Euros to pay it to me. In effect they were going to screw me fore 2 sets of forex costs!

The sad thing was that it was usually the same person who I dealt with who denied that it was possible to just withdraw my own money in Euros from a Euro account.

Also, the branch would only deal by appointment and you couldn't make an appointment over the phone. So I normally had to make three visits to the branch for a transaction.

One to make an appointment. One to then make an appointment with the branch manager after the staff failed to understand how to support me. A final appointment to see the manager who usually knew what to do.

Oh - and occasionally there was a fourth visit to collect the Euros if they didn't have enough in stock on the day! God, the frustration and wasted hours!

Things have improved a lot since then but I am reluctant to move fully to HSBC for my banking entirely just for a Euro account.

Regarding KBC, I need to get a few documents together for them which will take a week or so but will report back if I make the move.

[argoal]

I promised to report back on the account move and this is the latest.

Opening the KBC account went without a hitch. They required 4 proofs of identy which I scanned and attached to their portal.

Once I sent these off I got the welcome letter about 5 days later. I'm waiting for my Euro debit card but it should arrive this week as I already have the PIN number letter.

I am set up online so can move money around if needed and see my balance/payments etc (nice). My HSBC balance has been transferred to KBC and future payments are in the process of getting rerouted to the new acount. Unless something disasterous happens it has been a painless process to get set up with KBC. I look forward to a long and happy relationship with them.

So to compare accounts:

HSBC Currency Account
Cost ~5 Euro/month
On-line - No
Euro Debit Card - No

KBC Currency Account
Cost - Zero
On-line - Yes
Euro Debit Card - Yes

On the face of it KBC provide a far better service for free which makes me regret that I didn't switch earlier.

Hopefully anyone else that decides to use them has the same experience as I have had.

[Dod101]

Interesting experience with HSBC. I have had a very long relationship with them, first in Hong Kong, and then in the UK for the last 20 odd years. I have all my banking with them and have often been offered a foreign currency account(s) in the UK. I am a Premier customer if that would make any difference. I guess the answer may be that the average branch clerk does not understand foreign currencies. Mind you you are lucky if you can find someone. My branch is fully automated so unless you want a mortgage or something you will be hard pressed to find anyone to speak to. Never go near it except to bank the occasional cheque.

Dod