The Starling Euro bank account has been in beta since February this year, but is being rolled out this week and will be available to all Starling current account customers. You can set up a Euro bank account in the app today. If you have financial commitments overseas, you can now hold, send and receive euros for free with a Starling Euro account. A Starling Euro account maybe of benefit to:
- Anyone who wants to hold euros in their bank account
- Someone who gets paid in euros but is based here in the UK
- People who need to send and receive euro payments
- European expats who want to send money back home to friends and family
- UK citizens who have property in Europe
See below info, including a table comparison versus similar providers for a Euro account, as well as more detailed information. Given you need to be a current account holder to setup a Euro account, I have also included info on the standard current account which gets great feedback.
Starling Euro Account comparison
The table below gives a comparison of Starling's Euro account versus competitors. In summary it's currently market leading, with no fees and using the Interbank rate with the added benefit of FSCS protection. From September, they state they will start to charge a 0.4% currency conversion fee (free currently), it maybe worth comparing what it would cost you with alternative options including Transferwise and Revolut. However it currently looks the best deal around.
Starling Euro account
All Starling current account customers can now set up a Euro bank account in the app, some of the main benefits below
- No fees - It’s free to hold, send and receive euros with Starling, and there are no monthly fees.
- Switch between your pound and euro accounts and convert currency between them all in one app. Currency conversion is free until 1st September 2019 where a 0.4% fee will be added.
- Our euro account is a full current account with its own unique European IBAN
- Your total Starling deposits are covered to £85,000 or equivalent by the Financial Services Compensation Scheme.
- As well as sending and receiving euro payments, you’ll also have access to lots of the app’s great money management features (like real-time payment notifications and Goals).
Starling Bank Current Account Benefits
Below is a reminder of the key benefits of the standard Starling current account
- Set up is easy and can be done in minutes. The bank card is typically delivered within a week
- Real-time notifications e.g. spending, ATM withdrawal etc
- Fee free spending when you travel abroad. Starling Bank does not charge for ATM withdrawals (there may be local charges), you can withdraw up to £300 per day
- Deposit cash at Post Office branches across the UK
- Record and categorisation of your spending
- Eligible deposits are FSCS protected for up to £85,000 and are authorised and regulated by the PRA and FCA
- Starling Bank pays a 0.5% AER to account balances below £2,000, and 0.25% to those under £85,000. Whilst traditional banks may offer you a better rate on credit balances, am not aware that other fintech banks offer interest on credit balances.
- Create Goals and round-up purchases to save towards them
- Nearby payments straight from your phone
- Settle your IOUs in-app
- 24/7 UK customer support
- Trustpilot score of 8.7