Euro accounts launching this week


#185

Yeah, if I’m honest, Starling Euro accounts came at the perfect time for me.

I’ve already sent some money to a Euro bank account (for a holiday), and I have infinitely more peace of mind holding Euros in there, than I did with Revolut (which I’d empty every time I didn’t need it).


(Liam) #186

For those who have Euro accounts activated, what are you currently able to do and not do with your Euros.

Am I right in thinking that essentially you can electronically transfer money in and out but you can’t spend it in a shop or withdraw it at an ATM?


#187

That’s my understanding. Also, I understand you can only convert money on weekdays. Can someone confirm if I can transfer in/out of the EUR account from/to other EUR on weekends?


(Matthew) #188

2am Monday till 10 pm friday


#189

You can’t do foreign currency over weekends. I asked them to consider changing partnership to someone that could, but I don’t think that’ll get far.


#190

So not even if it doesn’t include a currency conversion? That’s a shame…


#191

I think you might be able to transfer to other IBAN’s.

For what it’s worth I asked them about the specific functionality of the account and they basically said the following:

You can:

  • accept incoming transfers
  • send outgoing transfers

You can’t:

  • set up a SEPA Direct Debit
  • transfer into your account on weekends, if it includes currency conversion
  • spend it at a shop
  • use it with PayPal (as this will be set up as a direct debit)

#192

Agreed. I currently have some Euros split between Monese and Transferwise, but I’d prefer to have them all with Starling. Hopefully their rollout speeds up a bit soon.


#193

I don’t see much point of holding euros unless you can spend them though, do you guys not agree?

When Starling moves from a GB IBAN and let’s me spend the euros I have, they’ll be infinitely more useful.


#194

Right now I’m holding them in case the pound craters before my honeymoon. If I want to spend them, I can send them to my Monese/Revolut/Transferwise accounts (or send directly from Starling by bank transfer), but I would be more comfortable holding them in a Starling account than Monese or Transferwise, and way more than Revolut.

I agree though, that the account will be much more useful when you can spend from it on the debit card. It’s very bare bones so far.


#195

I would honestly keep your pounds. Just speculation but MP’s have a guaranteed vote now on preventing a no deal, of which at least 500 MP’s will back to avoid ducking the country in hours.

As a result we’re more likely to stay than leave, which should keep the pound stable. It certainly has maintained £1 = 1.16€ quite well recently after this vote was confirmed.

Tl;dr I only see the pound going up to 1.17€.


#196

Yeah, I’d say that there’s a good chance it will go up. There’s a small chance it will go down a lot though, so I’m hedging.

Tl;dr If the pound goes up to 1.20, :man_shrugging:, if it drops to 1.05 and I haven’t hedged, :poop:


#197

Yeah, I imagine a lot of people will see it that way. Everyone’s needs will be different, though, and for me, I don’t care too much about card payments in EUR. I prefer to put my card payments through my credit card for budgeting purposes.

I do, however, occasionally receive or send EUR using electronic payments. And like @Nick I have never felt comfortable keeping my Euros with Revolut (or, to a lesser extent, Transferwise). So, for me that’s really a very good start. I’m just a bit miffed they don’t do conversions on the weekend.


(Liam) #198

@Recchan I took the liberty of removing an expletive from your post.

Keep it PG.


#199

Is ducking a valid replacement because I’m actually fine with using that?


(Liam) #200

Ducking is fine. Just pretend you’re in ‘The Good Place’.


#201

I don’t watch western TV


(Don't Bullshirt Me, I know what the Fork is going on here!) #202

Well that’s just utter forking bullshirt. :wink:


#203

When I first got my Starling € account, I did a couple of test SEPA transfers between my euro accounts. I just sent a straight €5 - no conversion was necessary. The times are those presented in-app, so I would expect there’ll be a 1 hour difference for those in and out of my N26 German € account. The IBAN for Revolut is prefixed GB, so they are here in the UK. This wasn’t specifically to test speeds over weekends, and as I was holidaying in Austria for part of this time it wasn’t exactly at the top of my mind. But maybe they give a rough idea of what you can expect.

  • Submitted from Revolut app on Wednesday, 6 February at 4.35pm
    Arrived in Starling on Thursday, 7 February at 7.38am

  • Submitted from Starling app on Sunday, 10 February at 12.04am
    Arrived in N26 on Monday, 11 February at 2.20pm

  • Submitted from N26 app on Thursday, 21 February at 7.31pm
    Arrived in Revolut on Friday, 22 February at 9.11am

Suffice to say they are a quite a lot slower than Faster Payments, although they are still quicker than the domestic BACS payments.


#204

Thanks. Very interesting!