Isn’t that obvious though? SEPA Instant isn’t particularly widepsread yet and normal SEPA payments (Domestic or Foreign) AFAIK take up to 2 days to go through!
@Recchan: if you find information provided by a contributor on this forum useful, you can read it and move on like most people. Or, if you’re particularly so motivated, you can even ‘like’ a post if you found it useful or helpful. But I urge you to try hard and refrain from unnecessary back-chat; it adds nothing to the discussion at hand and forum members may think twice about contributing in the future.
I did add something, I educated people on SEPA.
I’m still waiting to be invited …
Has anyone who wasn’t on the waitlist got access yet? It seems to be a very slow rollout…
It seems to work perfectly well so I wonder why they’re going so slow?
I have the option but because I CASS’d my account away I can’t actually open one Until November
Probably because you can’t spend it yet
I just struggle to see the benefits at the moment of a Euro account that you can’t even spend from.
At the moment, is it aimed at those who have business or other commitments abroad and they can receive the Euro payment and then transfer it to the GBP account to spend?
I made a bank transfer in Euros to pay for a holiday.
But other than that, I haven’t used it.
To be fair, that was exactly what they said initially. They focused in the launch announcement on foreign people who are living in the UK, so people who will have Euro savings or will want to receive cash from relatives back in Europe, which presumably they can then convert and use in the UK. It was weirdly phrased right from then and I remember wondering why they were talking about that instead of for Brits to use like Revolut or TransferWise, but the help of hindsight presumably that was because they knew they would build just the account without the card use so the case use would be limited.
Setting up a transfer of euros is painless unless you did what I wanted to do: add a second account (an IBAN) to an existing payee within Starling.
I have a payee called “Revolut” which contains my Revolut sort code and account number. I wanted to add the Revolut IBAN as a second account under my existing Revolut payee to send € from Starling to Revolut without any currency conversion.
Because the Revolut multi-currency IBAN begin “GB” the Starling app doesn’t allow it. Selecting “United Kingdom” as the account location provides sort code and account number fields. If you select another nationality to get the IBAN and BIC fields, validation is performed on the IBAN prefix to ensure it matches the selected country.
It’s a software bug which I logged with support a few weeks ago; CS said they’d pass on the information to the team.
The work around is to ensure your Euro account is selected before creating a new payee. Just means I have separate “Revolut £” and “Revolut €” payees.
Oh definitely. I understand how useful it will be for some people, it’s just not right for everybody at this time. I know myself personally, I wouldn’t see the benefit of having something like this.
However, I think if they add debit card usage either through the existing personal account card, or a separate Euro account card, I think it’d definitely take the shine off places like Revolut. Starling in their own set up and ethic just seem so much more secure and like you’d have no problem putting your whole life’s savings with Starling and you wouldn’t worry about it at all.
So, I was thinking about this, and I was hoping someone could help me out.
My understanding is that as the Staring debit card is issued in the UK, it will always come up with the DCC prompts when abroad? I’m guessing this would be the same for a “Euro Specific card”, assuming it would be issued in the UK as well.
So with that being the case, is the only advantage of using the Euro account to spend on, that the money will come out immediately from your Euro account in Starling, rather than waiting the few days for the transaction to settle with Mastercard?
Are there any other benefits to being able to spend on your Euro account?
Presumably you’d just issue that from Starling bank Ireland, A company registered in Ireland with an Irish banking license, so within the EU and so native to the Euro?
Nice to know I’m not the only one faced with this issue didn’t bother logging it with support though, just added my IBAN to the EUR account.
I suppose the payees have to be different for both due to the reason they’re technically different accounts?
I think the main advantages are:
You’ll be able to choose when to purchase your holiday € (before Brexit day?!), when the exchange rate is in your favour. So you’ll have certainty over how much anything has cost you.
You’ll be able to hold € or as long as you want, so you can use them next time you head to the eurozone.
And of course you can send and receive € without conversion, unless you want to convert the funds back in to £.
Of course if you use Revolut or Monese, but rather hold your money with Starling, you can continue buying your € keeping them in Starling when the rate is good, then just send them to your Revolut or Monese IBAN free of charge when you actually want to spend them.
It’s actually the same list of payees in both your £ and € account. It’s just the validation that behaves slightly differently when you’ve your Euro account selected. I’m sure they’ll fix it one day.