For a simple approach to doing business in Europe, you could always consider a euro or other foreign currency business account with a UK bank. The major UK high street banks often have a network of partners in foreign countries who can offer local legal and tax knowledge and expertise.
Euro business accounts
A euro business account can help increase the speed and reliability of business banking within Europe. It will enable you to:
- have easy access to funds
- simplify payment and collection - matching invoices and receipts
- reduce exposure to exchange rate changes
- reduce administration and cost
Your UK bank will establish specific details that are compulsory for making and receiving payments in Europe, eg:
- Bank Identifier Code (BIC)
- International Bank Account Number (IBAN)
The BIC and IBAN are essential for business banking in Europe. These are secure details which should be kept confidential.
To enable your business to work within every European country, accounts can be in other foreign currencies as well as the euro.
Euro account services and charges
Euro accounts are available that offer the usual banking services - such as internet banking, a debit card and cheque book. However, ongoing account fees or service-specific charges may apply. The services offered and charges for using them vary.
Often a quarterly fee will be standard, as well as charges for services like:
- sending and receiving money
- bills and cheques
- letters of credit
- status enquiries