Euro business account UK: 5 options for importers compared

Every time a euro invoice lands from your supplier in Rotterdam or your factory’s EU distribution hub, you’re faced with the same decision: convert through your existing business current account at whatever rate the bank quotes that morning, or find a better way to hold and pay in euros.

If you’re already managing recurring supplier payments and watching FX margins eat into your profits, that decision matters more than it did when you first started importing.

According to the government’s own 2024 Longitudinal Small Business Survey, only 17% of SME employers exported goods or services in the past year, and the businesses that do trade internationally are precisely the ones most exposed to hidden FX margins and clunky payment routing when they haven’t set up dedicated infrastructure for it.

This article compares five practical routes to open a euro account in the UK, weighing fees, FX margin transparency, SEPA support and onboarding time, so you can match the right option to how your business actually pays and gets paid.

Key takeaways:

• SEPA still works for UK businesses: eligible companies can continue sending and receiving euro payments through SEPA after Brexit, although some transfers may face extra checks
• FX transparency varies by provider: high-street banks often make the true conversion cost harder to see, while specialist providers tend to publish clearer margins
• Account costs differ significantly: some euro accounts are free to open and hold, while others charge monthly fees or add separate transaction costs
• Holding EUR gives you more control: keeping euros in your account can reduce unnecessary conversions and let you decide when to exchange funds into GBP
• WorldFirst combines EUR holding with cross-border payment tools: eligible UK businesses can receive and hold euros, use SEPA routing and manage supplier payments alongside other currencies from one account

Open a World Account to get a free EUR account with SEPA routing and transparent FX margins.

How we assessed these options

We compared the five routes using four criteria that matter most to established UK importers:

• Account and payment costs: what you pay to hold euros, convert currencies and send or receive payments
• Payment routing: whether EUR transfers move through SEPA or SWIFT
• Setup speed: how quickly you can get an active account with an IBAN
• Currency control: whether you can hold euros and choose when to convert them instead of being forced into automatic conversion

The same criteria were applied across traditional banks, digital challengers and multi-currency providers using their published pricing and terms.

Euro account options at a glance

The table below compares the costs, FX pricing, SEPA support and best use cases across five common euro account options for UK businesses:

Correct as of the most recent review by WorldFirst UK’s comparison research.

1. Traditional high-street bank

A high-street bank euro account suits you if you already hold a business loan, overdraft or trade finance facility and want everything under one roof.

HSBC’s International Business Account is a recognisable example: it offers an International Current Account available in euros and other freely tradable currencies, backed by branch access and relationship managers.

Pricing:

£10 per month after an initial 12 months free, £5 per transaction through HSBC Global Wallet, £17 per international transfer via Business Internet Banking, and 20p for each SEPA payment received. The FX conversion fee isn’t explicitly published, which is a genuine limitation if margin transparency matters to your reconciliation process.

Trade-offs:

You get the reassurance of an established relationship and access to lending products that fintech providers generally don’t offer, since most electronic money institutions don’t provide credit. Against that, onboarding tends to be slower, FX pricing is less transparent, and you may need to meet minimum relationship or turnover thresholds.

2. Digital challenger bank

Digital challenger banks work well if your euro needs are straightforward, mostly EEA-based, and you want a mobile-first setup without the paperwork of a traditional bank. Starling Bank’s euro business account is a widely used example, offered as a £2 monthly add-on to its free Business Bank Account.

Pricing:

£2 per month, plus a 0.4% conversion fee between GBP and EUR balances. Deposits are eligible for standard UK deposit protection through Starling’s status as a bank.

Trade-offs:

The euro account only supports outgoing SEPA payments to EEA destinations, so it’s not built for wider currency needs. You also don’t get third-party or team member access, which can be a genuine constraint if your bookkeeper or accountant needs visibility. It’s also worth checking current application availability directly with the provider, since digital banks periodically pause new euro account sign-ups.

3. WorldFirst’s World Account

If you’re an established importer paying suppliers regularly in euros alongside other currencies, a dedicated multi-currency account built around trade, rather than domestic banking, addresses a different set of frictions.

WorldFirst’s World Account lets you open a euro account instantly from your dashboard, complete with a local IBAN and BIC, and route payments through local SEPA rails rather than SWIFT.

The main World Account features for importers include:

• Free to open and hold: no ongoing account fees or minimum balance requirement, so holding an idle euro balance between supplier payments costs you nothing
• Transparent FX margin: currency conversions are capped at up to 0.5% above the mid-market rate for GBP to EUR, with a 0.3% rate available to new customers
• SEPA-routed euro payments: processed as local transfers rather than SWIFT, which typically means faster settlement and no intermediary bank fees eating into what your supplier receives
• Forward contracts and rate tools: you can lock in exchange rates for up to 24 months, set rate alerts, or use firm orders that auto-execute a conversion once your target rate is hit
• Marketplace and accounting integrations: collect from 130+ marketplaces including Amazon and Shopify, sync with Xero, NetSuite or QuickBooks, and send batch payments to up to 200 suppliers in one action

Pricing:

local payments in GBP, EUR or USD cost £0.30, international payments cost £4.00, and cross-currency payments above £5,000 are free. Payments between World Accounts settle instantly and free of charge. Receiving funds is free.

Trade-offs:

WorldFirst isn’t a bank. It’s authorised and regulated by the FCA as an electronic money institution, and safeguarded client funds don’t carry FSCS deposit protection the way a bank balance would. It also doesn’t offer lending, overdrafts, payroll or full domestic banking, so if you need a business loan alongside your euro account, you’ll still need a banking relationship for that.

Read more: 8 foreign exchange risk management strategies for businesses

4. Other multi-currency fintech providers

Other multi-currency fintechs give you a genuine comparison point if you want to weigh providers side by side before committing.

Wise Business is a commonly cited example, offering local account details in 22 currencies including euros, built around the mid-market exchange rate.

Pricing:

A one-time £45 setup fee, conversion fees starting from 0.33%, and a separate £2.39 charge for receiving euro payments via SWIFT. You can hold more than 40 currencies and issue up to three virtual debit cards per team member, with 0.5% cashback on eligible card spend.

Trade-offs:

The upfront setup fee is a genuine cost that doesn’t exist with some competitors, though the mid-market pricing model appeals if you value rate transparency above all else. Integration support covers Xero, QuickBooks, FreeAgent and several others, which is useful for reconciliation.

5. A euro add-on at your existing bank

Adding a euro account to your existing bank relationship is the simplest option on paper if you already have a GBP business current account you’re happy with.

According to government-backed guidance, a euro account with your current provider can speed up banking within Europe and simplify matching payments to invoices.

Pricing:

Varies significantly by bank, but typically involves quarterly account fees plus per-transaction charges for sending and receiving payments, and sometimes additional fees for services like letters of credit.

Trade-offs:

The convenience of a single banking relationship comes at the cost of comparison shopping. You may face automatic conversion policies you can’t control, limited SEPA reachability depending on the bank’s own European network, and less transparency around the FX margin baked into each transfer. It’s worth requesting the bank’s specific EUR account terms in writing before assuming a euro add-on will behave like your existing GBP account.

Read more: How to open a foreign currency account

How to open a euro account with WorldFirst

Opening a euro account with WorldFirst is fully online. The onboarding process follows five main steps:

• Register your account: sign up for free and verify your email and password
• Add your business details: enter your company information as it appears on Companies House
• Verify key people: provide photo ID and proof of address for directors and any shareholder holding 25% or more of the business
• Submit supporting information: add documents such as a recent bank statement and details of your expected trading volumes
• Send your application for review: most applications are reviewed within two working days

Once approved, adding a EUR account is straightforward:

1. Go to Shortcuts in your WorldFirst dashboard
2. Select Manage accounts
3. Choose Add a new currency account
4. Select EUR and confirm

Your euro account is then created with an IBAN and BIC, so you can start receiving EUR payments or paying suppliers without a separate application process.

What to compare before you choose

Before committing to any provider, run through this checklist against your actual payment patterns rather than a generic feature list:

1. FX margin transparency: does the provider publish a clear percentage above the mid-market rate, or leave you to work it out from the transfer receipt?
2. Ongoing account fees: are you paying monthly, quarterly, or per-transaction, and does that scale with how often you actually move money?
3. SEPA versus SWIFT routing: SEPA transfers are typically faster and cheaper for euro payments within the SEPA zone, which covers 41 countries and territories
4. Automatic conversion policies: can you hold euros you’ve received without the provider forcing an immediate conversion back to sterling?
5. Marketplace and accounting compatibility: does the account integrate with the marketplaces you sell on and the accounting software you already use for reconciliation?
6. Deposit protection versus safeguarding: bank deposits may carry FSCS protection up to the current statutory limit, while e-money institutions safeguard client funds in segregated accounts rather than offering the same deposit guarantee

Getting this right matters most if you’re paying deposits and balances to suppliers across multiple currencies, since even a small difference in FX margin compounds quickly across a year of recurring payments.

Choosing the right route for your business

If you already need lending or a full domestic banking relationship, a traditional bank’s euro account gives you that alongside currency holding, even if the FX pricing is less transparent. If your euro needs are simple and EEA-focused, a digital challenger’s low-cost add-on can suit you well, though check current application availability first.

For established importers managing recurring EU or Asia-Pacific supplier payments, a dedicated multi-currency account with published FX margins, SEPA routing and marketplace integrations, such as WorldFirst’s World Account, is built specifically around that workflow.

Whichever route fits your business, the decision comes down to how much visibility and control you want over FX costs and payment timing, not just where you already bank.

Open a World Account to start holding and paying in euros with transparent FX margins and SEPA routing.

FAQs

1. Can UK businesses still use SEPA after Brexit?

Yes. The UK remains part of the Single Euro Payments Area as a non-EEA participant, so eligible UK businesses can continue to send and receive euro payments through SEPA.

2. Can I hold euros without converting them to pounds?

Yes, if your provider offers a true EUR balance. A euro or multi-currency account can let you receive and hold euros until you choose to convert them, rather than automatically converting every incoming payment into GBP.

3. Do I get an IBAN with a euro business account?

Usually, yes. Many euro business accounts provide an IBAN for receiving and sending EUR payments. The type of IBAN and local payment details available depends on the provider.

4. How much does a euro business account cost?

Costs vary significantly. Some providers charge a monthly or annual account fee, while others are free to open and maintain. Separate charges can also apply for currency conversion, SEPA payments, SWIFT transfers and receiving certain payments.

5. Is SEPA cheaper than SWIFT for euro payments?

SEPA is generally designed for euro payments within the SEPA area and is often cheaper and simpler than routing the same payment through SWIFT. Exact fees and settlement times still depend on the provider and payment type.

6. Do I need a European company to open a euro account?

Not necessarily. Some UK providers allow eligible UK businesses to open EUR receiving accounts without establishing a company or office in the EU. Verification requirements depend on the provider.

7. Is money in a euro account FSCS protected?

It depends on the provider. Eligible deposits held with a UK bank may receive FSCS protection, while electronic money institutions use safeguarding arrangements instead. These are different forms of protection, so businesses should check the regulatory structure of the specific account they use.

Sources:

1. https://www.gov.uk/government/statistics/small-business-survey-2024-businesses-with-no-employees/longitudinal-small-business-survey-2024-businesses-with-no-employees
2. https://www.business.hsbc.uk/en-gb/products/foreign-currency-account
3. https://www.starlingbank.com/business-account/multi-currency/euro-business-account/
4. https://www.nibusinessinfo.co.uk/content/uk-business-bank-accounts-europe