Selling into the eurozone? Simplify your payments and cut costs with a dual sterling & euro account

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If you are a UK business that regularly sells into the eurozone as part of your business model, or occasionally receive an invoice euro, having a pool of funds in the relevant currency to trade with will not only allow you to avoid foreign exchange fees, it should also speed up the time it takes you to settle transactions. Across the UK there has been a steady increase in business customers opening euro accounts, with June 2017 seeing HSBC experience a 23% uptick in one month alone. The increase has in part been attributed to Brexit, as UK companies prepare for a future where they may have to trade domestically and in the EU in very different ways.

How to get a euro account

There are a number of options for getting your business set up with its own euro account. The traditional route would be to enquire with your high street bank. Most of the major institutions offer international accounts for business customers. However there are now numerous competitive options offered by “fintechs” (financial technology companies). These smaller, digital-first organisations are regulated, and are more agile in the way they operate and have less overheads with no physical branches, meaning their euro accounts are often cheaper and come with special features not yet offered by the larger banks.

Questions to ask providers as you shop around for a euro account

  1. What is the fee structure?
    Fees for foreign currency accounts may include set monthly fees or fees for processing incoming/outgoing payments. Some providers may require you to carry out a certain level of transactions every year.
  2. Is there a minimum held threshold?
    Often providers will request that you hold a certain amount of funds in your account and will charge you if your total held dips below this amount.
  3. What rate do you offer for foreign exchange?
    Look for a euro account provider that offers the mid-market exchange rate and transparent, competitive pricing for foreign exchange services. Oftentimes fees aren’t communicated upfront and are added later as a markup. Ask for explicit information before opening the account and avoid unexpected charges later down the line.
  4. What compensation guarantees do you offer?
    Enquire about compensation and how your account will be protected should anything happen to the provider. You should determine whether your cash will be ring-fenced in a protected space and decide which level of risk is appropriate for your company.

The benefits of a euro account

A euro account will allow you to bill your customers and get paid in euro.  It also enables you to avoid some foreign exchange fees if you have both incoming and outgoing euro streams. If your customer pays you in euro, you can use these funds to pay for any outgoings in euro, or you can hold the funds in euro. Other benefits of a euro account include increased settlement times and greater insight over buying behavior in international markets.

No setup or monthly fees with a fire.com euro account

With the fire.com business account, you can set up multiple euro and sterling accounts to receive and make payments – providing another way to further separate funds. Each account comes with its own account number & sort code or IBAN, and can be controlled centrally from your account. You only pay as you transact – there are no monthly or annual fees – and the foreign exchange rate is set at the mid-market level, so you know you’re always getting the best deal. If you need to pay and get paid in euro, a fire.com account is a great fit.

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The best alternative to traditional business bank accounts for start-ups and business owners

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You’ve come up with the concept, approved your plan, registered your company name and had your licenses approved… what next? When it comes to choosing a business account there are so many packages on offer and after the long process of getting your company incorporated, some might find it tempting to stick with what you know and open a business current account with the bank you use personally. But although it may seem like an easier route to take, sticking to the default might not offer the best value or best-fit option for you.

Business is changing. Digital transformation is happening across every sector and to remain competitive companies need to make sure the tools they use help them to achieve their goals and don’t slow them down. From accounting, to invoicing, to communications to procurement – nearly every business process is going digital. And the account you use for handling your payments should be no different.

At fire.com, we listen to the problems that businesses face when managing their finances and we provide workable solutions. Over 3,000 companies across the UK and Ireland are using a fire.com account today to receive, make and sort their payments. They are reaping the benefits with more visibility over their finances and greater choice and control over how they manage their business.

For smaller businesses, the account comes with specific features and benefits that make it a genuine alternative to high street current accounts and an ideal fit for entrepreneurs starting up or scaling a business. These include but are not limited to:

A digital-first experience – everything you need at your fingertips

With a fire.com business account you can instantly create as many sterling and euro accounts as you like and order as many Mastercard debit cards as you need. Change what accounts the cards are linked to in real-time and block/unblock as needed. With our digital FX service, you can move between the two currencies seamlessly and at highly competitive rates. Our user experience is designed with real-time mobile notifications informing you of any movement within your account and the ability to segregate funds into clearly assigned streams for easy reconciliation and budget allocation.

Pay-as-you-go– no hidden fees, no extra charges.

We charge no set-up fee and no monthly fee. Pay as you transact. Real-time notifications of charges and no bill shock; our fees are fixed and upfront and we will always inform you of any changes. View our pricing structure here.

Integrated – all your disparate systems combined under one roof

Business accounts with fire.com are compatible with all major accounting tools with statements provided in formats suitable for Xero, Quickbooks, Sage, Free Agent and Zoho. With its own API, the fire.com platform can integrate with any third-party system meaning as your business grows, so can your current account functionality. Combine disparate databases for one-dashboard control, automate complex payments and take the headache out of reconciliation giving you the time and space you need to focus on scaling your business.

Want to learn more? Find out what some of our business customers are saying about their fire.com business accounts here.