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Mrguay84
Joined: 03 Dec 2009
Posts: 125
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 Posted: Thu Jun 03, 2010 7:52 pm Post subject: Opening "Euro" account? |
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Hi, i'm going to be crossing over to 'real Europe' from the UK this summer, and as everyone knows here in the UK we are stuck in the past with our stupid ugly pound obsession.
Needless to say I'll need to open a bank account when I'm over there as I don't fancy having to stash what little Euro money I'll earn into my underwear, under mattresses etc.
So how easy is it to open a bank account (with 'debit' card) in Europe and what kind of id etc. do I need? Also if anyone has any recommendations that would be good.
Secondly, what about credit cards? I might need one for 'emergencies' and of course don't fancy using my U credit card with it's extra charges for using it abroad etc.
Gracias. |
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Mike_2007
Joined: 24 Apr 2007
Posts: 349
Location: Bucharest, Romania
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| Posted: Fri Jun 04, 2010 2:46 am Post subject: |
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Hi there,
I don't know about other EU countries but here in Romania it was very simple to open an account in Euro (and in Lei, the local currency). All I needed was my passport as ID. I have a debit card for the Lei account but not for the Euro account, but I could have got one but only use it for savings so didn't see the point. Both accounts are linked and so using online banking I can transfer between them freely and for free.
Can't help you with credit cards; I'm fortunate enough not to need credit  |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Fri Jun 04, 2010 3:46 pm Post subject: |
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Over the Danube in Bulgaria you need a passport. That is it. You can even open an account with a zero balance.
In contrast if you try to open an account in a UK bank you need all sort of ridiculous documents. |
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MsDooLittle
Joined: 25 Jan 2009
Posts: 63
Location: somewhere else
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| Posted: Sun Jun 06, 2010 8:54 am Post subject: |
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Well I guess it depends on which country you are thinking of opening the account.
Here in Slovakia (Eurozone) you only need a passport + permanent address. But bank fees are a couple of euros a month so you can't leave it empty. You should research charges quite carefully as some banks charge a lot more than others...
Have you noticed how much trouble the euro is in? At least the Bank of England can default if necessary to repay the national debt... not a choice for the Greeks (etc) who need to be bailed out by the other countries in the Eurozone.... there be trouble ahead... |
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scot47
Joined: 10 Jan 2003
Posts: 15343
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| Posted: Sun Jun 06, 2010 5:39 pm Post subject: |
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| Capitalism is in trouble ! |
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Mrguay84
Joined: 03 Dec 2009
Posts: 125
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| Posted: Mon Jun 07, 2010 8:13 pm Post subject: |
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So, are cash in hand jobs preferable? 
(ps - It's looking like Spain so far) |
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spiral78
Joined: 05 Apr 2004
Posts: 11534
Location: On a Short Leash
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| Posted: Mon Jun 07, 2010 8:19 pm Post subject: |
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So, are cash in hand jobs preferable?
Could you clarify the question using different language?
Cash to open an account?
Cash versus credit? |
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Dedicated
Joined: 18 May 2007
Posts: 972
Location: UK
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| Posted: Mon Jun 07, 2010 8:44 pm Post subject: |
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Mrguay84 said
| Quote: |
| here in the UK we are stuck in the past with our stupid ugly pound obsession |
Well, leading economists are predicting the euro will have broken up within the next five years. Germany may well quit the euro as its population tires of bailing out member countries. The euro could lose 3 or 4 of its weaker members such as Greece, Portugal and possibly Ireland before the current crisis abates.
So maybe not a good idea to be opening a euro account right now.
In the last 18 months I have done freelancing work at universities in France and Germany, and to open a bank account (which both places I insisted I did), I had to produce my passport + statement of employment from university + details of residence + utility bills. It was very bureaucratic and lengthy. In fact, Volksbank refused to allow me to open an account for merely 3 months, and I went to Deutsche Bank. |
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Mrguay84
Joined: 03 Dec 2009
Posts: 125
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| Posted: Mon Jun 07, 2010 8:51 pm Post subject: |
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| spiral78 wrote: |
So, are cash in hand jobs preferable?
Could you clarify the question using different language?
Cash to open an account?
Cash versus credit? |
As in, don't even use a bank. Get cash in hand, keep cash on you (in your house), pay for everything in cash; landlords etc. |
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Sashadroogie
Joined: 17 Apr 2007
Posts: 11061
Location: Moskva, The Workers' Paradise
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| Posted: Mon Jun 07, 2010 8:52 pm Post subject: |
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| The euro has weathered other crises before. It will weather this one too. Up until recently, it was extremely strong and the dollar was predicted to be on its last legs. Leading economists? Leading us all up the garden path.... |
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Mrguay84
Joined: 03 Dec 2009
Posts: 125
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| Posted: Mon Jun 07, 2010 9:03 pm Post subject: |
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| Dedicated wrote: |
Well, leading economists are predicting the euro will have broken up within the next five years. Germany may well quit the euro as its population tires of bailing out member countries. The euro could lose 3 or 4 of its weaker members such as Greece, Portugal and possibly Ireland before the current crisis abates.
So maybe not a good idea to be opening a euro account right now.
In the last 18 months I have done freelancing work at universities in France and Germany, and to open a bank account (which both places I insisted I did), I had to produce my passport + statement of employment from university + details of residence + utility bills. It was very bureaucratic and lengthy. In fact, Volksbank refused to allow me to open an account for merely 3 months, and I went to Deutsche Bank. |
Thanks for the info.
Well the reason I need to open a Euro account is that I'll be living and working in the Euro zone. So it's kind of a similar reason why I'd need to open a yuan account if I was moving to China, or yen account if I was moving to Japan etc.
My good old � account would be pretty useless right? Or if not completely useless then it would be damned expensive. I'm not 100% sure how these things work, but think it's likely that I won't be able to receive a Euro wage (or any other non � currency) into a UK � based bank account without at least being hit with conversion charges.
So what exactly are these leading economists predicting. Are the Germans going to finally see the light and join the �?
Incidentally I've still got about �30 worth of Deutsche Marks which to my knowledge are completely useless. Any chance that I might one day be able to make use of them? |
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mozzar
Joined: 16 May 2009
Posts: 339
Location: France
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| Posted: Mon Jun 07, 2010 10:17 pm Post subject: |
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| Tbh, it's no different to opening a UK account. I think you'd be hard pressed to find any basic level job that will pay a wage into an account in another country. Just open a banking account in a country and transfer it back to the UK. Easy. |
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eclectic
Joined: 09 Nov 2006
Posts: 1122
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| Posted: Sat Jul 03, 2010 5:58 am Post subject: |
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| u put ur $ in a bank, the new world order stages another "terror" strike like they staged on "9-11", and THIS time they dont just shut down the stock markets worldwide, they decleare a bank holiday. anyone who trusted the banks is then frozen like an idiot in a puddle in siberia. |
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jonniboy
Joined: 18 Jun 2006
Posts: 751
Location: Panama City, Panama
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| Posted: Tue Jul 06, 2010 11:03 pm Post subject: |
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| I've opened accounts in Spain and Latvia. Passport was all that was needed. The account in Latvia cost 10 lats (�14.50) to open and costs 7 euro a year for bank card. It's a multicurrency account so I can split whatever I have in there between a range of currencies so usually I split it between pounds, Lats (which have a fixed exchange rate with the euro) and US dollars. Bank transfers to non euro countries are about 25 euro, to eurozone countries 10 euro. |
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Suyu
Joined: 29 Jan 2011
Posts: 7
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| Posted: Mon Feb 21, 2011 9:21 pm Post subject: |
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| I would go for Deutsche Bank they have a lot of partners worldwide. |
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