How to access Euros in Europe

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Dark One 45
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How to access Euros in Europe

Post by Dark One 45 »

By way of introduction I was a member of the old forum – I think it was called Webring - many years ago, under the name Dark One, and made postings from time to time. I didn’t join the new board but have browsed occasionally.
I have a lot of Euros at HSBC Jersey, Channel Islands that I inherited from my parents. Now that I am retired I plan to spend more time travelling in Europe and am trying to figure out how to access my Euro funds. HSBC Jersey does not issue Euro bank cards and the only Euro-denominated credit card they can provide is Amex, which is not accepted widely. The account is useful only for inter bank transfers. The only partial solution I have come up with so far is to transfer Euros to a Euro-denominated savings account with HSBC Canada and withdraw Euro cash in Canada, but I don’t like carrying large amounts of cash. I am not sure, as a non resident, if I could open a personal bank account in say Ireland or France and get the usual banking service: debit card, credit card etc.
Has anyone got any advice on this?
Phil D
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Re: How to access Euros in Europe

Post by Phil D »

I faced almost exactly this situation before I retired and moved to Ireland. I spoke with my HSBC rep and he determined that the only Euro based country that HSBC could open an account for me without my being physically present was Malta. It took a bit of work but I ended up with a Maltese account complete with a debit card. I can't recall if I also had a credit card. All this was about five years ago so things may have changed since then.

However, at the time there were several Euro countries where you could open an HSBC account if you were physically present and had proof of address, even when you are non resident of that country. So, you could set things up with HSBC, take a vacation and sign up.

Alternatively, Amex is actually accepted pretty widely in Europe so the Jersey Amex card is not a bad option. Also, if I recall, the Jersey account comes with a debit card which could be used to get cash from HSBC branches and machines in Europe.

I have now closed both my Maltese and Jersey accounts so my info is out of date. But HSBC pride themselves on being a global, multi currency, bank so I'm sure they could advise you. ( Having accounts in different countries is very slick with them with their ' Global View ' facility which allows free multi currency online transfers between global accounts. )
zeno
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Re: How to access Euros in Europe

Post by zeno »

I agree with Phil D.; Amex is accepted in Europe more widely than you'd think. Certainly at hotels and restaurants I would usually expect it to be accepted. Credit card acceptance of course varies by country to country. Sweden prides itself on being nearly cashless. Germany is still very cash oriented.
I don't know if you plan to take one long trips or multiple trips, but if multiple, I'd try the first trip with a combination of the HSBC Euro Amex and some cash. If the Amex has reasonable cash advance fees, you could also prepay it and then withdraw cash as you go.
Opening a bank account in a European country may be more trouble than it's worth. My account with MPS in Italy was painful to set up and dings me with all sorts of random charges for the privilege of being their customer.
Dark One 45
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Re: How to access Euros in Europe

Post by Dark One 45 »

An update on this item. I spoke to HSBC Jersey. No luck in opening an account with an HSBC bank elsewhere in Europe. Generally, unless one is resident in, or a frequent visitor to, a particular country, it is not usually possible to hold an account with full chequing privileges, credit card, debit card etc. I did apply for an Amex Green Card (no annual fee) through HSBC and will see how useful it is when I am in Europe in October.
I also tried to open an account with Bank of Ireland – I have some Irish connections - but it is the same situation: not possible unless a resident or a frequent visitor.
I opened a Euro-denominated savings account with HSBC Canada. This pays zero interest currently. This took about 75 minutes at the local branch. I then made a transfer of Euros from my Jersey account. This went through instantaneously. I am now able to withdraw Euro cash for my upcoming trip to Europe.
Sittler10
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Re: How to access Euros in Europe

Post by Sittler10 »

Try RBC in Jersey or London.

They have a private client banking platform in both jurisdictions that could offer a solution for both of your requests. Their minimums however are high (CAD equivalent $400k).

Unlike HSBC, RBC does not have a physical branch network in Europe but their debit cards can be used across most of the major ATM systems there and depending on balances RBC can/ will wave system access charges applied by other institutions.

You can also link RBC domestic accounts to accounts in the British Isles in the same manner as described by the earlier poster with reference to HSBC.

I agree with the earlier comments that in Europe the AMEX card is more functional than in NA in terms of merchant acceptance.

And don't forget your CRA reporting obligations with respect to reporting foreign income and foreign specified property (T1135).
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amphitryon
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Re: How to access Euros in Europe

Post by amphitryon »

For what it's worth, I just checked on-line and opening an account in Austria is still quite simple and requires only a passport and an interested bank manger (an intro would go a long way I assume).
I did this well over twenty years ago, one saving account and one current account. With it came a bank-card (not a credit card) which I have used since world-wide to get local funds in other countries as needed. To top-off, I transfer in electronically. The fees are quite okay (Euro 2.54/month and Euro 7.80 annual for the card), and interest on the savings portion is minimal. I have this set-up in order to transfer funds from savings to checking as needed, since at one time the interest was quite good. Now a simple checking account would be enough, but I'm lazy.
My account is with the Austrian ''Sparkasse'' and has never been a problem. I do however now also pay KEST ( a tax on interest, which was previously waived for non-residents), since Austria changed the laws. They take it off monthly - it's pennies.

It's been easy to travel Europe and also other countries - the card is part of the Maestro Service.
homo sum, humani nihil a me alienum puto
Dark One 45
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Re: How to access Euros in Europe

Post by Dark One 45 »

Just back from a 5 week trip to Belgium, Netherlands and Spain. I found the Euro-denominated Amex card that I applied for through HSBC Jersey quite useful. It was more widely accepted than I had expected and definitely worth having. I also took Euros 2,400 in cash from my HSBC Canada Euro denominated account so I did not need to make any foreign currency cash withdrawals from my C$ account while I was away. I used my C$ Visa account only when neither cash nor Amex were accepted e.g. some gas stations in the Netherlands and some hotels
Dark One 45
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Re: How to access Euros in Europe

Post by Dark One 45 »

Just back from a 5 week trip to Belgium, Netherlands and Spain. I found the Euro-denominated Amex card that I applied for through HSBC Jersey quite useful. It was more widely accepted than I had expected and definitely worth having. I also took Euros 2,400 in cash from my HSBC Canada Euro denominated account so I did not need to make any foreign currency cash withdrawals from my C$ account while I was away. I used my C$ Visa account only when neither cash nor Amex were accepted e.g. some gas stations in the Netherlands and some hotels
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