On 30th October 2019 Starling Bank announced the launch of its new bank account that allows users to spend in both Great British Pounds and Euros on the same debit card. Starling announced the new Euro account in a bid to challenge fintech rival Revolut and reduce currency exchange costs for its customers.
What is Starling Bank?
Starling Bank is an app-only bank that was founded by Anne Boden in 2014 and launched its first mobile current account in 2017. It won Best British Bank in 2018, 2019 and 2020 and offers personal, joint and business bank accounts. For more information on Starling Bank, read our Starling Bank Review.
The Euro account
The new debit card's dual spending feature is introduced along with the launch of the new Starling Bank Euro account. The Euro account is available for both business and personal users and allows you to hold, send and receive Euros for free (£2 with a Starling Business Euro Account).
Anne Boden, founder and chief executive of Starling Bank, said: “A single card that can buy things in both euros and pounds is long overdue and something that we know our customers will value both in their personal and business lives".
“Businesses of all sizes have customers and suppliers spread across different countries. Our new business euro account will make a huge difference to these kinds of business customers, who are regularly carrying out international transactions whilst operating on a tight budget".
“These latest features represent another milestone in our mission to transform banking into a truly international, 24/7 service and demonstrate once again that we have come a long way towards that target in a short space of time".
Starling Euro account features
- No account fees - free to hold, send and receive euros, plus no monthly fees
- Use one card for both £'s and €'s - easily manage transactions between cards within the app. You'll get to exchange your money at the current rate with a small 0.4% conversion fee on top.
- Transfer money 24/7 - transfer money every day of the week, including weekends*
- FSCS protected - your money is protected up to £85,000
- Safe - unique European IBAN account number
*Starling will work out the weekend exchange rate considering the risk of currency fluctuations. You will always see the exchange rate before you click to accept it, giving you the opportunity to wait until Monday morning if you prefer.
Who is the Starling Bank Euro Personal Account good for?
The Euro account is designed for users who regularly need to send, receive or hold money in Euros. The following users are eligible:
- UK citizens with property in Europe
- European ex-pats who regularly send money home to family
- People who get paid in Euros but live in the UK
- People who want to hold Euros in your current bank account
- People who need to send or receive payments in Euros
Who is the Starling Bank Euro Business Account good for?
The Euro Business account is designed for businesses that:
- Receive payments for services in Euros (as a self-employed contractor)
- Rent out European property as a business
- Pay overseas suppliers
- Receive payments from customers in the Eurozone
Is the Starling Bank Euro account safe?
Yes. The Starling Bank Euro account is a fully current account with its own IBAN number (International Bank Account Number). Not only this the account is covered up to £85,000 as it is protected under the FSCS (Financial Services Compensation Scheme).
How can I get a Starling Euro account?
To get a Starling Business or Personal Euro account you need to have a personal or business account already open with Starling. If you are an existing customer you can apply for a Euro account within the app.
If you are not yet a Starling customer you can easily open an account by downloading the Starling Bank app. For more information on how to open an account, read our Starling Bank Review and our Starling Bank Business Review.
Starling Bank Euro Account - what are the fees?
|Personal Account||Business Account|
|Account fees||No fees||£2 per month|
|Weekend currency transfer (available 24/7)|
|One debit card|
|Replacement debit cards||
|Unarranged overdraft||No fees||
15% EAR which accrues daily
|Cash withdrawal||No fees||No fees|
Starling Euro Bank account vs other currency accounts
|Starling Bank||Revolut||Transferwise borderless account||HSBC Currency Account||Barclays Foreign Currency account|
|Currencies||£ and €||30 currencies (including £, € & $)||50 currencies (including £, € & $)||14 currencies available but only 1 per account (including £, € & $)||12 (including £, € & $)|
|Multi-currency personal account|
|Multi-currency business account|
|Exchange rate||Interbank exchange rate (calculated separately at the weekend)||Interbank exchange rate (+1% at weekends, 2% for THB & UAH)||Interbank exchange rate + (0.35%)||HSBC exchange rate||Barclays exchange rate|
|Eligibility||Starling Bank current account holder||18+||18+||HSBC current account holder||Barclays Sterling current account holder|
|Fees (same currency transfers)||0.4% transfer fee
|No fees under £1,000 with a basic account (0.5% above £1,000)||Transfer fees dependent on the transfer type||No fees between HSBC accounts (fee applies to other currencies)||No fees between Barclays accounts (other fees apply)|
Starling Bank customer reviews
Starling Bank is rated as 'Excellent' on Trustpilot with 4.5 out of 5.0 stars and over 16,000 reviews. Customers cite 'great customer service' as well as feeling 'safe' banking with Starling. Others also like the instant notifications as it allows you to manage and track all transactions on the account, making it easier to monitor for any fraudulent activity.
Customers that rated the bank as 'bad' expressed concerns about their accounts being restricted or rejected and recent reviews mention the negative interest rates on balances over €50,000.
Starling Bank Euro account Summary
The Starling Bank Euro account is perfect for those who only need to bank in two currencies; those currencies being euros and pounds. So, if you get paid in euros but are based in the UK or if you have friends or family who are based in Europe and regularly send money to you in the UK then the Starling Bank Euro account would be a wise choice. Those wishing to bank in multiple currencies would need to look at alternative options, such as the Revolut account or the bank accounts provided by HSBC and Barclays. All in all, it provides a cheap and easy banking solution for those who regularly have to bank in both euros and pounds.
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