Starling Bank launch Euro bank account – Who should get it?
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 both 2018 and 2019 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 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|
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 expats who regularly send money home to family
- If you get paid in Euros but live in the UK
- If you want to hold Euros in your current bank account
- If you 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
The Euro account from Starling Bank: What are the features?
Easily convert from GBP to Euros (or vice versa)
With a Euro Personal or Business Account, Starling Bank allows you to easily convert your GBP to Euros (or vice versa) with a simple tap of a button within the app. You'll get to exchange your money at the current rate with a small 0.4% conversion fee on top.
The Euro account allows you to transfer money between accounts at the weekend, despite the currency markets not operating outside of weekdays. This is because Starling Bank has extended its 'international currency transfer' which Starling says 'gives users greater flexibility and peace of mind should they need euros in an emergency'.
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.
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.
Looking for a financial adviser near you?
Do you need financial advice? An independent financial adviser can show you how to make the most of your money.
Simply find your nearest qualified and regulated adviser using the UK’s largest adviser search.