Open a Sterling Currency Account
This account is available to Britline customers who hold a € current account. The minimum balance required to open the account is £1,000 (either by sterling cheque, sterling transfer or transfer from € account). The £ account allows you to hold your funds in sterling until the time is right for you to convert into euros.
Depending on the balance of your account, interest can be received on your £ deposit. This is calculated on a daily basis, and credited to the £ account on the 1st of each month*. There are no chequebook or cards provided with the sterling account.
Transfers are possible between your currency account and euro accounts (minimum transfer amount £1000) upon receipt of written (faxed or scanned) instructions. The exchange rate for this transaction will be the commercial rate on the day but "on the spot trading" can be arranged for amounts over £25000.
The following fees for international transactions apply:
Crediting the sterling account :
- Sterling transfer from UK bank - 20.30€
- Sterling cheque from UK bank - (personal cheque up to £25,000) - 0.1% minimum 27.60€
- Transfer of euros from Britline euro account - Free (unless "on the spot trading" requested 14.85€)
Debiting the sterling account :
- Transfer to Britline euro account - Free (unless "spot transfer" requested)
- Sterling transfer to UK bank - 20.30€
A currency account may be opened provisionally by using the link below. You will then be sent contracts by email which must be signed, scanned and returned to us by email in order to activate your account provisionally and make your first deposit. However no further transactions may be made until the original signed documents have been returned by post. These must be returned to us within 30 days before the account can be fully operational.
*Interest is only paid if the amount accrued is £30 or greater. No interest is earned or paid if less than £30.
Example : balance of £40,000 at interest rate 1% = £33 interest paid. Balance of £10,000 at interest rate 1% = less than £30 therefore no interest paid.
Fees correct at time of publishing (01/01/2017)