- Make and receive payments in Euros.
- Simple collection and payment of funds across Europe.
- Quick and easy transfer of funds between your sterling business account and your Euro account.
- Increased protection from adverse movements in foreign exchange rates by negating the need to convert funds from or into Sterling.
- Overdraft facilities may be available to help you manage your cash flow.
- If your Euro Current Account is regularly in credit, we can help you open a Euro Call Account allowing you to transfer the surplus so that qualifying balances will earn credit interest.
Changes in the exchange rate may increase the sterling equivalent of your debt.
The information below applies to Euro Accounts opened on or after 24 September 2014
For information on the Currency Reference Rates please refer to our Currency Account Interest Reference Rate
The Credit Reference Rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below Market Rate. The Debit Reference Rate is the rate currency accounts are linked to for debit interest and is set at 0.25% above Market Rate. The appropriate debit and credit margins are then applied.
For information on the Credit Interest Tiers please refer to our Currency Account Credit Interest Tiers
The Credit reference rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below the market rate (if market rate falls below 0%, it will be treated as 0% until such time it exceeds 0%). The appropriate credit margin is then applied.
The information below applies to Euro Accounts opened on or after 12 September 2011.
For accounts opened before this date, please check with your Relationship Manager to find out the rates and charges that apply.
For details of what your currency account’s reference rate is linked to and where this is independently published, view our Foreign currency interest rate guide.
Overdrafts are subject to arrangement fees.
- Unauthorised borrowing will be charged at the same rate as agreed for your overdraft, if overdraft facilities are in place.
- If no overdraft facilities are in place, unauthorised borrowing will be charged at the account’s reference rate plus 12% per annum.
- Interest will be calculated on the cleared daily balance of the new or excess overdraft and will be payable for the duration of the unauthorised overdraft.
Credit interest (Euro Call Account)
Credit interest is linked to the Euro Overnight Index Average (EONIA® ) and tiered as follows:-
|Interest rate bands
||No interest paid
|£3,000 to £19,999
|£20,000 to £39,999
|£40,000 to £79,999
|£80,000 to £199,999
|£200,000 to £399,999
|£400,000 to £799,999
The EONIA rate can be obtained from a number of independent sources including the Financial Times.
Note: Should the relevant reference rate fall below the applicable interest rate band margins specified above no interest will be paid.
Please visit our terms and conditions section to view all terms and conditions, charging and associated information.
For more information call 0845 606 0286.
Apply by calling 0845 606 0286
If you are a new customer to Bank of Scotland you will need to open a Business Current Account with us in order to open a Euro Account.