Can anyone recommend a B2B SEPA Euro Bank Account?
I hope someone can help me here, because I feel like I have run into a brick wall.
We are UK based, selling through Pan European FBA, and are registered for VAT in France.
We need to pay French VAT and there are two options for this
- Pay online and incur a €60 fine
- Pay via direct debit
I’m very keen to avoid paying that €60 and get a direct debit set up.
But the problem is the direct debit has to be paid from the Euro account which can cope with a B2B SEPA direct debit request. I’m struggling to find such an account in the UK.
I bank with HSBC and they don’t offer B2B SEPA in the UK. I found useful information on this forum about Barclays offering it and it is true, and I spoke to them and they do, but only if you turn over >£2M or have more than 9 staff. They said they thought it would be the same with all banks.
So my question is, does anyone know the best way to sort this out? Is there a UK bank that will offer this to a small business? Or do I need to look at setting up a bank account in a Euro Zone country, and if so, can anyone recommend any good countries / banks where it is relatively easy to get an account set up?
Many thanks in advance for any pointers.
Can anyone recommend a B2B SEPA Euro Bank Account?
I hope someone can help me here, because I feel like I have run into a brick wall.
We are UK based, selling through Pan European FBA, and are registered for VAT in France.
We need to pay French VAT and there are two options for this
- Pay online and incur a €60 fine
- Pay via direct debit
I’m very keen to avoid paying that €60 and get a direct debit set up.
But the problem is the direct debit has to be paid from the Euro account which can cope with a B2B SEPA direct debit request. I’m struggling to find such an account in the UK.
I bank with HSBC and they don’t offer B2B SEPA in the UK. I found useful information on this forum about Barclays offering it and it is true, and I spoke to them and they do, but only if you turn over >£2M or have more than 9 staff. They said they thought it would be the same with all banks.
So my question is, does anyone know the best way to sort this out? Is there a UK bank that will offer this to a small business? Or do I need to look at setting up a bank account in a Euro Zone country, and if so, can anyone recommend any good countries / banks where it is relatively easy to get an account set up?
Many thanks in advance for any pointers.
0 replies
Seller_ShVeSO62h42tW
would www.transferwise.com work for you?
Seller_d7IktcehfQriR
If a quick flight over to Ireland isn’t a hassle you can most likely apply for an account there online and then attend in person with the ID documents.
We have an Ireland bank account and then all Amazon EU payments arrive into it. We then pay Euro bills from it and if needed transfer using transfer services to our UK account usually arriving same or next day.
This helps avoid some of the FX fees with Amazon and the bank as well. Saving about 2-3% each way. Although you then can also lose or gain as the exchange rate fluctuates.
Seller_aPJvmPpiiXKtU
Great idea - I’m looking into this now. AIB look interesting as have quite a few branches also in the UK.
Seller_fTHw0bbzSUL9L
Interested to here if anyone has had any further resolution with this.
Looking to solve a similar problem; notably create an account that facilitiaes SEPA B2B Direct Debits.
Spoke to Barclays and they say there is a threshold of c10 staff and >£2m turnover which is actually defined in SEPA rules; something about “micro-entities” being effectively treated as consumers and therefore unable to opt out of some of the protections that SEPA B2B waives. They say as its quite a formal thing it’s probable most other UK banks are the same.
Enquired with AIB in Ireland about setting up an account as I understand if part of SEPA, but not UK, the B2B isn’t a requirement, but AIB say they can’t set up an account unless there is effectively a presence/business in Ireland. Being a conduit of EUR transactions isn’t apparently anywhere near sufficient.
So, any other options? It seems France has made paying VAT for and small company in the UK extremely difficult.
Seller_oFpFzCy04fPTj
Hi
In the UK, RBS / Natwest have the ability to handle SEPA direct debits.
Best Wishes
Mark
Seller_fTHw0bbzSUL9L
Did you try Deutsche handelsbank that was mentioned earlier in the thread?
Seller_vNJRtTMxd54dj
I use Starling bank for all our Euro payments, both incoming and outgoing. Currently its in Sterling but uses the Interbank Exchange rate, so you don’t lose anything on incoming payments. However a Euro account is in testing, so that will make it even more simpler.
Seller_aPJvmPpiiXKtU
Hi Oleg
I’m afraid I’ve not managed to resolve this.
I’m going to try HSBC France as surely they will offer SEPA B2B. We already bank with HSBC UK, but still I don’t feel confident of a good result!
thanks
Mark
Seller_z6B2L9xab6HlP
My accountant has a contact in Germany who’s currently working on the SEPA B2B issue and might be able to offer a solution to small businesses, but the solution isn’t available just yet. As soon as I have any info I’ll post it 
