It is exciting news in the sense that you will receive more Euros for your Pounds at the current rates than what you could get a year ago. On the flip side, you will get fewer pounds when converted from Euros. That’s what caused the nightmare of football fans even worse, with them seemingly paying a fine for wanting to support their teams live! In situations like this, you realise how great it would have been if the UK were still an EU nation. As the reality is different, the focus should be on finding a solution to mitigate all these currency conversion fiascos. Opening a Euro Bank account with debit cards certainly offers a good one.

Euro bank account with debit cards

As popular perception may dictate, a euro bank account with debit cards is similar to any traditional bank account. It’s the banks that operate slightly differently. They primarily focus on the online experience, offer revolutionary services, and hold multiple currencies like pounds and euros in one account. In short, they are like any standard bank account, except that you can store Euros just like a native. Many traditional and challenger banks and some other Fintech financial institutions now offer UK citizens to have this account. Many of them also provide it with a debit card or two. With a euro bank account, you can hold, send, and receive money directly in Euros without converting them into Pounds. Likewise, you can pay, withdraw, and make online transactions in Euros just like a local with your linked debit cards, without spending a dime in fees.

Why should you have such accounts?

Even before Brexit, the UK customers and businesses used to pay and receive money in both Pounds and Euros. That was the nature of the economy anyways. So, what changed? Why should you have a Euro bank account now? Well, the reasons are plentiful. Due to Brexit, Great Britain is no longer a part of the European Central Bank. It means the banks in the UK are now foreign to them, leading to multiple steps of additional paperwork for financial transactions. It not only crepes up the processing times but also makes the process expensive. Inevitably, the banks and FX conversion organisations can’t help but charge a high mark-up for each conversion. The fee structure is pretty much shady as always, anyways. As a euro bank account will not need you to convert your Euros, in the first place, you can skip this entire procedure in one shot!

If you are a freelancer, shopper, small business owner, or even a globetrotting football fan, you can benefit greatly from having a euro bank account with debit cards. Aside from the savings in currency conversations, the debit card will allow you to withdraw money in the EU without paying any fees. You can do the same in the UK by choosing Pounds as your preferred currency. Digital payments are never an issue either, with some providers offering the chance to set up direct debits right in the app. A similarly convenient user experience applies to every time you want to send or receive money across the borders. Not to mention the features such as geo-blocking, personal budgeting, expenditure limits, etc., that you can expect to be available in the same app. So, whether you are travelling the world or need to manage your money globally, this may be the one-stop solution for your needs.

Be thoughtful while choosing your euro bank

With the Fintech entrepreneurs leading the charge for convenient banking experience, some traditional banks are now also following suits. It means more options for the consumers, with the chance of getting more competitive rates and advanced features. As sometimes quality comes at a price, it is probably best to put some thinking into choosing the bank to open your Euro account. Are they reliable? Do they have a clearly explained fee structure? How many currencies can you hold in one account? Is there a fee for using a euro debit card? What about the annual fees for the debit cards? How feature-rich and convenient are their online services? Do they provide live notification for every transaction? Asking all these one by one would lead you to the best provider for a euro bank account with debit cards. To get more information, please visit finecobank.co.uk. As there are also banks that merge trading accounts with a regular multi-currency account, make sure you look into that. You may even discover a Fintech treasure to solve all your worries related to managing finances.

Final words

Like most things in financial matters, your circumstances and personal goals are the things that will decide whether you need a euro bank account with or without debit cards. But it is always good to have convenient options at hand, significantly when it can also save you some money. As we head slowly and steadily toward a genuinely cosmopolitan world, at least in the webspace, having a multi-currency account can make a huge difference. There won’t be any hassle to shop from European retailers. You won’t have to put up with a similar financial loss that the football fans suffered, either.

The post Euro Bank Account With Debit Cards: Save Yourself Some Money And Efforts appeared first on Along the Boards.

Basics of Currency Exchange

The intercontinental marketplace accepts a wide range of currencies, which are all traded in pairs. The combinations are divided into ‘major’, ‘minor’, and ‘exotic’ based on their liquidity and other factors. The source of profits (or losses) for retail traders is the ever-changing nature of exchange rates.

The values of national currencies are affected by a wide range of factors. From geopolitical strife to domestic policy changes, terrorism, and strikes, the list of possible drivers is lengthy. Aside from the obvious advantages, Forex currency trading has its own inherent risks that may be hedged to a certain degree.

The fundamental logic of positions opened by traders is to buy and sell currencies with the goal of benefiting from changes in values. Each pair (e.g., EUR/USD) has two prices – one for the seller (Bid) and one for the buyer (Ask). Like in any sales scenario, the latter is slightly higher than the former.

The difference between the two is known as “spread”, and it is a major profit source for your broker. They may also charge a commission on each trade or either of the two. In general, the commission is paid to ECN (electronic communication network) brokers, while so-called market makers profit from spreads.

Understanding Exchange Rates

Any pair expresses the valuation of a “base” currency in relation to its “quote” or “counter” currency. For instance, the EUR/USD value shows how many US dollars (quote currency) a single Euro (base currency) is worth. If the Ask price is 1.2808, this means you will spend roughly 1 US dollar 28 cents to purchase one Euro. If this is the Bid value, you receive 1.2808 per Euro when selling.

More Opportunities for Profit

Most brokers do not limit their offerings to currency pairs. As you gain experience and confidence in trading these, you may consider adding other instruments. Platforms used for Forex trading, such as MetaTrader 5, are also suitable for CFDs (Contracts for Difference).

The scheme allows you to profit from changes in prices for stocks, commodities, market indices, or cryptocurrencies. The scheme eliminates the need to own physical assets, such as corporate shares. Speculation is purely price-based, but potential profits are just as real.

Where to Begin

The global finance space may only be accessed through an intermediary called a broker. Make sure the company you pick has an official license and operates in your region lawfully. It should be subject to supervision by state authorities (e.g., the Federal Securities Commission of Mauritius).

Your broker will register your account, provide the necessary software and connect you to the digital marketplace. All deposits and withdrawals will also be processed by their system. This means it should be checked thoroughly.

Types of Accounts

The starting point of any thoughtful Forex journey is training. Demo accounts are the easiest to register: fill in a form on your brokerage website and login details will be generated within minutes. These unlock all the features of the software (e.g., MT4) in a simulated mode.

Every beginner has sufficient opportunities, on which you can learn more here. Take time to practice opening and closing positions, using the “Stop Loss” and “Take Profit” options, and analyzing graphic aids. The platforms are packed with graphs, charts, and other forecasting aids. These facilitate financial decision-making.

Once you are ready to deposit real money, make the switch to a live account. This requires identity verification. Now, you are able to access the real marketplace where trillions circulate daily.

Copy Trading Schemes

Clients who lack experience or time to analyze trends may delegate decision-making to a finance professional. This is an experienced trader whose operations are copied into your account. If profit is achieved, they receive a commission, while you receive a lion’s share of the gains.

Tips on Forex Currency Trading

• Know Your Limits

One more step that we consider pretty crucial when it comes to forex currency trading. The same rule can be applied to all other trading’s as well. This rule is that you need to know your limits. You need to be perfectly aware of what amount you can invest and not get in over your head.

Naturally, this means that you must know how much money you can invest in a particular trading option. It is of the utmost importance for you to set a leverage ratio in accordance with your needs and possibilities. That way, you will never risk more money than you can afford to spend.

• Forecasting the Conditions on the Market

All of the experienced traders are perfectly aware of the whole situation before they invest or retrieve their money. Did you ever ask yourself why is that? Well. They are following all of the news, and other important data, like political and financial ones. There are other types of traders.

For example, there are traders who prefer technical tools like Fibonacci retracement or some other ones. However, the biggest percentage of traders are using two of them and combining them in the process. It doesn’t matter what methods you prefer, it is important that they will make it possible for you to dig up some of the best trading opportunities available.

• Know When to Stop

You don’t have enough time to sit and watch all that happens on the market every minute. This is for sure. You can protect your investment, manage your risks, and get out of the market when needed.

Knowing when you need to stop is really helpful, you really need to try it out. After you got some rest and mind off the work and market, you can get a much clearer picture of what you can and can’t do.

• Explore

Consistency is high on our list of priorities when it comes to forex currency trading, you can be sure that exploring is pretty high also. You don’t need to be afraid to re-do your trading plan if things haven’t got right the first time. Over time, your experience will grow and you will learn a lot in the process.

You need to remember that your plan needs to be a reflection of your goals. If your financial situation or goal is changing in the process, that means that you need to change your plan at the same time.

• Choosing the Right Partner

Choosing the right partner for forex currency trading is critical to the success of your plan. Pricing, quality of customer service, and execution can make a significant difference in your trading experience and success. Having the right partner will provide you with all of these things, you can be sure of that.

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