How can I receive Euro (EUR) payments if I don't have a EUR account?
💶 EUR accounts are now available to all nsave users for a one-time $1.99 fee. If you'd prefer to hold and send funds in EUR (instead of converting to USD), you can open a dedicated EUR account directly in the app. See Receiving, holding, and sending Euros with nsave.
If you choose not to open a dedicated EUR account, you can still receive EUR payments into your existing USD account. This article explains how that works.
Overview of receiving EUR payments without a EUR account
If you don't have a EUR account, you can still receive EUR by providing your USD account details (IBAN). The EUR funds sent to your USD IBAN are automatically converted to USD and credited to your account after processing. The process works as follows:
The sender initiates the payment to your USD IBAN.
nsave's system automatically converts the incoming EUR amount to USD.
The USD amount is credited to your USD account after the conversion completes.
Key considerations
Conversion process
Automatic conversion: All EUR funds sent to your USD IBAN are automatically converted into USD. For example, an incoming payment in EUR will be exchanged into USD based on the prevailing exchange rate at the time of processing.
Conversion availability: Currency conversion is available 24/7 with no minimum. Incoming EUR payments will be converted and credited as soon as they arrive, any day and any amount.
Fees and charges
Receiving EUR into a USD account may incur the following fees:
Currency conversion spread: This is the difference between the market exchange rate and the rate applied to your conversion.
Intermediary bank fees: These may apply depending on the sending and intermediary banks involved in the transfer.
If you'd like to avoid conversion fees on incoming EUR, you can open a dedicated EUR account for a one-time $1.99 fee — incoming EUR transfers are then free.
Instructions to receive EUR payments
Steps for receiving payments
Open the nsave app.
Navigate to your USD account and tap on Account Details.
Copy the IBAN and share it with the sender. Remind them to use SWIFT/BIC details if needed.
Inform the sender to initiate the transfer in EUR to the provided IBAN.
Important notes
Ensure the sender uses your full IBAN details. For SEPA EUR transfers, omitting the full IBAN (e.g., relying solely on the account number and BIC) will result in a failed transaction.
Allow 2–10 business days for SWIFT transfers, as processing times can vary based on intermediary banks.
Troubleshooting and FAQs
1. Why hasn't my EUR transfer appeared in my nsave account yet?
EUR-to-USD conversion is available 24/7, so incoming EUR payments are processed as soon as they arrive. If you haven't seen a transfer credited yet, it's most likely still being processed through the sender's or intermediary bank (SWIFT transfers can take 2–10 business days). No action is required on your side; the funds will appear once processed.
2. Can I receive EUR using my GBP IBAN?
No, EUR funds cannot be credited to a GBP IBAN. Always provide your USD IBAN to receive EUR payments — or open a dedicated EUR account.
3. Will I be charged fees if my client pays me in EUR to my USD IBAN?
Yes, automatic conversion and associated fees apply. These include the currency conversion spread and any intermediary bank fees. To avoid these costs, you can open a dedicated EUR account for a one-time $1.99 fee — receiving EUR is then free.
Summary
If you don't want to open a dedicated EUR account, you can still receive EUR payments by using your USD account details. The EUR funds will be automatically converted to USD and credited to your account. Currency conversion is available 24/7 with no minimum, but keep in mind that intermediary bank fees may still apply to SWIFT transfers. For trouble-free transactions, always advise senders to use your full IBAN and SWIFT details. If you'd prefer to keep funds in EUR, you can open a dedicated EUR account at any time. For further assistance, contact nsave support through the app.