Policies for Opening Euro Accounts at nsave and Available Alternatives
Euro accounts and EUR IBANs offer users the ability to hold and transact in Euros natively. However, nsave has specific policies in place about the availability of such accounts, particularly after April 2025. This article outlines eligibility, alternatives, and differences between personal and business accounts.
Overview of Euro Account Policies
As of April 2025, new personal nsave customers cannot open dedicated Euro (EUR) accounts or obtain EUR IBANs.
Users who joined before April 2025 can still manage their EUR accounts if they had one previously.
Eligibility for Personal Accounts
After April 2025: Personal accounts opened after this date are ineligible for EUR accounts and IBANs. Any EUR funds sent to a USD IBAN will automatically convert to USD, with conversion fees applied.
Region-Specific Restriction: Users from Pakistan are not eligible for EUR accounts but can still receive EUR payments via USD IBAN with funds automatically converted.
Business Accounts: A Path to Native EUR Transactions
For users needing to hold and transact in EUR without conversion, business accounts are the best option:
Nsave Business Accounts support dedicated EUR accounts, including local Euro banking details.
Personal accounts, regardless of plan, do not offer this feature.
Alternatives for Managing Euro Transactions
Use Multi-Currency USD Accounts - Personal users can receive EUR payments through their USD IBAN. - Incoming EUR funds are automatically converted to USD and credited to the account after applicable fees.
Virtual Cards and Additional Features - Users can also access virtual USD cards, make international payments, or open investment accounts for trading US equities and funds.
Frequently Asked Questions (FAQs)
Can I open a EUR account if I relocate to a Euro-using country, such as Germany?
No, relocating to Germany or any other country does not make you eligible for a Euro account if your personal account was opened after April 2025. However, you can receive EUR via your USD IBAN, with automatic conversion into USD.
Can I get a dedicated EUR account if I upgrade or pay for a higher-tier personal plan?
No, dedicated EUR accounts are not available under any personal plan, paid or otherwise. Only Business Accounts provide this functionality.
Are there options for avoiding currency conversion?
Yes, customers needing native Euro holdings can open a Business Account, which supports dedicated EUR accounts with local banking details. This is the only way to avoid automatic currency conversion.
Why were EUR accounts and IBANs paused?
nsave temporarily paused EUR accounts to develop a more scalable version. Alternative solutions, such as USD multi-currency accounts, virtual cards, and investment account options, are available in the meantime.