European Business Travel and expenses

[jdpjamesp]

Evening all. Would appreciate any constructive advice. I'm starting a new job in a couple of weeks which will require regular trips to Dublin. The business is Dublin based, and I will be working from home (Lancaster) for most of the time. When in Dublin I will be racking up business expenses that will be covered by the business. The thing is, I'll be paying to buy Euros to pay the expenses, and then paying again for those Euro expenses to be paid back into my GBP account. Are there any (legal) ways of minimising this loss?

 

[Deleted member 16999]

Evening all. Would appreciate any constructive advice. I'm starting a new job in a couple of weeks which will require regular trips to Dublin. The business is Dublin based, and I will be working from home (Lancaster) for most of the time. When in Dublin I will be racking up business expenses that will be covered by the business. The thing is, I'll be paying to buy Euros to pay the expenses, and then paying again for those Euro expenses to be paid back into my GBP account. Are there any (legal) ways of minimising this loss?

Purely a wild guess and apologise if not helpful, is it not worth opening a bank account in Dublin in Euros and using that account for trips.?

 

[jdpjamesp]

Yeah I considered that as an option but as I won't be paying in my salary I'd end up paying fees on the account I assume.

 

[Hobbit]

If you have a company credit card ask the boss to authorise it to be able to draw Euros from an ATM whilst you're over there.

 

[fundy]

Yeah I considered that as an option but as I won't be paying in my salary I'd end up paying fees on the account I assume.

If they are paying your salary in pounds into a UK bank account surely they can do the same with your expenses?

Or ask work for an expenses card you can use in Dublin?

 

[jdpjamesp]

Good call on the expense card. Will definitely look at that option.

 

[Rooter]

Mate this is my life... What you need to do is get a new or empty credit card and use it solely for work stuff. Submit the monthly credit card statement and claim back all the foreign transaction fees and interest as a seperate line item. It's not down to you to get the best deal on rates, if the company want to they could get you a works Amex, but I bet they are happier paying a higher rate and you having the risk/debt in your name. (Like every co I have worked for)

I hate expenses, I am waiting on loads we were promised would be paid before Xmas, my co is sooooo slow at paying us back...

 

[Del_Boy]

Mate this is my life... What you need to do is get a new or empty credit card and use it solely for work stuff. Submit the monthly credit card statement and claim back all the foreign transaction fees and interest as a seperate line item. It's not down to you to get the best deal on rates, if the company want to they could get you a works Amex, but I bet they are happier paying a higher rate and you having the risk/debt in your name. (Like every co I have worked for)

I hate expenses, I am waiting on loads we were promised would be paid before Xmas, my co is sooooo slow at paying us back...

Bonus if getting the expenses under your own steam is that any credit card points/cash back / air miles go to you.

 

[Matty6]

Ive got a company issued Amex card that I use purely for expenses on business trips. I use it for nothing else so it makes it easier for me when preparing my expense claim reports. You should look at getting your own dedicated credit card though and earn air miles, cash back etc. I really should practice what I preach!

 

[jdpjamesp]

Mate this is my life... What you need to do is get a new or empty credit card and use it solely for work stuff. Submit the monthly credit card statement and claim back all the foreign transaction fees and interest as a seperate line item. It's not down to you to get the best deal on rates, if the company want to they could get you a works Amex, but I bet they are happier paying a higher rate and you having the risk/debt in your name. (Like every co I have worked for)

I hate expenses, I am waiting on loads we were promised would be paid before Xmas, my co is sooooo slow at paying us back...

Really helpful advice mate. Thanks.

 

[ScienceBoy]

I know our company has a well written travel and expenses policy...

 

[Rooter]

If you fly BA a lot, the avios card is for you, think it had 25,000 bonus miles too, or currently I am still using tesco. Get club card points on everything, there are some great reward cards out there though! Find the one best for you.

 

[Ethan]

Lots of us probably do this often. I travel to the US pretty often and Europe the odd time. Claim back what you pay, including currency fees. I usually just put the UK charge from the credit card statement in. Good idea to use a card which earns points. I have a BA Amex for Avios and another Amex charge card for Rewards Points for merchandise.

You don't need a Euro bank account, although a number of UK banks offer these.

 

[jdpjamesp]

Thanks - I'll most likely be travelling with Aer Lingus. My personal card is a Barclays Freedom Rewards one which is good because I can get Amazon credit with it. But might well look round for something else.

 

[Rooter]

Thanks - I'll most likely be travelling with Aer Lingus. My personal card is a Barclays Freedom Rewards one which is good because I can get Amazon credit with it. But might well look round for something else.

If that card is good, just ask barclays for the Matercard or Visa equiv to what you have (ie the opposite), just explain why you need it and they will be cool i would expect.

 

[jdpjamesp]

This is true. Although having a card with other rewards might be beneficial too.