By Samantha Washington BBC Radio 4's Money Box

Moneyfacts found information on euro accounts from only nine banks

The euro may be a common currency, but UK-based euro current accounts are anything but.

BBC Radio 4's Money Box has found that euro banking in the UK has not evolved with the currency which was launched over two years ago.

While most banks do have some euro banking facility, very few offer their customers a comprehensive and free service.

This causes inconvenience and cost for those who seek increasingly to make payments in euros.

"I got incredibly frustrated with the UK banking system in terms of the level of support they had for the euro.

"Given that the euro was a major traded currency, there was very little information available from UK banks," David from Yorkshire told the programme.

Information is a big part of the problem. Even Moneyfacts, the leading UK information source on financial products, has found it impossible to know what is on offer.

"We have information from nine banks which - considering almost every bank will offer a currency account - is a very small proportion,� said Jane Dawson, Head of Press and PR for Moneyfacts.

High maintenance

So, why are the banks not publicising this sought-after facility? Ms Dawson says it comes down to the bottom line.

"The banks are not promoting these accounts because they are high maintenance. They do not make a lot of profit out of them."

If you have a euro currency account you save up to 15% on each transaction David Palmer, Citibank's director of sales and marketing

In terms of flexibility and cost, it still is. The Citibank euro account offers customers a euro debit card which can be used to withdraw cash or make payments without charge.

Lloyds TSB offers a euro debit card but charges an annual service fee and 1.5% on each cash withdrawal.

Citibank Director of Sales and Marketing David Palmer said this account saves customers money:

"If you are constantly transacting between sterling and euros, you will pay exchange costs and transaction fees. If you have a euro currency account you save up to 15% on each transaction," he told the programme.

With the UK out of the eurozone, euro banking is a costly business

While Citibank does not offer a cheque book, bills in euros can be paid on the telephone or online.

If it is only bill payments you want to make, the Barclays account stands out.

It offers a euro cheque book and does not charge for writing or paying in cheques. But you will need to keep an active sterling current account with them.

With European elections on 10 June, the question of UK entry into the common currency will not be far behind.

But while we remain outside the eurozone, those without free euro banking will find the reality of the currency a costly business.

BBC Radio 4's Money Box was broadcast on Saturday, 5 June, 2004, at 1204 BST.