Sharp fluctuations in the EUR/GBP exchange rate have been triggered in recent times by major events such as Brexit, global conflicts and the cost-of-living crisis. These have prompted many people to move their money and transfer their euros to a UK bank account (or vice versa).
There are many reasons that you may wish to pay euros into a UK bank account, including property maintenance, pension payments or helping out with school fees. But, when the euro is weaker against the pound, it can mean steeper costs for those who need to find the best way to change euros to pounds in large sums.
Therefore, it is important to avoid unnecessary extra costs often associated with international transfers, and to find the best available exchange rate. If you’re looking to transfer euros into pounds, here’s what you need to know.
How to transfer euros to pounds
While you can use your usual high-street bank, often the best way to change euros to pounds is by using an online international money transfer service – for both efficiency and cost.
With most of these services, you can simply set up an online account to change euros for pounds at the touch of a button. Simply,
- Log in or sign up for an account
- Select the currency
- Enter the amount you want
- You can make your payment.
With a good service, you can also set up regular payments, track their progress and monitor live exchange rates. Alternatively, you may want to make a transfer over the phone too.
You can access just such a service via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp. This service offers competitive rates and no transfer fees on 120+ currencies, plus tailored guidance every step of the way.
What countries use Euros?
There are currently 20 countries which use the euro as their primary currency. Many of these are popular destinations which Brits need to send or receive money to or from – whether they are buying property, working in Europe or have family there.
Spain was the most popular money transfer destination in Europe for customers of the TMG International Money Transfer Service last year
Spain was the most popular money transfer destination in Europe for customers of the TMG International Money Transfer Service last year
Is it a good time to exchange euros to pounds?
In short, it is almost impossible to say definitively when is the best time to exchange any currency, as the FX markets are unpredictable by nature and can fluctuate at any moment. Remember, it is impossible to accurately predict the currency markets.
In 2023, the average EUR/GBP exchange rate was 1 EUR to 0.87 GBP, up 2 points since 2022. Although this is on par with many previous years, it doesn’t reflect the sharp fluctuations we have seen over the past few years. For example, the outbreak of the war in Ukraine caused some drops for the euro, whereas the UK’s former Prime Minister Liz Truss’s controversial tax cuts pushed its value above 0.92 GBP.
Over the past 12-18 months, interest rates and inflation have been the driving factors in the foreign exchange markets, and interest rates in particular are likely to continue to impact currency values as they’re predicted to start falling later in 2024. Ultimately, the best time to transfer euros to pounds will differ depending on your needs and situation.
International money transfer specialists can help you find the best current rate for your circumstances. Instead of monitoring exchange rates yourself, there are a number of tools offered by expert providers that can help you, so that you exchange your euros at a time and rate that suits you.
How can I find the best euro-to-pound exchange rate?
In addition to market fluctuations, exchange rates can also vary considerably depending on who you use to make your international money transfer.
Never just go for the first provider you find without checking how their rates compare with the competition. Many people want to know which bank has the best currency exchange rate, but the cheapest way to transfer euros to pounds could often be to look further afield than UK high-street banks.
A foreign exchange service specialises in finding the best currency exchange rates available for you. This is largely because, as specialists, they trade in large quantities every day, and are therefore able to work to smaller margins for their customers, meaning they are best placed to offer you a more competitive rate than many non-specialist providers.
They can also offer two key tools which may help you find a better euro to pound exchange rate, depending on your needs:
- A currency forward contract: this will lock in a set exchange rate for up to two years, to help you protect your budgeting from drops in the rate.
- A market order: if you’re flexible about when you can make your transfer, a market order will wait until a favourable rate (chosen by you) is reached and then automatically make the transfer when it is.
How long does it take to transfer euros to pounds?
When sending funds overseas, time is money, which is why Moneycorp’s international transfers are quick and easy. They take typically two to three business days for standard transfer to be completed, with express payments able to arrive on the same day.
Transfer euros to pounds today
Via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp, you can get access to expert guidance on the currency market, competitive exchange rates, and a range of specialist tools for making international payments over the phone, online and via the app. In addition, there are no transfer fees,* helping you get more for your money.
-
Open an account today to find competitive EUR – GBP exchange rates, plus no transfer fees via Telegraph Media Group International Money Transfers
Read more:
The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.
moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
*Information correct at date of publication
