Send Money from the UK to Greece

GBP to EUR is one of the most popular currency pairs, and, as a result, most money transfer services offer solutions to send money from the UK to Greece.

However, whether you want to send money to family or conduct business transactions, the last thing you want is your transfer to cost more or take longer than necessary. 

In this article, I will explain the different ways you can send money from the UK to Greece so you can find the cheapest and fastest option.

What’s the Best Way to Send Money from the UK to Greece?

The best way to send money from the UK to Greece depends on how much you want to send and the urgency of your transfer. 

Revolut is an excellent choice for sending smaller amounts of £1,000 or less as it offers a competitive exchange rate and free transfers, helping minimise costs. 

However, Revolut charges a transfer fee for amounts over £1,000, which can quickly add up the more you send. 

For larger transfers of £2,000+, Atlantic Money is a more cost-effective option. Even with a fixed £3.00 transfer fee, your recipient would still receive more euros using Atlantic Money than if you used Revolut. 

Although most people choose the familiarity and security of a transfer through their UK bank, this is typically more expensive than an online money transfer service, with higher fees and a less favourable exchange rate.

Bank transfers also take significantly longer, taking on average 2 to 5 working days to clear in the recipient’s account. In contrast, it could take just minutes to send money from the UK to Greece using an online money transfer service like Atlantic Money or Remitly.

The cheapest way to send money from the UK to Greece depends on how much you want to send.

Revolut offers free transfers for customers who want to send £1000 or less, helping minimise costs. 

However, if you want to send larger amounts to Greece, say £2,000+, Atlantic Money would be more cost-effective. 

At the time of writing, Atlantic Money had the best EUR exchange rate of 1.165596. Although you’d incur a fixed £3.00 transfer fee, this stronger rate means your recipient would still receive more euros than through Revolut.

What’s the Fastest Way to Send Money from the UK to Greece?

Atlantic Money is the fastest way to send money from the UK to Greece, offering instant transfers for an additional fee of 0.1% of the transferred amount, or two working days as standard.

Remitly also offers fast transfers, with the recipient receiving funds in Greece in minutes by card or within 2 hours by bank transfer, which is ideal for emergencies and urgent situations. 

As you can see from the time, most online money transfer providers I evaluated can send money from the UK to Greece within two working days.

Can I Send Money from the UK to Greece Online?

You can send money from the UK to Greece online in a few ways.

1. Online Money Transfer Service: Providers like TorFX and Revolut allow you to send money from the UK to Greece through their website and mobile app. They offer quick and cost-effective transfers, but some providers may limit how much you can send. 
2. Bank Transfer: You can send money directly from your UK account to popular banks in Greece like Piraeus, Alpha and National Bank of Greece. This method is secure and reliable, with no need for third-party involvement, but usually has significantly longer processing times than online money transfer services.
3. Digital Wallet: Platforms like PayPal and Skrill allow you to store money electronically and send it to others with a few clicks. Although quick and convenient, digital wallets usually have high transfer fees and a less favourable exchange rate, making them more expensive. 
4. Cash Pick-Up Service: Recipients can collect funds in person from designated locations in Greece through cash pick-up services like Western Union and MoneyGram. Ideal for emergencies, these services provide instant funds without the recipient needing a bank account, but they are less convenient than other methods.
5. Pre-Paid Debit Card: Providers like Revolut offer prepaid debit cards that can be loaded with funds and used by the recipient in Greece. Whilst suitable for those without a bank account, you may incur fees for loading funds or making withdrawals.

Sending Large Amounts of Money from the UK to Greece

For most people, online money transfer services like Atlantic Money and Revolut are the best way to send large amounts of money from the UK to Greece.

These services have no maximum limits, enabling you to send as much money as you want to the recipient in Greece.

Whilst transfers are managed mainly online, some providers like Currencies Direct, OFX and TorFX provide a dedicated account manager for a more personalised customer experience. 

After signing up for these services, I quickly received a call from my manager to discuss my needs and answer any questions about the transfer process. 

Although transfers through your UK bank are familiar and secure, they typically have higher transfer fees and weaker exchange rates, so your recipient would receive fewer euros than if you used an online money transfer service. 

When sending large amounts of money from the UK to Greece, you may be asked to provide additional documentation, such as proof of income or source of funds, to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.

You should also consider any tax implications associated with sending large sums of money internationally, both in the UK and Greece. Consult with a financial advisor or tax expert to understand your transfer’s potential tax obligations.

Can I Set Up Regular Payments from the UK to Greece?

You can set up regular payments from the UK to Greece in several ways:

1. Online Money Transfer Service: This method is ideal for those who want flexibility and control over their payments, as you can easily adjust transfer amounts and timings. However, some providers limit the amount you can transfer within 24 hours, 30 days and 180 days, which could be a problem for regular large payments. 
2. Standing Order: You can instruct your UK bank to make regular payments to the recipient’s bank account in Greece at set intervals by setting up a standing order. However, this method is only suitable for fixed amounts, as you may need to cancel and set up a new standing order if you want to make adjustments. 
3. Direct Debit: You can pay a Greek business for regular services by authorising a direct debit. Unlike a standing order, a direct debit is suitable for variable amounts, but you’ll have limited control over the amount, timing or frequency of payments.
4. Digital Wallet: Platforms like PayPal and Skrill are quick and convenient, offering multiple payment methods in one place. However, they usually incur higher fees and a lower maximum transfer amount limit.
5. Cryptocurrency: If you’re familiar with digital currencies like Bitcoin and Ethereum, you can send regular payments to the recipient’s cryptocurrency wallet. Although this method has lower transaction fees and faster processing times, the volatility in cryptocurrency prices can impact the value of the transferred amount.

Sending Money from the UK to Businesses in Greece

The best way to send money from the UK to businesses in Greece is usually through an online money transfer service like TorFX or XE. 

These services have lower transfer fees and more competitive exchanges than traditional banks, helping you maximise your pound’s value. 

They also have faster processing times, sometimes near-instantaneous, allowing for timely payments. 

However, some providers limit the amount you can send to Greece, which could be inconvenient for larger transfers such as business investments. 

Whilst traditional bank transfers are more familiar and give you peace of mind that your funds are secure, they also have higher fees and longer processing times than online money transfer services.

When sending money from the UK to businesses in Greece, your service provider may request further documentation, including a copy of the contract and invoice for regulatory compliance.

You may also need to provide the business’s 9-digit Greek FPA Number for tax purposes.

How to Send Money from the UK to Greece

You can fund your transfer from the UK to Greece in various ways, including:

1. Bank Transfer: This direct and secure method is the most common way to fund your transfer from the UK to Greece. Although reliable, it has longer processing times than other payment methods, making it unsuitable for urgent transfers.
2. Credit Card: If you need to make an urgent transfer to Greece, using a credit card is an excellent option. Whilst you can access cash advances, paying with a credit card may incur higher fees and interest rates than other funding methods.  
3. Debit Card: Transfers funded by debit cards are processed quickly but have lower fees than using a credit card. Ideal for small to medium amounts, some debit cards may have daily transaction limits, which could be inconvenient when sending large amounts to Greece.
4. Digital Wallet: Using platforms like PayPal and Skirll is a quick and convenient way to send money from the UK to Greece, but few money transfer providers accept it. 
5. Cash: Suitable for those without a bank account, cash deposits are processed quickly, but it is less convenient and typically has higher fees than other payment methods.

What Details Do I Need to Send Money from the UK to Greece?

To send money from the UK to Greece, you typically need the following details:

1. Recipient’s Details: You’ll need the recipient’s basic contact information, including their full name as it appears on their bank account and address in Greece. 
2. Recipient’s Bank Details: If you’re sending money to the recipient’s Greek bank account, you’ll need the name of their bank, the branch address, the bank account number, 27-character IBAN and 8-11-character SWIFT/BIC code.
3. Alternative Payment Details: If you’re transferring money through a digital wallet or pre-paid card, you may need the card number, e-mail address or mobile number associated with the recipient’s account. 
4. Tax Information: Depending on the purpose and amount you send to Greece, you may need to provide the recipient’s 9-digit Greek Tax ID Number (TIN) for individuals or the 9-digit FPA number for businesses. 
5. Additional Documents: You may need to provide further documents, like copies of a valid passport or a utility bill showing your address, to comply with verification checks.

How Much Does it Cost to Send Money from the UK to Greece?

When sending money from the UK to Greece, online money transfer services like Currencies Direct and XE are usually cheaper than bank transfers.

Although the cost of sending money to Greece depends on your provider and transfer amount, some of the most common fees include:

Transfer Fees

Your service provider may charge a transfer fee for sending money from the UK to Greece.

These fees can be a fixed amount or a percentage of the transfer amount, usually ranging from £0 to £10.

Exchange Rate Markup

When converting your money from GBP to EUR, your service provider or bank may apply an exchange rate with a markup or margin. 

This difference means you might not get the exact mid-market exchange rate, and the provider profits from the difference.

The exchange rate markup typically ranges from 0.5% to 2% above the mid-market rate.

Intermediary Bank Fees

If the transfer involves multiple banks along the route (intermediary banks), each bank may charge fees for processing the transaction. 

These fees can accumulate, often totalling £5 to £25 per transfer, reducing the recipient’s final amount in Greece.

Recipient Fees

Some banks in Greece may charge fees for receiving international transfers.

 These fees can be around £0 to £10 and may be deducted from the transferred amount by the recipient’s bank.

Additional Service Fees

For an extra fee, some providers like Atlantic Money may offer additional services, such as expedited transfers, payment tracking, or customer support. These fees are optional but can enhance the transfer experience for a cost.

Express transfers can range from £1 to £30+, depending on the urgency of the transfer.

How Long Does it Take to Send Money from the UK to Greece?

Generally, sending money from the UK to Greece is faster through online money transfer services like Remitly and Atlantic than traditional bank transfers.

Online money transfer services can take anywhere from a few minutes to 2 working days.

Some providers like Atlantic even offer instant transfers for an additional fee if speed is essential. 

In contrast, bank transfers from the UK to Greece can take between 2 to 5 working days for the recipient to receive funds in their account.

Bank transfers take longer because they need to be processed through multiple bank systems, may require manual intervention and have additional verification checks. 

The processing time of the recipient’s bank in Greece plays a significant role. Some banks may credit the funds to the recipient’s account immediately upon receipt, while others may take longer to process incoming transfers.

The method used to fund your transfer can also affect the speed. For example, transfers funded by debit or credit cards through online money transfer services tend to be quicker than those funded by bank transfers, which may require additional processing time.

Similarly, transfers initiated outside of regular banking hours or on weekends or bank holidays may take longer due to bank operating hours and processing schedules.

Frequently Asked Questions