Transfer Euros to Pounds

Are you looking to transfer euros to pounds and wondering how to get the best exchange rate? 

Whether planning a trip, making an international payment, or simply looking to convert currency, finding the most favourable exchange rate can save you money. 

In this article, I’ll explain the best way to transfer euros to pounds and how you can get more currency for your money.

What’s the Best Way to Transfer Euros to Pounds?

The best way to transfer euros to pounds depends on several factors, including how much you want to send and how quickly it needs to be received.

Atlantic Money offers the best EUR to GBP exchange rate of 0.8568200, giving you more pounds for your euros. 

However, it’s essential to calculate the total cost of your transfer rather than just compare exchange rates. 

Whilst Atlantic Money charges a £3.00 fixed transfer fee, TorFX offers free transfers, helping to keep costs to a minimum.

As a result, it would be more cost-effective to use TorFX for transfers of less than €1000. 

Providers like Revolut, TorFX, OFX, and Currencies Direct are best for larger transfers over €1,000,000 as they don’t have a maximum transfer limit, giving you greater flexibility.

In contrast, Remitly has tiered limits restricting how much euros you can transfer within 24-hour, 30-day and 180-day periods.

XE and Remitly are the fastest ways to transfer euros to pounds, with the recipient receiving funds in just minutes. 

Although Atlantic’s standard transfer speed is around three working days, you can choose express processing for instant access for an additional fee of 0.1% of the total transfer amount.

How to Transfer Euros to Pounds

There are two main ways to transfer euros to pounds: using an online money transfer service or a traditional bank transfer.

How to Transfer Euros to Pounds Using an Online Money Transfer Service

To transfer euros to pounds using specialist online money transfer services like TorFX and Wise:

1. Sign up for an account with your chosen currency exchange service online or through their website or mobile app. It should only take a few minutes to create your account.
2. Input the amount of euros you wish to transfer and select GBP as the desired currency.
3. Confirm the exchange rate and any applicable fees.
4. Provide the recipient’s pound-denominated account details.
5. Review and confirm the transfer details.
6. Once confirmed, initiate the transfer, and the service will convert your euros to pounds and deposit them into the recipient’s account.

How to Transfer Euros to Pounds Using a Bank Transfer

To transfer euros to pounds using a traditional bank transfer:

1. Log in to your online banking account or visit your bank’s branch.
2. Select the option to transfer funds.
3. Choose your euro account as the sender and enter your or the recipient’s pound-denominated account details.
4. Enter the amount of euros you want to transfer and confirm the exchange rate and fees.
5. Review and confirm the transfer details.
6. Once confirmed, the bank will initiate the transfer, and the funds will be converted to pounds and deposited into your pound-denominated account.

What Information Do You Need to Transfer Euros to Pounds?

You typically need the following information to transfer euros to pounds:

• Recipient’s Account Details: This may include the recipient’s full legal name, bank name and address, bank account number, 6-digit sort code, 22-character IBAN code and 8-11-character SWIFT/BIC code.
• Sender’s Account Details: If you’re using a bank transfer or money transfer service, you must provide information about your account, including your name and account number.
• Purpose of Transfer: Some services may require you to specify the reason for the transfer, such as personal or business-related.
• Preferred Transfer Method: Whether using a bank transfer, online money transfer service, or another method, you must indicate how you want the transfer processed.
• Identification: Depending on your provider, you may need to provide valid government-issued ID documents like a passport or driver’s license and proof of your address like a utility bill. 

It’s essential to check with your bank or money transfer service provider to confirm the specific documentation required for your transfer. Providing accurate and complete documentation ensures a smooth and secure transfer of funds from euros to pounds.

How Much Does it Cost to Convert Euros to British Pounds?

You might encounter several types of fees when converting euros to British pounds.

Transfer Fees

Your service provider may charge transfer fees for transferring the funds from your euro account to your pound account. 

This fee covers the transfer processing cost and can vary depending on the provider and the method used. For example, transferring funds via SWIFT transfer may incur higher fees than using an online money transfer service.

Online money transfer services like Atlantic and Currencies Direct charge between £0 to £10 per transfer, whilst banks charge between £5 to £30.

Exchange Rate Markup

When you convert euros to pounds, the exchange rate provided by banks or currency exchange services may include a markup, also known as a spread. 

This markup means that the rate you offer is slightly lower than the real-time market rate, resulting in receiving slightly fewer pounds for your euros.

Exchange rate markups for online money transfer services can range from 0.5% to 2% above the real-time market rate, with banks having a slightly higher markup of 1% to 3%.

Transaction Fees

Many banks and currency exchange services charge a transaction fee for converting euros to pounds. 

This fee can be a flat amount or a percentage of the total transfer amount. For example, a bank may charge £5 for each currency conversion, or a service may charge 1% of the transfer amount as a fee.

Generally, online money transfer services have a transaction fee of between 0.5% and 2%, whilst bank transfer transaction fees range from £5 to £20 per currency conversion. 

Hidden Fees

Some currency exchange services or banks may have hidden fees not explicitly stated upfront. 

These could include intermediary bank fees, additional charges for express transfers, or fees for using specific payment methods such as credit cards. 

Intermediary bank fees vary depending on the transfer route, usually costing around £10 to £50 per bank involved.

Similarly, express transfer options offered by online money transfer services range between £5 to £0 per transfer, whilst banks charge £10 to £50 per transfer, depending on the urgency.

How Long Does it Take to Transfer Euros to Pounds?

Online money transfer services like Remitly and Atlantic can offer fast euro-to-pound transfers, often within minutes to 2 working days for standard transfers.

In contrast, bank transfers take significantly longer, with international transfers ranging from 3 to 5+ business days.

Several factors can influence the transfer speed when converting euros to pounds:

1. Payment Method: Transfers funded via bank transfer may take longer than those funded using debit or credit cards, as bank transfers often require additional processing time.
2. Provider’s Processing Time: Depending on their systems and procedures, some providers may process transfers more quickly than others.
3. Transfer Method: Transfers initiated online or through mobile apps may be processed more quickly than transfers undertaken in person at a bank branch.
4. Time of Initiation: Transfers initiated during business hours or on banking days may process quicker than transfers initiated on weekends or public holidays when banks may be closed or have limited processing hours.
5. Security Checks: These verification checks are designed to prevent fraud and ensure the security of the transaction but may result in longer transfer times.

Is it a Good Time to Exchange Euros for Pounds?

It’s difficult to definitively answer whether it’s a good time to exchange euros for pounds as conditions can change, second to second.

Factors like the Ukraine War, government policies and high inflation all play a role in the strength of the euro-to-pound exchange rate.

If you want to exchange euros for pounds, keeping a close eye on exchange rate trends and monitoring fluctuations over time to identify patterns is a good idea. 

The average exchange rate for EUR to GBP in 2023 was 0.8703, ranging from 0.8969 in February to 0.8514 in July. 

2023’s average exchange rate was higher than that in 2021 (0.8599) and 2022 (0.8528) but still lower than the average rate of 0.8897 in 2020.

Although the GBP-EUR exchange rate reached a 5-month high in February 2024, financial experts remain divided on whether this growth will be maintained until the end of the year.

How Can I Find the Best Euro to Pound Exchange Rate?

Finding the best euro-to-pound exchange rate involves comparing rates offered by different currency exchange services or banks. 

1. Research: Look at various transfer services that offer euro-to-pound conversion, including online platforms, mobile apps, and local banks that provide currency exchange services.
2. Compare Rates: This can typically be done by visiting their websites or contacting them directly. However, be mindful that euro-to-pound exchange rates can be updated every 2 to 3 seconds.
3. Consider Fees: Some providers may offer competitive exchange rates but charge higher fees, while others may have lower costs but less favourable rates.
4. Check for Promotions: Special Offers could include fee-free transfers or bonus exchange rates for larger amounts. Remitly often has discounted fees and enhanced exchange rates for new customers. 
5. Look for Exchange Rate Guarantees: Some currency exchange services offer exchange rate guarantees, which lock in a specific rate for a certain period, regardless of market fluctuations. This guarantee can be beneficial if you want certainty about the exchange rate you’ll receive.
6. Read Reviews: Before deciding, check testimonials from other customers to gauge the reliability and trustworthiness of the currency exchange service or bank. Look for feedback on exchange rates, fees, and customer service.
7. Monitor Exchange Rate Trends: If you don’t need to make an urgent transfer, you can track the exchange rate trends over time to identify patterns and fluctuations. This can help you time your currency exchange to get the most favourable rate. Most online money transfer services enable you to set up alerts, notifying you when euro-to-pound exchange rates increase. 
8. Consider Forward Contracts: If you know you will need to transfer euros for pounds in the future, consider using a forward contract offered by some services. This contract allows you to lock in a favourable exchange rate now for a future transaction, protecting you from potential fluctuations in the exchange rate.

Frequently Asked Questions