You can transfer euros to pounds with PayPal, though it generally incurs higher fees and less favourable rates than a currency broker.
For smaller transfers below £5,000, PayPal’s convenience and instant processing often outweigh these costs.
However, for larger sums, a money transfer specialist offers more competitive rates and personalised guidance, ensuring you get the most value from your transfer.
Exploring Your Euro to Pound Transfer Options
So, can you transfer euros to pounds through PayPal? You sure can.
It’s a go to for lots of people, especially if you’re already using PayPal to pay for services or send a quick gift to friends.
Just enter the amount in euros, and PayPal converts it to pounds for the recipient. Quick and easy, right?
But here’s the thing: while PayPal does the job, it’s not always the best choice if you’re aiming for value, particularly for larger money transfers.
Here’s why: PayPal charges both a transfer fee and a markup on the exchange rate, which is usually a bit above the mid-market rate you’d find elsewhere.
If you’re sending a smaller amount, these costs might not seem like a big deal. But as the transfer amount goes up, so do those fees.
Many people are caught off guard when the recipient gets less than they expected due to these extra charges.
Alternatives to Consider: Wise for Smaller Transfers and Key Currency for Larger Ones
If you’re only transferring a small amount, Wise could be just what you need. Wise uses the real mid-market rate, the rate you’d see on Google, so you know you’re getting a fair deal.
Their fees are transparent and typically start around 0.41% for larger transfers, which is great when you want to keep costs low.
Most transfers land in a day or two, and their user-friendly platform makes it simple. It’s quick, straightforward, and perfect for routine transfers when all you need is a no-fuss solution.
But let’s say you’re moving a more significant sum, maybe helping family abroad, making an investment, or even buying property.
For these larger amounts, every bit counts, and this is where Key Currency can make a difference.
Key Currency’s rates often save clients up to 3% compared to standard banks, which can add up fast on big transfers.
Plus, you’ll work directly with a currency expert who offers guidance on timing, exchange rates, and anything else you need to know.
It’s like having a knowledgeable friend to guide you through the process, giving you added peace of mind.
Summary
While PayPal makes euro-to-pound transfers easy, its higher fees and marked-up rates mean it might not be the best value for bigger transactions.
For smaller amounts, Wise offers a straightforward, low-cost option.
For larger sums, Key Currency’s personalised support and competitive rates can help you make the most of your transfer.
Each option has its strengths, so finding the right fit ensures your money arrives exactly as you’d hoped.