Author, Andrew Gibson
Last Updated on August 5th, 2024
If you need to transfer Pounds to Euros and send them to a bank account in Europe, you can use a bank or money transfer company – but the cost can vary a lot.
I’ll let you know how it works, what you need, and the best ways to avoid high charges.
How to transfer Pounds to Euros (in 4 simple steps)
Step 1: Register as a client
If you’re not an existing company already, you need to register before you can send money abroad.
Registration is essentially a basic ID check. This is legally required due to global anti-money laundering rules.
Most of the time, the registration process is quick and painless.
A cross-check against your name, address, and passport number is usually enough to identify someone.
Step 2: Lock in your GBP/EUR exchange rate
After you’ve registered, you are in a position to secure an exchange rate.
Deciding when to exchange your money is often the most important decision to make.
You can read our latest views on the Pound to Euro outlook here.
Or, use our Pound to Euro converter, for an up to date view on the current GBP to EUR rate.
The Pound to Euro rate is often abbreviated to GBP/EUR.
Exchange rates fluctuate every few seconds – which can be daunting. Our historical overview of the GBP to Euro rate showcases this!
At any time you like, you can request a live quote for the Pound to Euro exchange rate from your bank or money transfer company.
Don’t worry – nothing will happen without your consent.
You can always wait for another time if you don’t like the quote or the time isn’t right.
If you go ahead, your exchange rate will be secured, and you will be emailed a confirmation with all the details of your money transfer.
Step 3: Send in your Pounds
Before any Euros are sent out, you need to send in your Pounds to your bank or money transfer company.
You can do this using a normal domestic bank transfer.
Your money will be going to a UK bank account, so it’s just like paying a bill online.
The confirmation email you were sent, will have the details of where to transfer your Pounds.
Step 4: Your Pounds are converted to Euros
Once your money is received, your bank or money transfer company will convert your Pounds into Euros at the rate agreed and send the Euros to the bank account you’ve requested.
That’s it.
To make a no-obligation enquiry, please request a quote below.
How long does it take to transfer Pounds to Euro?
As a general rule, allow 1-2 working days for your Euros to arrive at the destination bank account.
Some money transfers can go through on the same day.
Most are completed on the next working day.
If your money arrives at your bank or money transfer specialist in the afternoon, usually after 2 pm, it is considered the next working day.
Banks and money transfer companies use the same SWIFT payment system behind the scenes.
The main point is that SWIFT is a secure and standard way to send money overseas.
Click here to read our article fully explaining SWIFT.
While banks and money transfer specialists used SWIFT, you may still find some companies slower than others at processing payments.
For example, we’ve found some banks and larger platforms will batch-process customer payments only at certain times of the day. This can slow down your payment.
Information you will need to transfer money into Euros:
To transfer Pounds to a European bank account, you will need to have the following details of the beneficiary (the person receiving the money):
- Account name
- Bank name
- Bank Swift/BIC code
- Bank account number
The SWIFT/BIC code identifies not only the bank but also the branch location.
You can get all this information by looking at a bank statement, asking in a branch, or logging into your account online.
For peace of mind, a money transfer specialist can put everything together for you before you transfer money to Europe.
What are your Pounds into Euro transfer options?
To transfer Pounds to Euro, you have a basic choice:
- use a bank; or
- use a money transfer company.
For the sake of clarity, sometimes money transfer companies are also called currency brokers, foreign exchange brokers, or international payment specialists.
It’s all different jargon describing the same thing.
A money transfer company moves money from one country to another.
The main difference between banks and money transfer companies is usually the cost.
Banks can charge up to 4%-5% of your money to transfer Pounds to Euros.
On a transfer of say £50,000, that means it could cost you up to £2,500 in costs.
So it’s worth looking at alternatives.
With lower overheads than the big banks, money transfer companies can be a cheaper option.
What’s more, some companies will help you through the process.
As money transfer companies are focused on international transfers, the process is more efficient and easier for the customer.
Some providers, such as ourselves, can even provide you with personal guidance on getting the best Euro exchange rates for you.
The two costs of money transfers into Euros explained
The cost of a money transfer comes down to two common charges:
- Transfer Fees
- Exchange Rates
Transfer Fees
A transfer fee is a flat fee charged for every international transfer.
They are not compulsory.
Most banks and some money transfer companies charge you a transfer fee every time you send money.
Some providers charge no fees at all.
While some of the banks have the cheek to charge you twice (a fee for both the sending and receiving bank).
Here are the fees the big UK banks charge:
- Barclays: £25 (standard) or £40 (priority) if you use a branch and the recipient is also charged £6.
- Lloyds: £9.50 whether online or in a branch and the recipient is also charged £12.
- Natwest: £15 if under £5,000 or 0.3% (max £40) if over £5,000.
- Santander: £25 flat fee.
As you can see, each bank has its fee schedule.
Transfer fees can add up quickly if you need to make regular overseas payments.
Another point to note is that most of the big banks impose their daily limits for international transfers.
It is usually in the region of £50,000 – £100,000.
If you need to send more than the daily limit, it means you will have to make multiple transfers – which will take more time and trigger more fees.
Exchange Rates
There is no such thing as standard exchange rates.
Each bank and money transfer company will set their exchange rates.
Like transfer fees, these can vary considerably.
Our research found that the exchange rates offered by the UK’s big banks were uncompetitive.
The exchange rate margin at HSBC, Lloyds, Barclays, and Natwest, ranged between 3.0% and 5.4% (depending on the amount transferred).
Can you do better?
Yes – in my experience.
Because the exchange rate varies based on the amount you send, you are best requesting a quote from a bank or money transfer company and comparing the difference.
For larger money transfers, the exchange rate is the more important cost.
To make a no-obligation enquiry, please request a quote below.
Are all money transfer companies the same?
There is one fundamental difference between money transfer companies that is not apparent at first glance.
A lot of money transfer companies are just online systems or ‘apps’.
PayPal, Transferwise, CurrencyFair, and Revolut, are some of the more popular online-only systems – to name but a few.
You’re given a login and password, and then it’s over to you.
They suit some people, but not everyone.
If you are sending small, regular amounts, you might be more comfortable using an online platform.
But it can be daunting sending a large amount of your money overseas.
For larger money transfers, I’ve found people usually want to be able to speak to someone.
It could be you’re concerned about security.
Or do you want someone to check over your payment details?
You might want to discuss whether it’s a good time or a bad time to exchange your money.
And it’s also reassuring to get a call when your money has been sent.
All these things matter.
It’s why a money transfer service may be a better option for transferring larger sums.
Is it safe to use a money transfer company?
If you’ve never used a money transfer company before, it’s worth understanding the rules around client money.
As long as you deal with a company that is Authorised by the Financial Conduct Authority (FCA), it will segregate client money in a safeguarded bank account.
What that means in plain English is your money is kept separate from any company’s funds in a separate client bank account.
So before you choose a money transfer company, I would urge you to do is to make sure they are Authorised by the FCA.
To check whether a firm is authorised, you can search for a company name on the FCA register.
Quick Summary:
- To transfer Pounds to Euros, you can use a bank or money transfer company.
- It typically takes 1-2 working days.
- Banks typically charge more than a money transfer specialist.
- Some money transfer companies are online-only systems, while others will guide exchange rates.
- For peace of mind, use a money transfer company that is Authorised by the FCA.
We offer highly competitive exchange rates and charge absolutely zero fees.
Unlike banks and online-only systems, we don’t make you do everything yourself.
Your account manager (yes – a real person) can offer guidance on rates and keep you informed at all stages of your transfer.
As a company, we are open and transparent.
The names, faces, and backgrounds of all our expert team of people are shown on our website.
We don’t hide behind apps, webchats or call centres.
Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989), and as such, all money transfers are conducted through safeguarded client accounts.
We have a 5-star customer rating on the review website Trustpilot by providing value for money and consistently great service.
To make a no-obligation enquiry, please request a quote below.
