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.
The chart below shows how sterling has traded against the euro from a day out to a year, so you can see how much the pair has been moving before you send pounds to euros.
GBP to EUR rate = 1.19714869
This data uses the mid-market rate. For an exchange rate on your money transfer, please get a transfer quote.
For the longer view, the historic pound to euro page tracks how the pair has moved over the years.
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.
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.
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).
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.
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.
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.