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How to get the best GBP to EUR exchange rate?
Getting the best GBP to EUR exchange rate can take a bit of work because it involves more than just checking a single number. The exchange rate is subject to constant fluctuations and the rate offered by different providers can vary significantly, as they often factor in their own fees and charges, making the whole process even more complex.
Here on MoneyTransfers.com, we give you tools designed specifically to help you navigate through this complexity. Our comparison tool is designed to streamline this process and help you compare the rates offered by the best money transfer companies and international money transfer apps, alongside their associated fees and transfer speed. We also offer tools to monitor exchange rate fluctuations, helping you to identify the optimal timing for your transactions.
This way, you're not just finding the best provider, but also making the most out of the prevailing market conditions.
To secure the best transfer rate, you should:
Understand how exchange rates work: Exchange rates are how much one country's currency is worth in another country's currency, and they fluctuate constantly due to factors such as economic indicators, geopolitical events, and market demand.
Keep an eye on the mid-market rate: The GBP-EUR exchange rate fluctuates by the minute, and major changes can happen without much notice as rates usually respond to real time events. Monitoring exchange rate fluctuations allows you to spot trends. This can help you send money between different countries] at the best rate. The current mid-market rate for GBP-EUR currency exchanges is 1.165846 .
Monitor exchange rates: Sign up for our rate alerts service and receive weekly, bi-weekly, or monthly email updates for your chosen currency directly to your inbox.
10 GBP converted to other currencies
What are currency exchange rates?
Currency exchange rates show how much it costs to buy EUR with GBP, and vice versa. This tells you the value of one country's currency compared to another.
What affects GBP to EUR exchange rates?
The cost of buying EUR with GBP is affected by a range of factors, including:
The individual currency values
The economic actions and behaviors of a country’s government or central bank
The levels of public or government debt
The level of inflation and interest rates, and the general state of the economy
Speculation and confidence in a country’s economy or government
As a result of so many influencing factors, you’ll find the exchange rate for GBP to EUR can change almost by the minute. The same is true for all currencies, though you’ll find certain currencies are much more stable than others.
For example, the pound sterling and the US dollar are both relatively safe compared to other currencies that are experiencing political or economic turmoil, such as Iran, Venezuela, and North Korea.
| GBP | EUR Price |
|---|---|
| 1 GBP | 1.17 |
| 5 GBP | 5.83 |
| 10 GBP | 11.66 |
| 20 GBP | 23.32 |
| 50 GBP | 58.29 |
| EUR | GBP Price |
|---|---|
| 1 EUR | 0.86 |
| 5 EUR | 4.29 |
| 10 EUR | 8.58 |
| 20 EUR | 17.15 |
| 50 EUR | 42.88 |
What is the mid-market rate?
The mid-market or interbank exchange rate is essentially the standard exchange rate for each currency, without any provider costs or rate markups added in. If you send money with a provider that offers the mid-market rate, this is likely the best rate possible for your transfer, as offering a better rate would mean the provider is making a loss on the transfer.
The mid-market rate is determined and agreed upon by global banks, and it’s calculated as the mid-point between the cost of buying and selling both GBP and EUR. Currently the mid-market rate for these currencies is 1.165846.
What is an exchange rate margin or markup?
Exchange rate markups are extra fees added by money transfer providers. They make money by charging this fee on top of the normal exchange rate.
Not all providers charge a margin - Wise and Atlantic Money both offer the true mid-market rate when you send money abroad.
How do I send GBP to another country?
You can send GBP from the UK to Europe using your bank account, debit card, credit card, or mobile wallet. Keep in mind that not all providers offer all these options, so you should always look for the one that best suits your needs.
Change the base currency
How do I receive EUR?
You can receive EUR in a few different ways, depending on what’s available with your chosen provider. Most providers allow deposits into bank accounts, while some also offer the option to pick up cash from a local agent.
Rarer options are deposits directly to a mobile wallet, topping up your mobile airtime, deposits onto a debit or credit card, or cash deliveries to your front door. Learn more about the best ways to receive money from abroad.
Compare GBP to EUR exchange rates
Find the best GBP-EUR exchange rates with MoneyTransfers.com.
Compare rates, fees and transfer speeds from the best-rated money transfer providers. Check out our in-depth reviews of the most popular remittance services and find out which one best suits your needs.