Need to exchange euros into pounds? Find out how to pay euros into a UK bank account with speed and ease
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Sharp fluctuations in the EUR to GBP exchange rate have recently been triggered by major events such as Britain’s exit from the EU, the cost-of-living crisis, and global conflicts. These have prompted many people to move their money and transfer euros to pounds in a UK bank account.
There are many reasons that you may wish to pay euros into a UK bank account, including moving back to the UK, making pension payments or helping with school fees. But when the euro is weak against the pound, it can mean steeper costs especially when you need to exchange euros into pounds in large sums.
In this case, and where the currency market is volatile, it is important to avoid unnecessary additional costs often associated with international money transfer services, and to find the best available exchange rate. If you’re looking to exchange euros into pounds, here’s what you need to know.
While you can use your usual high-street bank, often the best way to change euros to pounds is by using an online international money transfer service – for both ease, efficiency, and value.
With most of these services, you can simply set up an online account to change euros for pounds at the touch of a button. Simply:
1. Sign up for an account
2. Select the relevant currencies
3. Enter the amount you want
4. Make your payment.
With a good service, you can also set up regular payments, track their progress and monitor exchange rates in real time. Alternatively, you may prefer to make your transfers over the phone.
You can access exactly this kind of service via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp. The service offers competitive rates and no transfer fees on well over 100 currencies, plus tailored guidance from currency experts every step of the way.
There are currently 20 countries which use the euro as their primary currency. Many of these are popular places that Brits need to send or receive money to or from – whether they are buying a property, working in Europe, or have family there.
Spain was the most popular money transfer destination in Europe for customers of the Telegraph Media Group International Money Transfer Service last year.
It is almost impossible to say definitively when is the best time to exchange any currency. The exchange markets are unpredictable by nature and can fluctuate at any moment. It’s important to bear in mind that it is impossible to accurately predict the currency markets.
According to the European Central Bank (ECB), in 2024, the average EUR/GBP exchange rate was 1 EUR to 0.85 GBP, down 2 points since 2023. Although this is on par with many previous years, it doesn’t reflect some of the sharp fluctuations we have seen recently. For example, the outbreak of the war in Ukraine caused some big drops for the euro, whereas tax cuts by former UK Prime Minister Liz Truss pushed its value above 0.92 GBP in 2022.
Over the past two years, interest rates and inflation have been important factors in the foreign exchange markets. More recently, interest rates set by the Bank of England have been falling and such changes will impact currency values. Picking the best time to transfer euros to pounds will depend on your needs and situation.
Specialists at international money transfer services can help you find the best current rate for your circumstances. Instead of having to monitor exchange rates yourself, there are several tools offered by expert providers that can help make things easier for you, so that you exchange your euros at your preferred time and an agreed rate.
In addition to market fluctuations, exchange rates can also vary considerably depending on which international money transfer services you use.
Never just go for the first provider you find without checking how their rates compare with the competition. Many people want to know which bank has the best currency exchange rate, but the cheapest way to exchange euros to pounds could often be to look further afield than UK high-street banks. Euro to pound transfer fees charged by banks can often undermine an otherwise reasonable exchange rate.
International money transfer services specialise in finding the best currency exchange rates available for you. This is chiefly because, as specialists, they trade in large quantities every day and are therefore able to work to smaller margins for their customers. Consequently, they are well placed to offer you a more competitive rate than many non-specialist providers.
They can also offer euro to pound exchange rate tools which might help you get a better deal. These include:
A currency forward contract*: this will guarantee a set exchange rate for up to two years, to help you protect your budgeting from drops in the rate.
A market order: if you’re flexible about the timing of your transfer, a market order automatically triggers the transfer when your preferred rate is reached. This saves you from monitoring the markets.
When sending your funds overseas, time is money, which is why Moneycorp’s international money transfer services make things quick and easy. They typically take 2-3 business days for a standard transfer to be completed, whilst express payments can be delivered the same day.
Via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp, you can get access to expert guidance on the currency market, competitive exchange rates, and a range of specialist tools for making international payments over the phone, online and via the app. In addition, there are no transfer fees, helping you manage your costs when exchanging funds.
You may be able to change euros to pounds at locations close to you such as a bank, post office, or physical currency exchange. However, you don’t even need to leave the comfort of your own home if you use international money transfer services provided by Moneycorp. Simply set up an account and follow the prompts online.
How many euros you get for your pound and vice versa will fluctuate throughout each and every day. You can monitor exchange live rates on Moneycorp’s website. However, you may choose to fix an exchange rate using a forward contract to lock in an exchange rate for up to two years, so you have more certainty over your finances.
This will depend on what you’re paying for, where the transaction is taking place, and the payment provider or bank you use. For instance, you may find that a competitive exchange rate is offered for a transaction, but this doesn’t take into account any transaction fees that you may incur. To avoid the uncertainty of this, a specialist at an international money transfer service can assist you in informing your decisions when it comes to choosing between paying in euros or pounds.
Open an account today to find competitive EUR – GBP exchange rates, plus no transfer fees via Telegraph Media Group International Money Transfers
Read more:
How to transfer money to Spain from UK
The best way to transfer money from the UK to the USA
How to send money to Australia?
How to send money to New Zealand?
*Forward contracts may require a deposit.
Be aware of currency risk.
None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited, which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval 13/02/2025.
The above article was created for Telegraph Media Group Financial Solutions, a member of The Telegraph Media Group. For more information please click here
Information correct at date of publication.
How to transfer euros to pounds safely in 2025 – The Telegraph
