Need to transfer euros to pounds?

Sharp fluctuations in the EUR/GBP exchange rate have been triggered in recent times by major events such as Brexit, the war in Ukraine and the cost-of-living crisis. These have prompted many people to move their money and transfer their euros to a UK bank account (or vice versa).

When the euro is weaker against the pound, it can mean steeper costs for those who need to find the best way to change euros to pounds in large sums. Therefore, it is important to avoid unnecessary extra costs often associated with international transfers, and to find the best available exchange rate.

There are many reasons that you may wish to pay euros into a UK bank account, such as property maintenance, pension payments or helping out with school fees. If you’re looking to transfer euros into pounds, here’s what you need to know. 

How to transfer euros to pounds

Often the best way to change euros to pounds is by using an online international money transfer service – for both efficiency and cost.

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. Log in or sign up for an account
2. Select the currency
3. Enter the amount you want
4. You can make your payment.

You can also set up regular payments, track their progress and monitor live exchange rates. Alternatively, you can make a transfer over the phone too. 

You can access just such a service via the Telegraph Media Group International Money Transfer Service, provided by Moneycorp. This service offers competitive rates and no transfer fees on 120+ currencies, plus tailored guidance every step of the way.

Is it a good time to exchange euros to pounds? 

In short, it is almost impossible to say definitively when is the best time to exchange any currency, as the FX markets are unpredictable by nature and can fluctuate at any moment.

In 2022, the average EUR/GBP exchange rate was 1 EUR to 0.85 GBP. Although this is on par with many previous years, it doesn’t reflect the sharp fluctuations we have seen over the past 12 months. 

After the Russia-Ukraine conflict began in February 2022, the euro struggled against a basket of major currencies. Against the pound, there were some significant fluctuations as the conflict continued to apply major pressure to supply chains and led to soaring energy prices, and the euro hit a low of 1 EUR to only 0.82 GBP in March, a month after the war began.

The pound had its own woes later in the year when the UK’s unstable political situation played havoc on its value. There was an annual high for the euro when former Prime Minister Liz Truss announced controversial tax cuts in September that pushed its value above 0.92 GBP. However, it has since braced as the Government has stabilised, restoring market confidence. It is possible that the pound will continue to strengthen in the coming months, as a number of other key influences affecting the euro are still at play.

Ultimately, the best time to transfer euros to pounds will differ depending on your needs and situation. Luckily, international money transfer specialists can potentially help you save money on overseas transfers. Instead of monitoring exchange rates yourself, there are a number of tools offered by expert providers that can help you, so that you exchange your euros at a time and rate that suits you. 

^{Last updated: 4 Jan 2023}

Finding the best euro-to-pound exchange rate

In addition to market fluctuations, exchange rates can also vary considerably depending on who you use to make your international money transfer.

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 transfer euros to pounds could often be to look further afield than UK high-street banks.

A foreign exchange service specialises in finding the best currency exchange rates available for you. This is largely because, as specialists, they trade in large quantities every day, and are therefore able to work to smaller margins for their customers, meaning they are best placed to offer you a more competitive rate than many non-specialist providers.

If you deposit euros in your UK bank account, when the payment is received, it will be converted to the currency of the account. Note that the exchange rate that your bank uses is unlikely to be competitive, so this can be an expensive way to receive money from abroad.

How long does it take to transfer euros to pounds?

When sending funds overseas, time is money, which is why Moneycorp’s international transfers are quick and easy. They take typically two to three business days for standard transfer to be completed, with express payments able to arrive on the same day.

Transfer euros to pounds today

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 get more for your money. 

• Open an account today  to find competitive EUR – GBP exchange rates, plus no transfer fees via Telegraph Media Group International Money Transfers

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The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.

moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.

*Information correct at date of publication

**Data sourced from Bloomberg