Best Euro Sterling Exchange Rates

Getting the Best Euro Sterling Exchange Rates – :

If you need  to transfer  large amounts of currency – you will usually get the best exchange rate from a specialist currency broker or an online currency exchange service. The worst exchange rates are usually given by the high street banks.
On paper the actual exchange rate differences may look tiny  – just fractions of a cent. But  a difference of  just €0.005 in the Euro Sterling exchange rate could cost you €1000 on a €200,000 exchange! Why let the banks have it ?

Whatever the reason – if you need to transfer large amounts of  Euros to Sterling , Sterling to Euro,  – or if you want to exchange any other currency such as US Dollars , Australian Dollars  Brazilian Real etc. … you  should first check out the savings you can make by using a currency broker instead of  just asking your bank.

Maybe you are moving overseas or moving back home. Maybe you are buying or selling a holiday home abroad, importing a car or just transferring some of your savings into another currency. Maybe you run a business that does a lot of  trade in different currencies  – Euros, Sterling , Dollars.

Currency Exchange Companies


Transfermate is a Dublin based foreign exchange company that can help individuals and businesses to send and receive international payments.  Transfermate is based in Ireland and regulated by the Central Bank of Ireland, TransferMate is also registered with UK HM Customs & Excise as well as being regulated across the United States, Canada, Europe and Australasia. You can set up an online account and arrange currency transfers via their website or you can phone them in Dublin  01 6353776


Currency Solutions is an established UK based currency broker that can carry out a wide range of currency transfers. They are authorised by the UK Financial Conduct Authority . Currency Solutions are commission free and offer better exchange rates than the high street banks. They can exchange many different currencies – but you will need a bank account in each currency to transfer the money between .  They will also allow you to reserve the current exchange rate for a future exchange (with a 10% deposit). This could be vital in the current Brexit driven volatility of the value of Sterling against other major currencies.

You can visit the Currency Solutions  website here  for a free no obligation quote. You can also call them on  their  Irish number  01 431 1344 or on their UK number 0044 207 740 0000–  ask for the Money Guide Ireland  contact  – Ernie Enver. He should be able to give you a quick response to any queries.


With most currency brokers you are able to lock in an exchange rate  for up to 12 months in advance  – and remove the worry of any future currency fluctuations.

For example – you might be selling a house in Ireland – and planning a move abroad. If the  Euro was to suddenly weaken before you managed to sell your house – then the proceeds from the house sale could end up being worth tens of thousands less in Pounds or Australian Dollars etc. By reserving a guaranteed exchange,  rate up to 12 months ahead, you can prevent exchange rate fluctuations from wrecking  your plans. You will usually need to pay a deposit of around 10%.


Currency Exchange for Businesses
If you run a business in Ireland or the UK with regular large payments or invoices in different currencies  – then a currency exchange firm can save your business  a lot of money on exchange rates and charges. You will already be aware that profit margins can be severely cut by exchange rate fluctuations – but by fixing your exchange rates in advance you can get some certainty . (It’s called Hedging – the big companies do it all the time).

Transfermate  is based in Dublin and deal with plenty of  business clients.  It is fairly easy to set up an online account and arrange currency transfers via their website or you can phone them on  Dublin  01 6353776

Currency Solutions   specalise in regular or one off currency conversions for  businesses.  Most transactions can be done over the phone but they also have an online platform available .  Call them on  their  Irish number  01 431 1344 or on their UK number 0044 207 740 0000–  ask for the Money Guide Ireland  contact  – Ernie Enver.

 


Transferring Smaller Amounts :
If you need to transfer smaller amounts of money to a bank account abroad – in a different currency  – you can use online exchange services such as  CurrencyFair or  TransferWise

These  two companies are  examples of “peer to peer” exchange.  They cut out the banks and, for a small fee , allow you to get exchange rates that can be pretty close to the  interbank rates. These are good for sending smaller, regular payments to  family abroad or for smaller purchases in foreign currencies (cars etc). You can use a debit card or bank transfer to send the Euros and get it converted to any one of dozens of different currencies. Sterling, US Dollars AUS Dollars , Polish Zloty and many more. You will need a destination bank account for the converted currency to be paid to – but it does not have to be your own bank account.
(Note: – CurrencyFair use CHAPS to send GBP payments – and some banks in Northern Ireland will charge you to receive it – about £6 is normal.)
For security purposes you will usually need to provide some proof of ID before doing your first transfer on these websites.

 

best exchange rates


Holiday Money (Cash)
If you are just going on a business trip or holiday and want to get some foreign currency in cash before you travel   – you should read our article on Travel Money . We have found in several surveys that No1 Currency were giving the best deal on buying Sterling  (and they deliver it to your home for free on orders over €750)

If you use your debit or credit card whilst abroad for day to day spending there will be additional fees and charges when you spend outside the Eurozone – find out more in our article on  Card Charges outside the Eurozone

Also – see more here about ATM Charges Abroad

18 thoughts on “Best Euro Sterling Exchange Rates

  1. Hi, I would like to transfer approximately £23,000 to my Irish bank account. I am wondering what is the best way to do this and how safe is doing this transaction online? Thanks

    • In the article we have mentioned at least four companies that would do this transfer for you. Try one of them. If you are unsure about doing it online , your best bet might be Currency Solutions. Ring them on their Irish number 01 431 1344 or on their UK number 0044 207 740 0000- ask for the Money Guide Ireland contact – Ernie Enver. (Both numbers will get him)

  2. Thanks for your very informative blog!

    Are you aware of any exchange services with good rates and local branch in Dublin? I wish to exchange few grands of euro and collect money in person.

    Thanks

  3. if i have around 10,000 to change into sterling will there be a very big difference if i use the bank or currency solutions.
    thanks

    • Hi Bronwyn. , There will be a difference – you will get less going through your bank. The exact difference depends on the bank. (I assume you are not talking about cash?) Just call your bank and ask them how much you would get – make sure they include any transaction charges etc. Then ring Currency Solutions to see what you would get. Two phone calls that could save you somewhere in the region of €100 – possible more.

  4. Hi, my family are due to fly abroad In the coming weeks. Due to the current UK situation, the exchange rate is poor. Would my family be better transferring their sterling to my Irish bank account and I withdraw this in euro for them? Or will it end up costing them more?
    Thanks

    • Hi Karen
      Transferring sterling straight to your Euro account should be possible under SEPA – it will depend on the UK bank. ( The Sterling is converted to Euros ) Normally this type of transfer But the xchange rat ethey get will not be as good as they would get from a specialist currency exchange office. For small amounts under €1000 it may be best to use somewhere kike CurrencyFair or Transferwise .

  5. I want to pay for a trip to a UK company. I live in Ireland. I do have a UK bank account but is it better to pay the company directly & how? Thank you.

    • Hi Jennifer – If possible , it’s probably best to pay by credit or debit card if they accept it. That way you will have some protection if anything goes wrong with the booking or the company (you could claim a refund from the card company) The rate you get using the card will be fairly good – you may have to pay some estra charges – see here http://www.moneyguideireland.com/bank-debit-and-credit-card-charges-outside-the-eurozone.html
      If they don’t accept cards – maybe they are not a good company to be dealing with?

      • That amoount shouldn’t be a problem to pay by card . If you were to pay by bank transfer you might have trouble getting it back if there were any problems
        Do they not accept cards?

      • Paying by an Irish debit card will cost you less in charges than an Irish credit card on a purchase of that size.
        If you have a UK credit card that offers you more protection than an Irish card – so use that if your credit card allows it.

  6. I want to transfer 200000 from my AIB account in IRL to an FX trader in the UK.
    Can I do this online using SWIFT or a similar payment method?

    • A currency broker or FX trader should have a Euro bank account – so it should be straightforward to send the 200000 Euro to another Euro account from your AIB account. The currency broker / dealer will then do the conversion into Sterling etc. and pay it into your UK account (or whatever your currenct is).
      Have you contacted Currency Solutions – mentioned in teh article – they will explain things better.

      AIB probably have a limit for online transfers – so for an amount as big as 200,000 you will probably need to ring them or go into a branch.

  7. I will be going to the UK on July 25 until July 29. I have an Irish debit card and an US debit card. Which card would be the best one to use in the UK. Thank you.

    • The US debit card charges will depend on which bank issued it. Also – some US banks charge for usage in ATMs that are not their own. This can be as much as $5 dollars a time (it is with Bank of America unless you use a Barclays ATM in the UK). Bank of America charge 3% conversion charge on the dollar equivalent when usng an ATM outside the USA . Your bank might be different. You can compare this with the Irish bank charges here http://www.moneyguideireland.com/bank-debit-and-credit-card-charges-outside-the-eurozone.html

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