Best Euro Sterling Exchange Rates

Getting the Best Euro Sterling Exchange Rates – :

If you need  to exchange or transfer  larger 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 from the high street banks.

Whatever the reason – if you need to transfer large amounts of  Euros to Sterling , Sterling to Euro,  – or you want to exchange any 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  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.

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 ?

Currency Solutions is an established  UK based  currency broker that can carry out a wide range of currency conversion  for you – (Amounts over £3000 GBP usually).
They are commission free and offer better exchange rates than the high street banks. They can exchange all types of currencies – but you will need a bank account in each currency to transfer the money between .  They 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.

Transfermate is another recommended foreign exchange specialist that can help individuals and businesses to send and receive international payments. 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 phone them in Dublin  01 6353776

With most currency brokers you can even  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 be 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 broker can save your business  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 – most big companies do it all the time).

Transfermate  is based in Dublin and deal with 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.  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 are 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 money 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.)

Peer to peer currency exchange works by matching up people who want to exchange currencies.  For example – Joe in Ireland might want to send €1000 to his son who is a student in the UK .  While Frank , working in the UK wants to transfer Sterling to the value of  €1000  back to his family in Ireland. An automated match is made behind the scenes at an agreed exchange rate by these “peer-to-peer “exchange companies and they handle the transfer payments for a small fee .
For security purposes you will usually need to provide some proof of ID before doing your first transfer on these websites.


Holiday Money
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 found that No1 Currency were giving the best deal on buying Sterling in our latest survey – 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 ther 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

19 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 is done online and will be free and the exchange rate should be better than they would get in a specialist currency exchange office. Your bank in Ireland will be the one that sets the exchange rate – it will be applied on the day the money arrives so you won’t know exactly what it will be THey should check with their bank if they can do a SEPA transfer.

  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

  8. I live in Ireland I go to England very offen. Is there a card out there I can get to save in .for going over to my family in England all the time .love from Dublin I have a A .I. B.card I don’t now it that a good rate /or do I pay more than I think .help

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