Getting the Best Exchange Rates

Where to Get the Best Euro to Sterling Exchange Rates – :

If you need to transfer large amounts of money from one country to another –  you will usually get the best currency exchange rates from a specialist currency broker or an online currency exchange service.
See our list below for some examples.

The worst exchange rates are usually given by the main banks.

On paper, the actual exchange rate differences may look tiny  – just fractions of a cent. But   – a difference of just 0.5%  in the Euro to Sterling exchange rate could cost you €1000 on a €200,000 exchange! Why let the banks have it?
You can check the  latest Sterling Euro Exchange Rate news here.

With all the currency specialists listed below  –   you are able to lock in a favourable exchange rate for up to 12 months in advance  – and so remove the worry of any future currency fluctuations. ( Very useful with the ongoing fluctuations caused by the Covid crisis.) You can take advantage of a drop in value of a currency and place a future order at today’s rates.

Maybe you are thinking of buying property in Ireland?  Or you might be in Ireland and looking at buying property overseas.?
Maybe you are importing a car or just transferring a pension lump sum or some of your savings in another currency?
Maybe you run a business that does a lot of trade in different currencies ?.

Whatever the reason –  if you need to carry out international transfers of large amounts of money  – you should first check out the savings you can make by using a currency exchange specialist instead of just asking your bank to take care of it.

Some Recommended Currency Transfer Companies.

Currency Solutions is a UK based currency specialist firm that can carry out a wide range of currency transfers.

They are authorised by the UK Financial Conduct Authority.currency solutions
Customers can arrange transfers over the phone  – you can call them on their  Irish number 01 431 1344 or on their UK number 0044 (0)20 7740 0000.  Ask for the Money Guide Ireland contact – Ernie Enver. He should be able to give you a quick response to any queries.
Or you can visit the Currency Solutions website here for a free no-obligation quote and they will call you back.
If you prefer – once registered, you can also use their online platform for transfers of up to £20,000 for personal customers (£50,000 for business customers).  UK based customers can now pay in GBP for up to 38 currencies using your Visa or Mastercard debit card up to a value of £5000 a time.

Fexco  is based in Ireland with operations in 29 countries worldwidefexco .  Fexco was established in 1981 in County Kerry and now employs over 2,300 people. Fexco is authorised as a payment services provider by the Central Bank of Ireland and is also regulated by the Financial Conduct Authority for the conduct of payment business in the UK.   Fexco has dedicated dealers on hand to explain the options available to you and help reduce your exposure to fluctuating exchange rates. Fexco normally deals in amounts larger than €5000.  You can get a quick quote online at the Fexco Website

FairFx is a  London based foreign exchange specialist company and they also have an office in Dublin. FairFx has been operating since 2007 and is fully regulated by both the UK Financial Conduct Authority and the UK HMRC. You can arrange one-off international money transfers over £5000 with FairFx online or over the telephone.fairfx currency
FairFx will also enable you to set up regular transfers such as salary, pension or rental payments. Over the phone, you can get free personalised support when making large or regular payments.  You can sign-up to their daily report to get an email snapshot of the currency markets. To get more information you can call the FairFx team on their Irish number (01  5665546 ) or on their UK number (0044) 207 858 2001.

Currency Fair :    are based in Ireland and regulated by the Central Bank of Ireland.  Everything is done online with Currency Fair  – so if you want the personal touch or some guidance – these may not be ideal for you.

currency fair

You can use a bank transfer to send money to CurrencyFair for free. You can also use an EU debit card (0.25% extra fee) .

Once you have deposited the money with CurrencyFair you can convert it online and transfer money to banks in any one of 20 different currencies. ( Sterling, US Dollars, AU Dollars, Polish Zloty and many more.)
Exchange rates are typically about 0.4% above the interbank rate. Transfer fees are set at low fixed rates for each currency  – for example €3 for sending Euros and £2.50 for sending GBP.  There is no minimum transfer amount with Currency Fair.
They are currently offering the first Ten Transfers for Free 

Transfermate is a Dublin based foreign exchange company that help businesses and individuals to send and receive international payments.  Transfermate is regulated by the Central Bank of Ireland and is also registered with UK HMRC.

tranfermate currency exchange

Transfermate is also regulated across the USA, Canada, Europe and Australasia.  If you are resident of the USA, Australia or Canada and you want to send money to Ireland – then Transfermate is authorised to do it. Customers can set up an online account and then arrange currency transfers via their website or you can phone Transfermate on Dublin  01 6353776.

Read our  article about transferring money between Ireland and the USA

Hedging Your Bets

With most of the currency specialists listed above – (but not Currency Fair)   you will be able to use various “hedging tools” . These tools can protect you against unfavourable rate changes if you are planning a large transfer in the future. (For example on a property purchase or sale)  This could be very useful with the ongoing  GBP/EUR fluctuations caused by Brexit uncertainty.

For example – you might be living in Ireland and buying a property abroad. If the Euro was to suddenly weaken against the currency where you were buying –  then the proceeds from your house sale would be worth thousands less in Pounds or USD 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% to do this.

Currency Exchange for Business

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 quite a lot of money on exchange rates and charges. You will already be aware that your 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). More here about Currency Exchange for Businesses

euro to sterling exchange rate

Holiday Money (Cash)
If you are just going on 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 gives the best deal on buying Sterling in Ireland (and they deliver it to your home for free on orders over €750)

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