Where to Get the Best Sterling to Euro Exchange Rate
Do 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.
Banks usually have the worst exchange rates.
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 will cost you €1000 on a €200,000 exchange!
Why let the banks have it? Always check for the Best Sterling to Euro Exchange Rates.
You can check the latest Sterling to Euro Exchange Rate Today.
With the currency specialists listed below – you are able to lock in an exchange rate for up to 12 months in advance. This allows you to take advantage of a fall in the value of a currency and place a future order at today’s rates.
By locking in a rate you remove the worry of any future negative currency fluctuations. This could prove very useful with the ongoing uncertainties caused by the Covid crisis and Brexit talks.
Currency transfers can be required for many reasons.
Maybe you are thinking of buying a property in Ireland? Or you might be in Ireland and planning on buying property overseas.?
Perhaps you are importing a car, transferring a pension lump sum or moving savings into another currency?
Maybe you run a business that does a lot of trade in different currencies ?.
Whatever your reason, when carrying out international transfers of large amounts of money you should first check 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.
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.
Alternatively, you can visit the Currency Solutions website here for a free no-obligation quote and they will call you back.
Once registered, you can 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 using your Visa or Mastercard debit card up to a value of £5000 .
Fexco is based in Ireland and was set up in 1981 in County Kerry. They have operations in 29 countries worldwide and employ over 2,300 people. Fexco is authorised as a payment services provider by the Central Bank of Ireland.
In the UK , Fexco is regulated by the Financial Conduct Authority for the conduct of payment business. Fexco normally deals in amounts larger than €5000 and you can get a quick online quote at the Fexco Website
Currency Fair : are based in Ireland and regulated by the Central Bank of Ireland. Everything is carried out online with Currency Fair. If you want the personal touch or some guidance – these may not be for you. You won’t be able to arrange transfers in the future – but if you want to exchange a lump sum straight away then this is a good option.
You can use a bank transfer to send money to CurrencyFair for free. There is the option to use an EU debit card with a 0.25% extra fee.
Once you have deposited 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 at Currency Fair are typically about 0.4% above the interbank rate. Their 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
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 regulated by the UK Financial Conduct Authority. You can arrange one-off international money transfers over £5000 with FairFx online or over the telephone.
FairFx will also enable you to set up regular transfers such as salary, pension or rental payments. To get more information you can call FairFx on their Irish number (01 5665546 ) or on their UK number (0044) 207 858 2001.
Transfermate is a Dublin based foreign exchange company that helps businesses and individuals send and receive international payments. In Ireland, Transfermate is regulated by the Central Bank of Ireland. In the UK they are registered with UK HMRC.
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 the Transfermate website or over the phone 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 can take advantage of 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 selling up in Ireland and buying a property abroad. If the Euro was to suddenly weaken – then the proceeds from your house sale could 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 money on exchange rates and charges. You are probably already aware that your profit margins can be severely cut by exchange rate fluctuations. However – 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
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 found in several surveys that No1 Currency gave the best deal on buying Sterling in Ireland. (They also 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