Perhaps you have been working abroad within the EU states and received income in Euros or you've recently sold a holiday home. You may have a completely different reason to transfer euros back into pounds. The process is extremely simple and easy once you understand the steps. We will also show you the secret tips to get the best possible deal when transferring euros to pounds.
Like I have explained in a previous article, its important that you choose the right currency specialist before making your decision. Choose a transparent currency specialist ensuring that there are no hidden fees when you come to transact. Make sure you do your homework before you select the company with whom you wish to transfer your euros to pounds. Always select a currency specialist where you can review their pricing via their website along side the live interbank price and have customer service available to guide you via phone.
1) Make a quick transfer online and secure a rate of exchange quickly (great for small transfers)
2) Make a guided transfer over the phone or if you would like dealer support (good for large transfers)
By this point you have made a decision on the right currency specialist. You can see clearly what you will be charged and have viewed a step by step process of how they will help you move your euros to pounds.
The registration process should be pretty straightforward and can usually be undertaken online. As long as you have your personal details, and your home address you will be asked for this to complete what is known as an ID check. This is part of the requirements by currency specialists as part of their compliance to protect everyone from the bad guys of this world and prevent money laundering.
You will then be asked to set up a password for your account and potentially any beneficiary information of the account where you would like the pounds sent to. If you don't have it at this stage, it can also be provided once the euro to pound exchange rate is booked.
When you are making a transfer of euros to pounds, you are effectively selling euros and buying pounds. Therefore you need to observe the euro (EUR) to pound (GBP) exchange rate. This is usually abbreviated as EUR/GBP or GBP/EUR which is the inverse.
If you use a bank, they will simply quote you a rate of exchange for euro to pound. You will then need to compare this against another online source to work out the live interbank exchange rate to see how much difference there is. Banks are always very expensive so they are the ones to avoid when making your transfer from euros to pounds.
If you use a transparent currency specialist, you will always be quoted the live interbank exchange rate. This can either be obtained directly by their online platform and remember the interbank euro to pound exchange rate changes constantly throughout the day. It is affected by a number of factors and it's a good idea that if you are making a large transfer of euros to pounds, then discuss this with your currency specialist in advance of your transfer.
Nothing will take place until you have confirmed to lock in the rate either via the online platform or via the broker over the phone.
Once confirmed, you will usually receive a contract confirmation via email. This is confirmation of the euros you are selling (the amount that you wish to transfer) and the amount of pounds you are buying net of any fees (this is the amount in pounds that you should expect to receive in your GBP bank account).
Now that your rate of exchange is booked you will need to send the euros to the nominated client account of the currency specialist. The information of their euro client account will usually be displayed on the contract confirmation sent to you.
Sit back and relax. The conversion will take place and the pounds will be sent to your GBP account that you have specified.
When you send euros from your euro bank account to the client account of the currency specialist, the process usually takes between 1 to 3 working days.
As soon as the funds clear and the conversion takes place, the pound settlement can usually take place on the same day of settlement via faster payments. Some providers use the BACS payment network to save cost which can usually take an extra working day to complete your transfer of euros to pounds.
In order to complete your transfer, you will need to provide the bank details of your GBP account where you would like the pounds to be sent. This would usually be the name of the account and the sort code and account number. If your GBP account is based outside the UK, it may be necessary to also provide your IBAN number.
you can either use a bank or a currency specialist. Although banks can be more convenient, currency specialists will always provide you with a cheaper solution and the best ones to ensure you are not getting charged any hidden fees and automatically are low cost are transparent currency specialists who give you the interbank exchange rate when you transfer euros to pounds.
Many currency specialists talk of the exchange rate shown on sites such as google, oanda and xe to name a few (also known as the interbank exchange rate) being fake as this is not the rate that customers receive.
The interbank exchange rate is something that you should always take a look at when you come to transact as this is the rate from which you are sometimes quoted from with an added mark-up from traditional currency specialists.
You should use a transparent currency supplier who uses the interbank euro to pound exchange rate without any hidden mark-up.
Firstly, banks can work out very expensive. On average, banks can work out to be as much as 4% more expensive when you need to use them for an international money transfer. When you use a transparent currency specialist, you will immediately be saving money.
The second major benefit of using a currency specialist other than a bank is down to efficiency and proactivity when it comes to transferring your euros to pounds. If you are changing a large sum of euros into pounds, then it helps to speak to a broker who can be your eyes and ears on the exchange rate movements. They can update you regularly as moves in the euro to pound exchange rate can sometimes be in excess of 1% per day. If you are transferring €100,000 into pounds, that can work out as much as €1000 at stake, so timing can help.
Yes, currency specialists are required to register with HMRC as a money service business. They are also required to hold a registration or authorisation with the Financial Conduct Authority. These are the two bodies that govern the international payments space. Think of them as the watchdogs of the industry. Authorised firms by the Financial Conduct Authority are required to safeguard client money so your client money is held separately and securely. Always do your homework and search the public registers of the FCA and HMRC before proceeding.
Exchange rates in recent years have become more and more volatile in recent years and even a 0.5% move in the exchange rate on a transfer of 200,000 euros into pounds can mean the difference of 1000 euros.
The movements in the exchange rate is dependent on a lot of factors which involve both economic and political events of the countries involved. A transparent currency transfer specialist will be your eyes and ears when you decide to make a transfer and can help to work with you so you obtain the best rate of exchange when you come to transact.
Always remember using a currency specialist that is online only, or a bank will not be able to offer you with guidance when you wish to make a transfer from euros to pounds. Most bank staff are too busy dealing with trying to sell other products and many are not even trained with understanding what influences the currency markets.
1) A combination of both online transfers and phone guidance. The Hybrid Currency Specialist
2) Provides transparent international money transfer service at the live interbank exchange rate at low cost.
Currency providers also provide a better rate with the more you transfer. Check with the currency specialist before placing your transfer so you get the best possible deal.
If you are looking to transfer euros to pounds, you want the euro to be strong so you receive the most amount of pounds for your euros. If the pound strengthens or the euro weakens before you conduct your international money transfer, then you will receive less pounds.
If you feel that the above might happen which will affect the amount of pounds that you will receive then you can always lock in a forward exchange rate. This enables you to fix an exchange rate to settle at a date in the future. Therefore knowing the exact amount of pounds you will receive.
If you need to transfer euros to pounds you can use a bank or a currency specialist. A bank will work out more expensive, and using the right currency specialist can save you money on your international money transfer especially when they offer a transparent service and without any hidden fees.
The Currency Club is the UKs leading transparent foreign exchange specialist.
We offer a hybrid of both online quick international transfers with direct lines to our currency brokers who act as your eyes and ears in the currency market.
You will be provided with a dedicated account manager that will help you with your international transfer.
We have 5* ratings for our service on TrustPilot, Review Centre and Google Reviews.
Finally, our promise comes with transparent pricing with all international money transfers and travel money offered at our best exchange rate with no hidden fees.
We are so confident with our exchange rates that if you find a cheaper overall option, then we will beat it.
If you would like some more information on our services,click here to start sending money abroad. You can call us on 020 7723 7000