You’ll need the recipient’s full name and account details including their:
It’s the amount one currency is worth in relation to another, for example, how much sterling you can get for your euro.
If the euro (EUR) to pound sterling (GBP) exchange rate is 0.85, it costs £0.85 for 1 euro, so €50 would get you £42.47.
The exchange rate is one of the main things that determines how much it costs to transfer money to the UK.
On a large money transfer, for example a house purchase, a poor exchange rate could mean paying thousands more than you need to.
Other factors that affect the cost to transfer funds include:
When you’re ready to send money to the UK you can do it via:
Each has pros and cons and you’ll still have to shop around to find the right service for your needs.
If you decide to use a currency exchange service or app, here are some things to check out first:
If a transfer service doesn’t charge any fees, they may have hidden them within the exchange rate. Always compare the actual amount you’re getting for your euro to work out which deal is best.
Avoid transferring funds from a credit card as it’s usually charged as a cash advance, which is expensive.
This is where you pay a small fee to guarantee a rate for a future transfer, up to a year in advance.
Known as a forward contract, it can help you to plan your finances as you’ll know the total cost in advance, and it can’t change.
You may choose to do this if you’re planning a high value purchase in the future and the rate is either:
However, this is a gamble as market predictions may be wrong and you could get a better deal by waiting.
With Wise, formally TransferWise, you won’t be given a poor exchange rate to convert one currency into another as it crosses the border.
Instead, you can pay the amount you want to transfer into one of their Irish accounts and they’ll use a UK account to transfer funds directly to your UK recipient’s account.
This allows them to offer you the interbank rate and you only pay a small transparent fee that varies depending on the transfer amount and speed.
Register for free and receive money for free with a borderless Wise multi-currency account.
If you haven’t sorted out your travel money yet, our guide on how to spend abroad looks at whether it’s best to use cash or cards, and helps you get a better deal on currency.
The recipient’s bank may apply a charge to receive funds from abroad - meaning that the overall amount transferred will be reduced.
It depends how you do it and what time of the day it is. It can take up to four working days to send money from your bank, while some transfer companies offer same day transfers.
To get funds the same day, you’ll need to beat the cut off time for that day and you usually have to pay extra.
It’s the rate that banks use for trading foreign currencies with each other, and the mid point between the currency buy and sell open market rates.
A bank won’t offer you the same rate as the interbank rate, you’ll always get a much worse deal.
The interbank rate changes all the time but you can check the current euro to pound sterling rate.
Some companies add their fees into the exchange rate and others separate their fees. It’s rare to be offered the same rate you see on Google (the interbank rate) but some companies offer rates that are fairly close to it.
You should compare the amount of pounds you’ll get for your euro after any charges, to work out which is the cheapest service.
It only takes a few minutes to find a cheaper deal and start saving.