Here’s how to find the best exchange rate when sending money from the UK to countries that trade in the euro.
Whether you’re doing business across Europe or transferring money to family members back home, make your money go further with a strong exchange from British pounds to euros.
Today’s mid-market rate
The mid-market pound-to-euro exchange rate is 1 GBP = 1.17 EUR. (Rate accurate as of February 16, 2017.)
Get the best rate for your GBP > USD exchange
We’ve gathered today’s best rates to inform your foreign exchange decisions when transferring money from the UK to countries that use the euro.
|1 USD =||1.0000||1.3668 Inverse: 0.7316||1.3060 Inverse: 0.7657||0.873325 Inverse: 1.1450||6.8746 Inverse: 0.1455||0.78419 Inverse: 1.2752||69.795 Inverse: 0.0143||18.8935 Inverse: 0.0529||53.294962 Inverse: 0.0188|
|1 AUD =||0.7316 Inverse: 1.3668||1.0000||0.9555 Inverse: 1.0466||0.6390 Inverse: 1.5651||5.0297 Inverse: 0.1988||0.5737 Inverse: 1.7429||51.0645 Inverse: 0.0196||13.8232 Inverse: 0.0723||38.9925 Inverse: 0.0256|
|1 EUR =||1.1450 Inverse: 0.8733||1.5651 Inverse: 0.6390||1.4954 Inverse: 0.6687||1.0000||7.8717 Inverse: 0.1270||0.897936 Inverse: 1.1137||79.918702 Inverse: 0.0125||21.6340 Inverse: 0.0462||61.0253 Inverse: 0.0164|
|1 GBP =||1.2752 Inverse: 0.7842||1.7429 Inverse: 0.5737||1.6654 Inverse: 0.6005||1.1137 Inverse: 0.8979||8.7664 Inverse: 0.1141||1.0000||89.002665 Inverse: 0.0112||24.0930 Inverse: 0.0415||67.9618 Inverse: 0.0147|
How does the British pound trade against the euro historically?
In 1999, the euro was introduced to the world financial markets as a new “single currency” — a currency used by all members of an economic federation. The euro replaced the former European currency unit (ECU) at a ratio of 1:1 (1.1743 USD). Even though the UK is an EU member state, it chose not replace its currency — the British pound — with the euro.
In June 2003, UK Prime Minister Gordon Brown said that the UK would consider converting to the euro if the exchange rate reached around 73 pence to the euro. While the British pound reached this rate in December 2007, the UK’s currency remains the British pound.
Over the next few months, the euro strengthened, reaching 78 pence per euro by the end of October 2008. But this wasn’t the end of the pound’s decline — the global financial crisis of 2008 further affected the British economy through December 29, 2008, when the euro was valued at 97.855 pence. Throughout this time, British analysts advised adopting the euro as a good solution for Britain’s economic problems.
In 2009 and 2010, the value of the euro fluctuated against the pound at between 96.1 pence and 81.040 pence. The euro steadily declined between 2013 and 2015, which strengthened the pound and dropped the exchange rate to 70 pence per euro.
Did you know?
Pence sterling (GBX) is a subdivision of pounds sterling (GBP). While pounds are the official currency of the UK, pence are often used when trading stocks.
The effects of “Brexit” on currency exchange
Since Brexit — or Britain’s proposed exit from the European Union — in June 2016, the GBP has declined against several currencies. The day after the Brexit referendum, the euro rose from 76 pence to 82 pence per euro.
Since Brexit, the euro has strengthened to become the stronger currency, even though the British pound is historically superior. Experts predict that the British economy will remain shaky.
Compare today’s rates from providers who can send GPB to EUR
GBP > EUR exchange rate history
We’ve put together the annual average exchange rate for the British pound against the euro from 2007 to 2016.
|GBP = EUR||1.224833||1.377982||1.240494||1.177964||1.233263||1.152580||1.165737||1.122460||1.259467||1.461786|
Here’s the monthly average exchange rate for the British pound over the past 12 months.
|Month||GBP = USD|
What affects GBP > EUR exchange rates?
The five main factors that affect the British exchange rate are prices and inflation, monetary policy, public confidence and sentiment, economic growth and the balance of payments. In recent years, the main factor affecting the British economy and euro exchange rate is public confidence and sentiment, especially in light of the June 2016 Brexit referendum.
Reports after the Brexit vote showed a drop in consumer confidence among UK households and manufacturers. This drop represented the biggest decrease in consumer confidence in more than 26 years. The GBP > EUR exchange rate clearly reflected waning consumer confidence, decreasing from 1.2 pounds to the euro to 1.1 pounds after the Brexit vote.
Did you know?
The GBP/EUR currency pair is often referred to by forex traders as trading the “chunnel.”
When transferring money internationally, do your research to ensure that your money goes further in an exchange. With Brexit and other current events, the British economy is shaky. Yet you can still get a deal when converting your British pounds to euros.
What is the mid-market rate?
The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade among themselves.
Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.