Best GBP > EUR rates as of Oct 15, 2018 | finder.com
Best GBP > EUR exchange rates

Best GBP > EUR exchange rates Oct 15, 2018

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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.

Refreshing in: 60s | Mon, 15 Oct 08:11am GMT
USD AUD CAD EUR CNY GBP INR MXN PHP
1 USD = 1.0000 1.4031 Inverse: 0.7127 1.3025 Inverse: 0.7677 0.864791 Inverse: 1.1563 6.9273 Inverse: 0.1444 0.761905 Inverse: 1.3125 73.97522 Inverse: 0.0135 18.8161 Inverse: 0.0531 54.099382 Inverse: 0.0185
1 AUD = 0.7127 Inverse: 1.4031 1.0000 0.9283 Inverse: 1.0772 0.6163 Inverse: 1.6225 4.9370 Inverse: 0.2026 0.5430 Inverse: 1.8416 52.7216 Inverse: 0.0190 13.4101 Inverse: 0.0746 38.5563 Inverse: 0.0259
1 EUR = 1.1563 Inverse: 0.8648 1.6225 Inverse: 0.6163 1.5062 Inverse: 0.6639 1.0000 8.0104 Inverse: 0.1248 0.881028 Inverse: 1.1350 85.541193 Inverse: 0.0117 21.7580 Inverse: 0.0460 62.5578 Inverse: 0.0160
1 GBP = 1.3125 Inverse: 0.7619 1.8416 Inverse: 0.5430 1.7096 Inverse: 0.5849 1.1350 Inverse: 0.8810 9.0921 Inverse: 0.1100 1.0000 97.092455 Inverse: 0.0103 24.6962 Inverse: 0.0405 71.0054 Inverse: 0.0141

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.

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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.

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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.

2016201520142013201220112010200920082007
GBP = EUR1.2248331.3779821.2404941.1779641.2332631.1525801.1657371.1224601.2594671.461786

Here’s the monthly average exchange rate for the British pound over the past 12 months.

MonthGBP = USD
Jan. 20171.234480
Dec. 20161.247756
Nov. 20161.245045
Oct. 20161.235094
Sept. 20161.314193
Aug. 20161.308817
July 20161.314450
June 20161.418438
May 20161.451924
April 20161.430589
March 20161.426061
Feb. 20161.429990

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.”

Bottom line

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.

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