Best GBP > EUR rates as of Feb 23, 2018 |
Best GBP > EUR exchange rates

Best GBP > EUR exchange rates Feb 23, 2018

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 | Fri, 23 Feb 06:27pm GMT
1 USD = 1.0000 1.2772 Inverse: 0.7830 1.2657 Inverse: 0.7901 0.81323 Inverse: 1.2297 6.3390 Inverse: 0.1578 0.715601 Inverse: 1.3974 64.895 Inverse: 0.0154 18.5219 Inverse: 0.0540 51.7415 Inverse: 0.0193
1 AUD = 0.7830 Inverse: 1.2772 1.0000 0.9910 Inverse: 1.0091 0.6367 Inverse: 1.5705 4.9632 Inverse: 0.2015 0.5603 Inverse: 1.7848 50.8102 Inverse: 0.0197 14.5019 Inverse: 0.0690 40.5115 Inverse: 0.0247
1 EUR = 1.2297 Inverse: 0.8132 1.5705 Inverse: 0.6367 1.5564 Inverse: 0.6425 1.0000 7.7948 Inverse: 0.1283 0.879949 Inverse: 1.1364 79.79911 Inverse: 0.0125 22.7757 Inverse: 0.0439 63.6247 Inverse: 0.0157
1 GBP = 1.3974 Inverse: 0.7156 1.7848 Inverse: 0.5603 1.7687 Inverse: 0.5654 1.1364 Inverse: 0.8799 8.8583 Inverse: 0.1129 1.0000 90.686044 Inverse: 0.0110 25.8830 Inverse: 0.0386 72.3050 Inverse: 0.0138

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.

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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