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While your local bank may be the most obvious way to send money to the UK, you can save on fees and get a more competitive exchange rate with a money transfer company — but make sure it offers a speed and transfer type you’re happy with.
Compare transfer speeds, minimum sending limits and more when converting your euros into British pound sterling.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the UK. Some offer transfers straight to UK bank accounts, while others allow the money to be picked up in British pound sterling in person. Banks, PayPal and other options are available but come with high fees, weak rates and longer turnaround times.
Companies like OFX and CurrencyTransfer specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s UK bank account, often in as little as a day or two.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in the UK — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or XE when possible.
British pound sterling is almost certainly carried by your bank, and although your local bank can convert your euros into GBP easily, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send €1,000 to family in London. Here’s what you might face as far as fees and exchange rates as of 14 May 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||€9||€1.90||€15 + additional correspondent bank fees|
|Exchange rate||1 EUR = 0.8854 GBP||1 EUR = 0.8268 GBP||1 EUR = 0.8173 GBP|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||GBP 877||GBP 825||GBP 805|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with GBP 72 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to the UK in as little as 15 minutes but at a slightly weaker exchange rate.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to the UK to meet your needs:
When it’s more important to get your money to the UK quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The UK”s exchange rate often fluctuates when compared to the euro, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the British pound sterling trades against the euro in our historical rate chart.
To send money to the UK from Ireland, you’ll need government-issued ID and other documents, while documents needed to pick up money in the United Kingdom may be different by company.
To send money from Ireland to the UK, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Sending money to the UK shouldn’t cost a fortune. Compare transfer companies that specialise in foreign for the strongest rates, lowest fees and flexible delivery. Before making a transfer, take a look at our international money transfers page to get the lowndown. Back to top
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