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Table of Contents
- Is the pound strong against the euro?
- Sterling to euro performance
- What are the options for sending money to Europe?
- How much money can I transfer to Europe?
- How long will it take for my money transfer to arrive in Europe?
- Is my cash transfer to Europe safe?
- How can I compare money transfer services?
If you need to send money to Europe – to family and friends, to a business, or to buy or maintain a property for example – you’ll want to ensure you get as many euros for your pound as possible.
Shopping around and comparing money transfer options will help you find the provider offering the best value for your type of transaction. For example, while some money transfer companies offer a competitive exchange rate, they might charge high fees – so it’s important to find the right balance.
You’ll also want to consider the method of your money transfer, how quickly it will arrive at its destination in Europe. And, perhaps most importantly, how secure the cash is that you deposit.
We review the different options for sending money to Europe and the various pros and cons of each, to help with your money transfer decision.
Is the pound strong against the euro?
The pound is relatively stable against the euro, with £1 worth around €1.19 in the currency markets at the time of writing (see graph below). It’s good news for those needing to send money to Europe because when the pound is strong, your pound buys more euros.
Conversely when £1 falls closer to being worth just one euro, it becomes more expensive for Brits to visit countries that use the euro, as well as to send cash to Europe. Use our currency converter for real time exchange rates and to see how much you might get in euros to the pound.
Sterling to euro performance
What are the options for sending money to Europe?
When it comes to sending money to Europe, each option comes with certain pros and cons attached.
The method that’s best for you will depend on your circumstances and the nature of your specific money transfer, for example how much you want to send in euros and which country you are sending it to, plus how quickly you need to get the money there.
Here’s a round up of the main options:
High street bank
Sending money to Europe using your UK bank account is quick, easy and convenient, as well as safe, and you’ll usually be able to complete the transaction online. But the major disadvantage is the cost.
You’re unlikely to get the most competitive exchange rates from your bank and you’ll also usually pay fees on top. Banks also impose a maximum limit on the amount you can send internationally per day, although these limits tend to be fairly high.
One of the main benefits of using your own bank to do a money transfer abroad is that, as it is a UK regulated bank, you’ll have protection for your money through the Financial Services Compensation Scheme (FSCS). This offers cover up to £85,000 per person per banking institution, in the event the bank goes bust.
Multi-currency bank account
A multi-currency or international bank account offered by a UK bank, such as Barclays, HSBC and Santander, might suit those who need to regularly send euros to countries in Europe, because they have a second home or a business there, for example.
British expats living in Europe. who have investments and pensions paid in the UK, may also prefer a multi-currency account.
With this type of account you can transfer funds (and often very large amounts) safely and set up recurring payments in euros, and as it’s a bank account you’ll have FSCS protection for your money.
But many accounts of this type are targeted at high net worth individuals so they may have minimum income criteria.
These accounts often charge a monthly or annual fee, with further fees for currency exchange. Read the terms and conditions carefully to check whether it’s the best option for you.
Digital money transfer
Digital and app-based financial providers, such as Revolut and Wise, can offer a lower cost way to transfer cash to Europe.
They will typically offer more competitive exchange rates and lower fees than a traditional bank or high street bank, for example.
These challenger providers target the mass market and can be cost effective for day to day currency transactions as well as larger transfers. It means they’re also useful for holidaymakers as they offer a quick, convenient and low cost way to transfer currency and spend overseas.
Revolut and Wise both offer instant, fee-free transfers, up to certain limits, using the ‘real’ or mid-market rate. Revolut has monthly subscription accounts that offer even better deals for money transfer as well as other travel perks.
Starling Bank is another challenger provider offering a competitive deal on international money transfer. It charges a flat rate 0.4% on currency transfers, plus a delivery fee. You can pay an extra £5.50 for ‘priority’ SWIFT delivery.
Wise is regulated by the Financial Conduct Authority as an e-money provider so it means customers don’t have FSCS protection for their funds in the event the company goes bust. In contrast, customers with Starling Bank have full FSCS protection.
Revolut received a banking licence in July 2024. Customers do not yet have FSCS protection, although this is expected to be in place in 2025.
Currency brokers
Specialist currency brokers – sometimes called FX brokers – offer competitive exchange rates and fees – these are likely to be better than your high street bank. Typically online or app-based FX brokers enable you to send small or large sums quickly in euros. Some companies will have a maximum limit on transfers.
There are lots of currency brokers to choose from so do your research and ensure you use a reliable, FCA-authorised company with competitive currency rates and low charges. If a broker is authorised by the regulator then client money is required to be ring-fenced from the finances of the business, which means it is protected should the firm go bust.
Most online brokers will give you a quote for your specific transfer on their website so you can compare the costs and exchange rates with other companies before going ahead. While a company might advertise ‘no fees’ or ‘no commission’, they could be clawing back those costs through a less competitive currency exchange rate.
Among the FCA-authorised FX brokers are HiFX, Moneycorp, TorFX, IG, Capital.com, City Index and Pepperstone, for example. But there is no FSCS protection for your funds with these companies.
To use an online broker you’ll usually have to register and set up a linked payment option, typically a credit or debit card, to make your payment.
Most foreign exchange brokers will give you a final quote for your transfer amount on their website, which makes it easy to compare the costs and exchange rates before making your choice.
– Laura Howard, editor at Forbes Advisor
High street money transfer service
High street services such as Moneygram and Western Union which come with physical premises come with some advantages but they are not a cheap way to send money to Europe.
They work well if the sender or recipient does not have a bank account to receive the funds, as they can simply collect the cash from a designated outlet.
Both Moneygram and Western Union operate a large network of physical premises across Europe, for example, where money can be collected in person.
However, fees for Western Union or Moneygram can be very high, exchange rates uncompetitive, and maximum cash transfer limits low.
Paypal
PayPal’s Xoom service is a convenient option if both you and the recipient in Europe have PayPal accounts. And you can still send money to Europe via PayPal even if your recipient doesn’t have an account as the money can be sent to a bank account, and even for cash pick up in some cases.
However, this tends to be a relatively expensive way to send money abroad as, unfortunately, the foreign conversion fees applied with Xoom tend to be among the highest on the market.
The fees charged will vary depending on the amount of euros you want to send and the method of transfer. Always check the charges and compare with other money transfer services before you go ahead, to ensure you’re happy with the overall deal on the transaction.
Paypal is also authorised by the FCA as an e-money provider so there is no FSCS protection for money transfers.
How much money can I transfer to Europe?
How much you can transfer from pounds to euros into Europe will depend on the provider you use. All providers, from banks to high street currency specialists, will have their own policies and maximum limits.
If you’re looking to transfer a large sum, check with different providers to see what might best fit your needs, remembering to take into account the safety and security of the transaction as this may be more crucial for large amounts of money, such as for a property purchase overseas. Bear in mind that for large overseas transactions you’ll typically need to show extra documentation, including personal identification.
For smaller transactions, the charges on for currency transfers can be disproportionately large, so again shop around to find the most cost effective provider.
Scams are rife in the currency broker sector. Never disclose personal information or details of your transaction if you receive a phone call or a text.
How long will it take for my money transfer to arrive in Europe?
This will depend on the money transfer company you choose to use and the method of the transaction.
You’ll usually have options about how to send the cash, with fees and charges typically increasing the quicker you want the money to arrive. Most currency brokers will offer a range of services so you can select what best suits your needs, balancing speed with overall cost.
Standard money transfers to a bank account will usually take between 24 hours and two days, for example.
It is possible to do an instant money transfer if you need the money to arrive very quickly, for example in an emergency. But this is likely to be expensive. Companies, such as Western Union and MoneyGram, can do instant cash transfers where you pay with a debit or credit card and the recipient can collect the cash from a specific location or bureau.
Is my cash transfer to Europe safe?
Overseas money transfers made through UK regulated banks are protected under the FSCS, subject to the scheme’s terms and conditions.
Providers that protect your money under their own safety net scheme will also offer compensation, but be aware the coverage may not be as generous as the £85,000 per-person available through FSCS and it may not be guaranteed.
Fraud and scams are common in the money transfer market. Always check whether a company is authorised and regulated by the FCA to ensure that it is a legitimate service and has a system in place to protect your money if it goes bust. You can verify providers on the FCA register.
How can I compare money transfer services?
You can save money by shopping around to find the best value money transfer for your specific transaction. While some providers may be the lowest cost for small transfers, others might be better value when you want to send a larger amount of money or you need a fast transfer, for example.
Our pick of the best apps for money transfer may be a good place to start. Most money transfer providers will offer a calculator on their website so you can check how much your specific transfer would cost, outlining the exchange rate and the fees. You can then use this to compare with other companies.
Frequently Asked Questions (FAQs)
Can I fix the exchange rate ahead of my money transfer to Europe?
It is possible with some money transfer providers to lock into an exchange rate in advance of your transaction through what’s known as a forward contract.
They are typically used for larger currency transfers, such as for a property purchase overseas or for business transactions, where the size of the transfer means you’re at greater risk of making a loss if the exchange rate drops even slightly.
You may be able to lock in a forward contract up to 24 months before making the transfer, depending on the provider.
While locking in an exchange rate in advance can protect you from losses if an exchange rate moves against you, it could also mean that you miss out on the value of your transfer increasing should the exchange rate improve.
Can I transfer money to Europe without fees?
Some money transfer providers don’t charge a fee, or they have low transaction fees. But be aware these companies will tend to make their money instead by building in a margin into the currency exchange rate they offer.
So while you may not pay an upfront fee for your transfer, you won’t get as many euros to the pound, for example, so there is still a cost.
The best way to ensure a fee-free provider is offering good value is to compare it to other money transfer companies to check the total deal on offer. This way you can find the best all-round offer for your specific money transfer – and it could be a provider who charges a transfer fee, but who has a particularly competitive exchange rate.
Can I send money to Europe using PayPal?
PayPal’s international money transfer service is called Xoom. You can use Xoom to send money to Europe via your PayPal account. The recipient of the funds doesn’t have to have a PayPal account.
You can opt to have the funds paid into a bank account in Europe or you can send cash for pick-up at selected locations (this can be an expensive option). You can also load money onto a prepaid mobile phone in Europe using Xoom.
What’s the best way to send money to Europe from the UK?
The best way to send money to Europe will depend on a wide range of factors, including how much you want to send, which country in Europe you’re sending money to, your method for the transfer and how quickly you need the money to arrive.
Shop around and compare different providers to identify which companies might be the best fit for your specific money transfer. Most online and digital forex specialists offer a currency calculator on their website so you can check the live exchange rate available, plus see the associated fees for your specific money transfer.
