What it really costs to send Pounds to Euros
Banks and providers tell you about the upfront costs they charge for sending money but that's not all you end up paying. It’s time to start looking at the exchange rate too. Here’s why:
Some banks and providers give you a bad exchange rate. And that bad exchange rate costs you money when you change currencies. Check out the red bar in the graph to see what we mean. You pay more, get less at the other end - and your provider pockets the difference. How do we collect this data? Find out here.
We don’t think that’s fair. So we never use bad exchange rates. We just use the exchange rate - independently provided by Reuters - and a clear, upfront cost.
See for yourself
With Wise, there's no hidden fees or sneaky exchange rate changes. We're transparent about what we charge you, and use the mid-market rate (what you'd see on Google, XE etc) to convert your money.
How does it work?
I use Wise to transfer money between Germany, Switzerland and the UK. Unfortunately I discovered Wise after buying an apartment and transferring quite a bit of money between Switzerland and the UK. Since then Wise is the only money transfer service that I am using. I don't even bother using the banks between Switzerland and Germany. Since then I've recommended it to quite a few friends.
I use Wise every time I love it! It's cheaper than my bank and the exchange rate is the best. Its easy and cheaper and its really cool. I think you have to try it.
I have been using Wise regularly for many months. I have tried to use another service previously, but I got nowhere with them. Wise saves me loads of money that I can spend on other things I like doing.
Get the real rate
Price comparisons are based on data obtained online through the respective provider's website. The name of the providers and the date and time of the data collection are listen below:
- Lloyds Bank on 31/3/2017 at 3.00pm
- Western Union on 31/3/2017 at 3.00pm
- Barclays on 31/3/2017 at 3.00pm
The mid-market rate at this point used to make the price comparisons was 1.1662 GBP to EUR.
The data shows the overall costs and the amount received of sending the specified amount internationally in the currency selected using different providers.
The upfront cost represents the transparent fee charged by the provider for using the service. The hidden cost represents the cost that is concealed in the exchange rate given by the provider compared to the mid-market rate multiplied by the amount sent. The total cost represents the entire financial cost to consumers and is calculated by adding together the upfront cost and the hidden cost. Price comparisons can be verified by establishing the mid-market rate, the provider's upfront cost, and the exchange rate provided.
Rockstar customer support
When questions come up, there's a team ready to help you
- Live Chat
Are you ready to save money when sending money to Europe?
Transfer your Pounds to Euros today with Transferwise