The best British Pound to Euro exchange rate of the year to date (past 365 days) was 1.3218 achieved on 2016-05-25.
Today's exchange rate is at 1.1859, this is 10.28% off the best exchange rate of the past year-to-date.
The best British Pound to Euro rate of the last month (last 30 Days to date) was at 1.19, today's conversion is 0.34% off that rate.
Those looking for the best exchange rates should be aware that banks subtract a spread to the real market rate in order to derive profit. This is even before fees are added.
The retail rate you are offered is therefore completely discretionary and it must be remembered that there are other specialist providers out there who also have access to the wholesale markets but can afford to be tighter on their spreads.
When you do a typical FX conversion using an online calculator or financial website you are more likely than not seeing the inter-bank spot rate as opposed to the actual rate available to you.
What our tool does is arrive at the retail exchange rates that are available to consumers after spreads have been taken - the rates are of course indicative due to the fluid nature of the FX markets and hence why you should double-check the rate on offer in your own bank account against the quote provided by independent providers.
The higher the spread charged, the less currency you get, in fact using independent providers can save in the region of 4-5%.
Don't be Beaten the Markets
Dedicated money transfer specialists are also able to offer personally assigned dealers that are reactive to market moves.
We have heard of countless people with outstanding euro payments sitting back and hoping for a stronger GBP to EUR exchange rate. Unfortunately it has been one-way traffic since November and we are now seeing the prospect of a rate of 1.25.
Had these people set up a payment strategy they would have made the payments well before things deteriorated to current levels through the use of a stop-loss.
Should the rate recover from here you could set a buy order so when a spike occurs your order is automatically filled.
These are just two of the many hedging strategies available to take advantage of beneficial rate movements in the pound to euro exchange rate.
Be aware that Brexit fears are yet to fully fade, as such some big name banks are warning that the euro could hit parity with the pound in 2016, something worth keeping in mind.