The best British Pound to Euro exchange rate of the year to date (past 365 days) was 1.208 achieved on 14-12-2019.
Today's exchange rate is at 1.1154, this is 7.67% 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 1.1732, today's conversion is 4.93% off that rate.
Please see the results of our most recent analysis of the retail foreign exchange market conducted on behalf of foreign exchange specialist RationalFX. The data confirms RationalFX maintain their position as one of the most competitive currency providers in the market at present with their exchange rates easily beating those on offer at the UK's most prominent high-street banks:
How do we Work out Bank Exchange Rates and Independent Specialist Rates?
Those looking for the best exchange rates should be aware that banks subtract a 'spread' from the interbank market rate in order to derive profit.
A detailed study of international bank transfer costs by MoneyMover and Accourt - a consultancy service to the payments industry - has revealed customers have no access to the data used to determine the actual exchange rates delivered when making international payments.
“In general terms UK banks lack transparency on currency exchange rates and margins. Each bank generates its own FX rate for the day and it is provided by an internal system which customers do not have access to. In some instances the bank’s exchange rate is not even provided before confirming the payment so it is unknown to the customer how much is going to be charged for the transaction,” noted Accourt.
Accourt conducted research into the top six UK banks with the aim of extracting the true cost of making international payments by adding the fee to the amount they earned from the profit made on the exchange rate they received and the exchange rate they offered. The results were published in Accourt's second annual Currency Risk Outlook 2015 report.
The above table is summary of the costs of one set of findings on a transfer of £50000, studies were also conducted on transfer amounts for £10K and £100K.
Accourt advises customers to explore alternative options that may provide more straight-forward and cost-effective options for transferring money internationally.
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%.