Banks and other transfer providers often add hidden fees to their exchange rates — making it more expensive for you to send money. To get the best value, always check the rate before sending.
We collect fees and rates from the most popular money transfer providers — so you don’t have to. Then we do the math. We calculate the full price you’ll pay when sending GBP to EUR with each provider — including the hidden markup in the exchange rate.
We want to bring you the cheapest euro rate possible, so we’ve compared the prices for sending money from one bank account to another. Sending cash or sending a money transfer from a bank branch usually costs more in extra fees.
It’s simple. The lower the cost of converting your money to euro, the more money for you. That’s why it’s important to see the full cost of an international transfer before you send it.
When sending money abroad, banks or other providers will likely charge you a conversion fee. But that’s not all. Hidden markups in the exchange rate can end up costing even more than the conversion fee itself. This means that when sending international transfers, many banks and providers charge you twice. All without telling you.
And if you decide to convert your money in cash, you could be charged:
You should always look for the best possible exchange rate, regardless of the conversion method you’re using.
Banks trade at the real rate.
When exchanging euros between themselves, banks and transfer services use the mid-market rate (also known as the interbank rate). It’s the fairest possible rate. The real exchange rate.
They add a hidden markup for customers. This is why you’ll see different exchange rates across providers. You’re paying the difference between the mid-market rate and the rate quoted by your transfer service.
You lose money. You’re charged the hidden markup when you make a transfer — often without even realising. Even when services claim to have zero fees, you’re still being charged.
Banks and transfer services have a dirty little secret. They create their own exchange rates to make their customers pay a hidden markup. But we here at TransferWise have a solution.
TransferWise always gives you the real exchange rate, just like the one you’ll see on Google and Reuters. So when you make an international money transfer, you’ll know exactly what you’re getting. No nasty surprises — just the best euro rate, with a fair, transparent fee upfront.
When travelling to Europe for business or pleasure, you’ll need euros to spend in restaurants, shops and bars. It can be tempting to buy euros in cash from high street banks, a local bureau de change, or by home delivery, but these methods can cost you more. Instead, save money on the exchange rate with a TransferWise multi-currency debit card.
With the TransferWise debit card, you can send and spend money at the real exchange rate, and convert it instantly. Withdraw money from ATMs abroad — with no fees on your first £200 every 30 days — or pay in shops and restaurants around the world. It’s taken everywhere that takes Mastercard.
Knowing when to transfer euros can be tricky. Exchange rates are often volatile, as they react to economic and political events. And rates move so quickly — when you find the right time, how do you lock it in?
With TransferWise, you'll get a guaranteed rate for 24 hours. Start your transfer and lock in your rate. As long as we get your money within a day, you'll never lose out on a great price.
And if the rate isn’t right, we can let you know when it gets better. Sign up for rate alerts, and you’ll get live updates straight to your inbox.
Banks use an outdated system of middlemen to send money around the world. Instead of connecting to the destination account directly, they pass the money through several correspondent banks on the way. For example, if you were to send money from Australia to Germany, your money might have 3 stops. This leads to delays and higher costs.
TransferWise does it differently. Using our network of bank accounts around the world, we receive your money in your currency (in this case, AUD in our Australian account), and pay it directly into the destination account (EUR from our European account). This means we can send your transfer quicker and cheaper than banks can.