Best British Pound / United Arab Emirates Dirham Exchange Rate Today: 4.6033
Our comparison table and live data feed show the top euro rate you're likely to achieve for international payments is 4.5895, and the most competitive travel money / cash rates start at approximately 4.5335.
Live rate: 1 GBP = 4.6033 AED (-0.62% )
Inverted: 1 AED = 0.2172 GBP
Click here for our full travel and holiday rates comparison tool.
Comparison Results:
| Provider | Exchange Rate | Fee | You Get | Service | Notes | Action |
Live Market Rate | 4.6033 | 0 | 4.5573 | |||
 | 4.5895 (indicative) | 0 | 4.5895 | International Payments and Transfers | Experts in international money transfers for business and individuals, delivering industry-beating exchange rates. | |
 | 4.5711 (indicative) | 0 | 4.5711 | International Payments and Transfers | Indicative Dealing Desk Quote. Rate can only be applied to transfers in excess of £2000 equivalent. | |
 | 4.6033 | 0.59% | 4.5761 | Best Multi-Currency Card | One currency card for all your travels. Use it instantly as a digital card and top-up from the app, with the mid-market rate. 40+ currencies. Save up to 87% when you spend internationally. | |
 | 4.5335 | 0 | 4.5335 | Holiday FX, Cash Delivery | A specialist alternative to banks, bureau de change & the Post Office for clients seeking competitive currency exchange rates. A multiple award-winning company, offering free delivery (over £700.00), no commission charges, payment by Debit Card or Bank Transfer and typically offering the best exchange rates available. | |
 | 4.5330 | 0 | 4.5330 | Best Branch Collection | Also offer delivery and cash buyback services. Home delivery orders of £5 and above are accepted, for branch collection the minimum is £500. One of the highest rated companies we survey according to independent rating review providers. | |
 | 4.3740 | 0 | 4.3740 | Holiday FX, Cash Delivery | Covent Garden FX is a family-owned and operated Bureau De Change located in the heart of Central London. Established for over 20 years, we offer extremely competitive exchange rates with no commission and no fees. | |
Best Bank Rate  | 4.4744 (upper range) | Variable | 4.4744 | Payments, transfers, holiday money | Determined using data on spread charges supplied by IMTI | |
Worst Bank Rate | 4.4422 (lower range) | Variable | 4.4422 | Payments, transfers, holiday money | Determined using data on spread charges supplied by Money Mover and Accourt | |
Paypal  | 4.3962 | 0 | 4.3962 | International Payments and Transfers |
Ranking Snapshot
Horizon Currency
payments
Wise
payments
Revolut
payments, cash
Global Reach
payments
Travel FX
holiday cash
Covent Garden FX
holiday cash
Moneycorp
payments
Tesco
cash
Post Office
cash
HSBC
representative of high street bank rates
About the rankings
GBP/AED Live Chart and Data
Set Alert« | » |
January - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.6754 Close: 4.6754 Mid: 4.6754 | 2 Open: 4.6752 Close: 4.6471 Mid: 4.6615 | 3 Open: 4.6463 Close: 4.6406 Mid: 4.6424 | 4 Open: 4.6413 Close: 4.6618 Mid: 4.6516 | 5 Open: 4.6614 Close: 4.6491 Mid: 4.6526 | 6 | |
7 | 8 Open: 4.6737 Close: 4.6719 Mid: 4.6728 | 9 Open: 4.6727 Close: 4.6739 Mid: 4.6739 | 10 Open: 4.6735 Close: 4.6747 Mid: 4.6733 | 11 Open: 4.6751 Close: 4.6697 Mid: 4.6731 | 12 Open: 4.6710 Close: 4.6831 Mid: 4.6771 | 13 |
14 | 15 Open: 4.6832 Close: 4.6821 Mid: 4.6826 | 16 Open: 4.6816 Close: 4.6441 Mid: 4.6629 | 17 Open: 4.6440 Close: 4.6595 Mid: 4.6520 | 18 Open: 4.6593 Close: 4.6584 Mid: 4.6594 | 19 Open: 4.6591 Close: 4.6562 Mid: 4.6579 | 20 |
21 | 22 Open: 4.6591 Close: 4.6653 Mid: 4.6622 | 23 Open: 4.6656 Close: 4.6647 Mid: 4.6663 | 24 Open: 4.6643 Close: 4.6765 Mid: 4.6703 | 25 Open: 4.6759 Close: 4.6734 Mid: 4.6752 | 26 Open: 4.6731 Close: 4.6836 Mid: 4.6780 | 27 |
28 | 29 Open: 4.6639 Close: 4.6648 Mid: 4.6649 | 30 Open: 4.6651 Close: 4.6550 Mid: 4.6606 | 31 Open: 4.6550 Close: 4.6668 Mid: 4.6609 |
February - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.6501 Close: 4.6507 Mid: 4.6504 | 2 Open: 4.6529 Close: 4.6679 Mid: 4.6694 | 3 | ||||
4 | 5 Open: 4.6408 Close: 4.6342 Mid: 4.6375 | 6 Open: 4.6321 Close: 4.6148 Mid: 4.6232 | 7 Open: 4.6159 Close: 4.6373 Mid: 4.6266 | 8 Open: 4.6374 Close: 4.6210 Mid: 4.6295 | 9 Open: 4.6220 Close: 4.6355 Mid: 4.6288 | 10 |
11 | 12 Open: 4.6404 Close: 4.6393 Mid: 4.6399 | 13 Open: 4.6392 Close: 4.6501 Mid: 4.6462 | 14 Open: 4.6485 Close: 4.6117 Mid: 4.6301 | 15 Open: 4.6119 Close: 4.6162 Mid: 4.6142 | 16 Open: 4.6165 Close: 4.6140 Mid: 4.6147 | 17 |
18 | 19 Open: 4.6296 Close: 4.6289 Mid: 4.6303 | 20 Open: 4.6287 Close: 4.6436 Mid: 4.6354 | 21 Open: 4.6431 Close: 4.6362 Mid: 4.6397 | 22 Open: 4.6367 Close: 4.6405 Mid: 4.6386 | 23 Open: 4.6411 Close: 4.6622 Mid: 4.6523 | 24 |
25 | 26 Open: 4.6555 Close: 4.6566 Mid: 4.6559 | 27 Open: 4.6588 Close: 4.6582 Mid: 4.6579 | 28 Open: 4.6583 Close: 4.6459 Mid: 4.6508 | 29 Open: 4.6462 Close: 4.6442 Mid: 4.6463 |
March - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.6437 Close: 4.6395 Mid: 4.6404 | 2 | |||||
3 | 4 Open: 4.6481 Close: 4.6579 Mid: 4.6530 | 5 Open: 4.6582 Close: 4.6621 Mid: 4.6602 | 6 Open: 4.6624 Close: 4.6739 Mid: 4.6682 | 7 Open: 4.6741 Close: 4.6867 Mid: 4.6804 | 8 Open: 4.6880 Close: 4.7258 Mid: 4.7069 | 9 |
10 | 11 Open: 4.7248 Close: 4.7198 Mid: 4.7223 | 12 Open: 4.7190 Close: 4.6880 Mid: 4.7031 | 13 Open: 4.6888 Close: 4.6997 Mid: 4.6943 | 14 Open: 4.6998 Close: 4.6945 Mid: 4.6996 | 15 Open: 4.6936 Close: 4.6816 Mid: 4.6868 | 16 |
17 | 18 Open: 4.6768 Close: 4.6771 Mid: 4.6769 | 19 Open: 4.6769 Close: 4.6642 Mid: 4.6699 | 20 Open: 4.6719 Close: 4.6628 Mid: 4.6670 | 21 Open: 4.6654 Close: 4.6745 Mid: 4.6703 | 22 Open: 4.6718 Close: 4.6233 Mid: 4.6465 | 23 |
24 | 25 Open: 4.6253 Close: 4.6335 Mid: 4.6294 | 26 Open: 4.6409 Close: 4.6476 Mid: 4.6452 | 27 Open: 4.6465 Close: 4.6381 Mid: 4.6423 | 28 Open: 4.6378 Close: 4.6436 Mid: 4.6406 | 29 Open: 4.6431 Close: 4.6349 Mid: 4.6379 | 30 |
31 |
April - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.6399 Close: 4.6331 Mid: 4.6366 | 2 Open: 4.6093 Close: 4.6116 Mid: 4.6102 | 3 Open: 4.6120 Close: 4.6197 Mid: 4.6159 | 4 Open: 4.6217 Close: 4.6522 Mid: 4.6370 | 5 Open: 4.6516 Close: 4.6252 Mid: 4.6384 | 6 | |
7 | 8 Open: 4.6388 Close: 4.6373 Mid: 4.6367 | 9 Open: 4.6380 Close: 4.6578 Mid: 4.6481 | 10 Open: 4.6576 Close: 4.6307 Mid: 4.6442 | 11 Open: 4.6288 Close: 4.6044 Mid: 4.6157 | 12 Open: 4.6049 Close: 4.5793 Mid: 4.5926 | 13 |
14 | 15 Open: 4.5702 Close: 4.5750 Mid: 4.5726 | 16 Open: 4.5743 Close: 4.5744 Mid: 4.5744 | 17 Open: 4.5737 Close: 4.5769 Mid: 4.5750 | 18 Open: 4.5767 Close: 4.5787 Mid: 4.5797 | 19 Open: 4.5774 Close: 4.5714 Mid: 4.5744 | 20 |
21 | 22 Open: 4.5449 Close: 4.5416 Mid: 4.5434 | 23 Open: 4.5413 Close: 4.5520 Mid: 4.5465 | 24 Open: 4.5536 Close: 4.5696 Mid: 4.5616 | 25 Open: 4.5701 Close: 4.5839 Mid: 4.5770 | 26 Open: 4.5844 Close: 4.5969 Mid: 4.5908 | 27 |
28 | 29 Open: 4.5856 Close: 4.5925 Mid: 4.5891 | 30 Open: 4.5939 Close: 4.5970 Mid: 4.5955 |
May - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.5960 Close: 4.5852 Mid: 4.5904 | 2 Open: 4.5863 Close: 4.5954 Mid: 4.5909 | 3 Open: 4.5963 Close: 4.6271 Mid: 4.6125 | 4 | |||
5 | 6 Open: 4.6077 Close: 4.6109 Mid: 4.6093 | 7 Open: 4.6111 Close: 4.6101 Mid: 4.6108 | 8 Open: 4.6089 Close: 4.5840 Mid: 4.5962 | 9 Open: 4.5845 Close: 4.5916 Mid: 4.5881 | 10 Open: 4.5921 Close: 4.5994 Mid: 4.5958 | 11 |
12 | 13 Open: 4.6010 Close: 4.6009 Mid: 4.6009 | 14 Open: 4.6017 Close: 4.6122 Mid: 4.6070 | 15 Open: 4.6130 Close: 4.6444 Mid: 4.6287 | 16 Open: 4.6456 Close: 4.6485 Mid: 4.6471 | 17 Open: 4.6489 Close: 4.6478 Mid: 4.6483 | 18 |
19 | 20 Open: 4.6629 Close: 4.6639 Mid: 4.6636 | 21 Open: 4.6642 Close: 4.6713 Mid: 4.6679 | 22 Open: 4.6711 Close: 4.6748 Mid: 4.6728 | 23 Open: 4.6746 Close: 4.6761 Mid: 4.6760 | 24 Open: 4.6752 Close: 4.6722 Mid: 4.6718 | 25 |
26 | 27 Open: 4.6776 Close: 4.6809 Mid: 4.6793 | 28 Open: 4.6816 Close: 4.6947 Mid: 4.6883 | 29 Open: 4.6943 Close: 4.6815 Mid: 4.6879 | 30 Open: 4.6802 Close: 4.6727 Mid: 4.6748 | 31 Open: 4.6730 Close: 4.6728 Mid: 4.6724 |
June - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | ||||||
2 | 3 Open: 4.6803 Close: 4.6773 Mid: 4.6782 | 4 Open: 4.6793 Close: 4.6860 Mid: 4.6852 | 5 Open: 4.6863 Close: 4.6907 Mid: 4.6887 | 6 Open: 4.6912 Close: 4.6934 Mid: 4.6929 | 7 Open: 4.6938 Close: 4.6853 Mid: 4.6929 | 8 |
9 | 10 Open: 4.6732 Close: 4.6700 Mid: 4.6717 | 11 Open: 4.6702 Close: 4.6792 Mid: 4.6750 | 12 Open: 4.6792 Close: 4.6984 Mid: 4.6888 | 13 Open: 4.6980 Close: 4.6934 Mid: 4.6957 | 14 Open: 4.6926 Close: 4.6655 Mid: 4.6791 | 15 |
16 | 17 Open: 4.6592 Close: 4.6543 Mid: 4.6566 | 18 Open: 4.6549 Close: 4.6601 Mid: 4.6578 | 19 Open: 4.6606 Close: 4.6749 Mid: 4.6687 | 20 Open: 4.6747 Close: 4.6570 Mid: 4.6659 | 21 Open: 4.6565 Close: 4.6445 Mid: 4.6505 | 22 |
23 | 24 Open: 4.6408 Close: 4.6514 Mid: 4.6461 | 25 Open: 4.6520 Close: 4.6580 Mid: 4.6565 | 26 Open: 4.6581 Close: 4.6425 Mid: 4.6506 | 27 Open: 4.6421 Close: 4.6457 Mid: 4.6435 | 28 Open: 4.6456 Close: 4.6440 Mid: 4.6438 | 29 |
30 |
July - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.6437 Close: 4.6520 Mid: 4.6489 | 2 Open: 4.6516 Close: 4.6518 Mid: 4.6475 | 3 Open: 4.6525 Close: 4.6660 Mid: 4.6593 | 4 Open: 4.6671 Close: 4.6845 Mid: 4.6759 | 5 Open: 4.6847 Close: 4.7019 Mid: 4.6933 | 6 | |
7 | 8 Open: 4.6996 Close: 4.7054 Mid: 4.7025 | 9 Open: 4.7041 Close: 4.7051 Mid: 4.7049 | 10 Open: 4.7045 Close: 4.7073 Mid: 4.7044 | 11 Open: 4.7081 Close: 4.7489 Mid: 4.7292 | 12 Open: 4.7484 Close: 4.7628 Mid: 4.7540 | 13 |
14 | 15 Open: 4.7630 Close: 4.7680 Mid: 4.7655 | 16 Open: 4.7676 Close: 4.7607 Mid: 4.7642 | 17 Open: 4.7610 Close: 4.7848 Mid: 4.7747 | 18 Open: 4.7843 Close: 4.7651 Mid: 4.7747 | 19 Open: 4.7643 Close: 4.7460 Mid: 4.7552 | 20 |
21 | 22 Open: 4.7465 Close: 4.7478 Mid: 4.7470 | 23 Open: 4.7478 Close: 4.7406 Mid: 4.7434 | 24 Open: 4.7406 Close: 4.7426 Mid: 4.7399 | 25 Open: 4.7420 Close: 4.7304 Mid: 4.7355 | 26 Open: 4.7298 Close: 4.7268 Mid: 4.7283 | 27 |
28 | 29 Open: 4.7253 Close: 4.7183 Mid: 4.7230 | 30 Open: 4.7188 Close: 4.7171 Mid: 4.7198 | 31 Open: 4.7169 Close: 4.7159 Mid: 4.7155 |
August - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.7163 Close: 4.6991 Mid: 4.7025 | 2 Open: 4.6973 Close: 4.6918 Mid: 4.6879 | 3 | ||||
4 | 5 Open: 4.7033 Close: 4.6882 Mid: 4.6932 | 6 Open: 4.6884 Close: 4.6621 Mid: 4.6751 | 7 Open: 4.6623 Close: 4.6731 Mid: 4.6677 | 8 Open: 4.6723 Close: 4.6634 Mid: 4.6669 | 9 Open: 4.6648 Close: 4.6826 Mid: 4.6737 | 10 |
11 | 12 Open: 4.6886 Close: 4.6879 Mid: 4.6887 | 13 Open: 4.6880 Close: 4.7020 Mid: 4.6950 | 14 Open: 4.7037 Close: 4.7184 Mid: 4.7113 | 15 Open: 4.7179 Close: 4.7227 Mid: 4.7206 | 16 Open: 4.7229 Close: 4.7359 Mid: 4.7302 | 17 |
18 | 19 Open: 4.7492 Close: 4.7607 Mid: 4.7550 | 20 Open: 4.7615 Close: 4.7798 Mid: 4.7707 | 21 Open: 4.7804 Close: 4.7889 Mid: 4.7847 | 22 Open: 4.7902 Close: 4.8153 Mid: 4.8040 | 23 Open: 4.8150 Close: 4.8262 Mid: 4.8206 | 24 |
25 | 26 Open: 4.8493 Close: 4.8466 Mid: 4.8471 | 27 Open: 4.8465 Close: 4.8549 Mid: 4.8507 | 28 Open: 4.8560 Close: 4.8529 Mid: 4.8559 | 29 Open: 4.8526 Close: 4.8356 Mid: 4.8444 | 30 Open: 4.8356 Close: 4.8353 Mid: 4.8410 | 31 |
September - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 4.8218 Close: 4.8241 Mid: 4.8236 | 3 Open: 4.8245 Close: 4.8171 Mid: 4.8205 | 4 Open: 4.8172 Close: 4.8212 Mid: 4.8186 | 5 Open: 4.8217 Close: 4.8349 Mid: 4.8287 | 6 Open: 4.8353 Close: 4.8417 Mid: 4.8411 | 7 |
8 | 9 Open: 4.8208 Close: 4.8087 Mid: 4.8148 | 10 Open: 4.8082 Close: 4.8074 Mid: 4.8077 | 11 Open: 4.8076 Close: 4.7956 Mid: 4.8018 | 12 Open: 4.7954 Close: 4.7978 Mid: 4.7952 | 13 Open: 4.8000 Close: 4.8214 Mid: 4.8107 | 14 |
15 | 16 Open: 4.8208 Close: 4.8431 Mid: 4.8320 | 17 Open: 4.8435 Close: 4.8508 Mid: 4.8501 | 18 Open: 4.8495 Close: 4.8515 Mid: 4.8476 | 19 Open: 4.8515 Close: 4.8783 Mid: 4.8651 | 20 Open: 4.8783 Close: 4.8808 Mid: 4.8818 | 21 |
22 | 23 Open: 4.8814 Close: 4.8927 Mid: 4.8871 | 24 Open: 4.8934 Close: 4.9131 Mid: 4.9033 | 25 Open: 4.9141 Close: 4.9072 Mid: 4.9123 | 26 Open: 4.9061 Close: 4.9140 Mid: 4.9089 | 27 Open: 4.9145 Close: 4.9215 Mid: 4.9177 | 28 |
29 | 30 Open: 4.9126 Close: 4.9207 Mid: 4.9174 |
October - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.9201 Close: 4.8906 Mid: 4.9054 | 2 Open: 4.8898 Close: 4.8767 Mid: 4.8833 | 3 Open: 4.8765 Close: 4.8152 Mid: 4.8455 | 4 Open: 4.8156 Close: 4.8303 Mid: 4.8264 | 5 | ||
6 | 7 Open: 4.8135 Close: 4.8045 Mid: 4.8099 | 8 Open: 4.8046 Close: 4.8121 Mid: 4.8084 | 9 Open: 4.8122 Close: 4.8071 Mid: 4.8097 | 10 Open: 4.8066 Close: 4.8007 Mid: 4.8037 | 11 Open: 4.8003 Close: 4.7990 Mid: 4.7981 | 12 |
13 | 14 Open: 4.8003 Close: 4.7956 Mid: 4.7980 | 15 Open: 4.7958 Close: 4.8056 Mid: 4.7998 | 16 Open: 4.8021 Close: 4.7856 Mid: 4.7940 | 17 Open: 4.7846 Close: 4.7787 Mid: 4.7816 | 18 Open: 4.7788 Close: 4.7914 Mid: 4.7852 | 19 |
20 | 21 Open: 4.7914 Close: 4.7870 Mid: 4.7892 | 22 Open: 4.7703 Close: 4.7629 Mid: 4.7669 | 23 Open: 4.7633 Close: 4.7613 Mid: 4.7633 | 24 Open: 4.7605 Close: 4.7649 Mid: 4.7622 | 25 Open: 4.7650 Close: 4.7715 Mid: 4.7676 | 26 |
27 | 28 Open: 4.7652 Close: 4.7684 Mid: 4.7657 | 29 Open: 4.7679 Close: 4.7699 Mid: 4.7679 | 30 Open: 4.7708 Close: 4.7696 Mid: 4.7681 | 31 Open: 4.7687 Close: 4.7539 Mid: 4.7626 |
November - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 4.7528 Close: 4.7635 Mid: 4.7525 | 2 | |||||
3 | 4 Open: 4.7639 Close: 4.7661 Mid: 4.7667 | 5 Open: 4.7656 Close: 4.7720 Mid: 4.7678 | 6 Open: 4.7690 Close: 4.7219 Mid: 4.7455 | 7 Open: 4.7239 Close: 4.7573 Mid: 4.7406 | 8 Open: 4.7578 Close: 4.7539 Mid: 4.7578 | 9 |
10 | 11 Open: 4.7400 Close: 4.7256 Mid: 4.7327 | 12 Open: 4.7258 Close: 4.7035 Mid: 4.7147 | 13 Open: 4.7020 Close: 4.6793 Mid: 4.6905 | 14 Open: 4.6781 Close: 4.6529 Mid: 4.6597 | 15 Open: 4.6531 Close: 4.6460 Mid: 4.6536 | 16 |
17 | 18 Open: 4.6382 Close: 4.6409 Mid: 4.6376 | 19 Open: 4.6420 Close: 4.6423 Mid: 4.6468 | 20 Open: 4.6433 Close: 4.6509 Mid: 4.6486 | 21 Open: 4.6507 Close: 4.6448 Mid: 4.6445 | 22 Open: 4.6433 Close: 4.5992 Mid: 4.6185 | 23 |
24 | 25 Open: 4.6200 Close: 4.6269 Mid: 4.6194 | 26 Open: 4.6256 Close: 4.6197 Mid: 4.6192 | 27 Open: 4.6194 Close: 4.6470 Mid: 4.6331 | 28 Open: 4.6478 Close: 4.6520 Mid: 4.6500 | 29 Open: 4.6531 Close: 4.6605 Mid: 4.6629 | 30 |
December - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 4.6794 Close: 4.6535 Mid: 4.6665 | 3 Open: 4.6531 Close: 4.6527 Mid: 4.6535 | 4 Open: 4.6529 Close: 4.6588 Mid: 4.6536 | 5 Open: 4.6594 Close: 4.6819 Mid: 4.6707 | 6 Open: 4.6822 Close: 4.6963 Mid: 4.6910 | 7 |
8 | 9 Open: 4.6951 Close: 4.6900 Mid: 4.6915 | 10 Open: 4.6894 Close: 4.6832 Mid: 4.6847 | 11 Open: 4.6836 Close: 4.6870 Mid: 4.6805 | 12 Open: 4.6871 Close: 4.6773 Mid: 4.6829 | 13 Open: 4.6755 Close: 4.6499 Mid: 4.6567 | 14 |
15 | 16 Open: 4.6493 Close: 4.6495 Mid: 4.6451 | 17 Open: 4.6499 Close: 4.6645 Mid: 4.6578 | 18 Open: 4.6648 Close: 4.6656 Mid: 4.6650 | 19 Open: 4.6627 Close: 4.6319 Mid: 4.6472 | 20 Open: 4.6286 Close: 4.6033 Mid: 4.6108 | 21 |
22 | 23 | 24 | 25 | 26 | 27 | 28 |
29 | 30 | 31 |
Compare Exchange Rates:
Know What the Best Exchange Rate Looks Like
Benchmark the exchange rate market with Pound Sterling Live's custom currency rate comparison tool with built-in algorithms to find the best rates in the market.
Banks and financial institutions buy and sell currency from each other - these sizeable institutions are 'the market' and the rate they transact at is the 'market rate'. The difference between how much a currency is purchased and sold is the spread, which is essentially the difference between the buy and sell price.
But, when currency is sold by banks to retail customers that spread widens significantly and the profit on the transaction is therefore substantially larger.
Therefore when we focus on the transfer fee when sending money abroad we often miss the biggest cost: the exchange rate spread.
Foreign exchange providers have essentially recognised this and they enter the market to transfer money at tighter spreads, thereby saving potentially significant amounts of money for their clients simply by providing better exchange rates.
For example, the transfer of £100K into euros is expected to attract a rate that delivers between €112,480 and €113,296 with the UK's leading high street banks. But FCA authorised providers will provide a rate that delivers between €115,510 and €115,740 (using rates on 05/07/21).
Taking the time to work with a FCA regulated currency provider could therefore result in the delivery of an extra euros amount of between €2444 and €3030.
Pound Sterling Live only works with foreign exchange payment companies that are FCA Authorised. This is important: FCA regulations and oversight requires the money they transfer on your behalf to be protected through a process known as 'safeguarding'. Safeguarding requires the payments company to keep your money separate from their own money in a top-tier bank. Therefore if the provider comes under stress your money should be protected.
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