Best British Pound / Malaysian Ringgit Exchange Rate Today: 5.6498
Our comparison table and live data feed show the top euro rate you're likely to achieve for international payments is 5.6329, and the most competitive travel money / cash rates start at approximately 5.4487.
Live rate: 1 GBP = 5.6498 MYR (-0.47% )
Inverted: 1 MYR = 0.1770 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 | 5.6498 | 0 | 5.5933 | |||
 | 5.6329 (indicative) | 0 | 5.6329 | International Payments and Transfers | Experts in international money transfers for business and individuals, delivering industry-beating exchange rates. | |
 | 5.6103 (indicative) | 0 | 5.6103 | International Payments and Transfers | Indicative Dealing Desk Quote. Rate can only be applied to transfers in excess of £2000 equivalent. | |
 | 5.6498 | 0.47% | 5.6232 | 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. | |
 | 5.4487 | 0 | 5.4487 | 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. | |
 | 5.4300 | 0 | 5.4300 | 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. | |
 | 5.1666 | 0 | 5.1666 | 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  | 5.4916 (upper range) | Variable | 5.4916 | Payments, transfers, holiday money | Determined using data on spread charges supplied by IMTI | |
Worst Bank Rate | 5.4521 (lower range) | Variable | 5.4521 | Payments, transfers, holiday money | Determined using data on spread charges supplied by Money Mover and Accourt | |
Paypal  | 5.3956 | 0 | 5.3956 | International Payments and Transfers |
GBP/MYR Live Chart and Data
Set Alert« | » |
January - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 5.8519 Close: 5.8152 Mid: 5.8349 | 3 Open: 5.8148 Close: 5.8245 Mid: 5.8348 | 4 Open: 5.8285 Close: 5.8765 Mid: 5.8545 | 5 Open: 5.8776 Close: 5.9043 Mid: 5.8910 | 6 | |
7 | 8 Open: 5.9050 Close: 5.9309 Mid: 5.9180 | 9 Open: 5.9310 Close: 5.9189 Mid: 5.9250 | 10 Open: 5.9189 Close: 5.9112 Mid: 5.9126 | 11 Open: 5.9118 Close: 5.9227 Mid: 5.9173 | 12 Open: 5.9233 Close: 5.9325 Mid: 5.9283 | 13 |
14 | 15 Open: 5.9316 Close: 5.9428 Mid: 5.9367 | 16 Open: 5.9426 Close: 5.8732 Mid: 5.9099 | 17 Open: 5.8782 Close: 5.9808 Mid: 5.9295 | 18 Open: 5.9810 Close: 5.9837 Mid: 5.9843 | 19 Open: 5.9848 Close: 5.9703 Mid: 5.9815 | 20 |
21 | 22 Open: 5.9716 Close: 6.0023 Mid: 5.9870 | 23 Open: 6.0030 Close: 5.9839 Mid: 6.0037 | 24 Open: 5.9850 Close: 6.0231 Mid: 6.0044 | 25 Open: 6.0152 Close: 6.0140 Mid: 6.0146 | 26 Open: 6.0142 Close: 6.0213 Mid: 6.0134 | 27 |
28 | 29 Open: 6.0204 Close: 5.9991 Mid: 6.0092 | 30 Open: 5.9999 Close: 5.9946 Mid: 6.0011 | 31 Open: 5.9950 Close: 6.0137 Mid: 6.0046 |
February - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 6.0126 Close: 6.0008 Mid: 6.0051 | 2 Open: 6.0024 Close: 5.9701 Mid: 5.9989 | 3 | ||||
4 | 5 Open: 5.9719 Close: 7.8236 Mid: 6.8978 | 6 Open: 7.7828 Close: 5.9749 Mid: 6.8789 | 7 Open: 5.9767 Close: 6.0175 Mid: 5.9977 | 8 Open: 6.0173 Close: 6.0071 Mid: 6.0132 | 9 Open: 6.0085 Close: 6.0066 Mid: 6.0176 | 10 |
11 | 12 Open: 6.0077 Close: 6.0163 Mid: 6.0120 | 13 Open: 6.0157 Close: 6.0048 Mid: 6.0103 | 14 Open: 6.0063 Close: 5.9867 Mid: 6.0010 | 15 Open: 5.9887 Close: 6.0206 Mid: 6.0047 | 16 Open: 6.0201 Close: 6.0072 Mid: 6.0130 | 17 |
18 | 19 Open: 6.0088 Close: 6.0253 Mid: 6.0171 | 20 Open: 6.0256 Close: 6.0467 Mid: 6.0362 | 21 Open: 6.0470 Close: 6.0566 Mid: 6.0533 | 22 Open: 6.0566 Close: 6.0586 Mid: 6.0559 | 23 Open: 6.0584 Close: 6.0560 Mid: 6.0537 | 24 |
25 | 26 Open: 6.0553 Close: 6.0576 Mid: 6.0537 | 27 Open: 6.0583 Close: 6.0595 Mid: 6.0565 | 28 Open: 6.0577 Close: 6.0293 Mid: 6.0435 | 29 Open: 6.0300 Close: 5.9998 Mid: 6.0163 |
March - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.9992 Close: 5.9834 Mid: 5.9895 | 2 | |||||
3 | 4 Open: 5.9853 Close: 5.9904 Mid: 5.9875 | 5 Open: 5.9908 Close: 5.9968 Mid: 5.9938 | 6 Open: 5.9996 Close: 6.0323 Mid: 6.0160 | 7 Open: 6.0303 Close: 6.0531 Mid: 6.0217 | 8 Open: 6.0491 Close: 6.0352 Mid: 6.0299 | 9 |
10 | 11 Open: 6.0310 Close: 6.0065 Mid: 6.0188 | 12 Open: 6.0057 Close: 5.9833 Mid: 5.9942 | 13 Open: 5.9834 Close: 5.9890 Mid: 5.9888 | 14 Open: 5.9894 Close: 5.9731 Mid: 5.9868 | 15 Open: 5.9738 Close: 6.3360 Mid: 6.1588 | 16 |
17 | 18 Open: 6.3286 Close: 5.9886 Mid: 6.1586 | 19 Open: 5.9899 Close: 6.0093 Mid: 6.0004 | 20 Open: 6.0203 Close: 6.0128 Mid: 6.0192 | 21 Open: 6.0138 Close: 6.0204 Mid: 6.0181 | 22 Open: 6.0184 Close: 5.9756 Mid: 5.9970 | 23 |
24 | 25 Open: 5.9749 Close: 5.9930 Mid: 5.9766 | 26 Open: 5.9699 Close: 5.9671 Mid: 5.9688 | 27 Open: 5.9668 Close: 5.9598 Mid: 5.9653 | 28 Open: 5.9609 Close: 5.9823 Mid: 5.9716 | 29 Open: 5.9821 Close: 5.9679 Mid: 5.9750 | 30 |
31 |
April - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.9680 Close: 5.9403 Mid: 5.9546 | 2 Open: 5.9404 Close: 5.9426 Mid: 5.9501 | 3 Open: 5.9446 Close: 6.0085 Mid: 5.9766 | 4 Open: 6.0074 Close: 6.0106 Mid: 6.0046 | 5 Open: 6.0093 Close: 5.9984 Mid: 6.0009 | 6 | |
7 | 8 Open: 5.9980 Close: 6.0047 Mid: 6.0010 | 9 Open: 6.0055 Close: 6.0200 Mid: 6.0134 | 10 Open: 6.0198 Close: 5.9486 Mid: 5.9842 | 11 Open: 5.9490 Close: 5.9492 Mid: 5.9491 | 12 Open: 5.9518 Close: 5.9394 Mid: 5.9518 | 13 |
14 | 15 Open: 5.9397 Close: 5.9499 Mid: 5.9448 | 16 Open: 5.9501 Close: 5.9250 Mid: 5.9426 | 17 Open: 5.9260 Close: 5.9600 Mid: 5.9430 | 18 Open: 5.9607 Close: 5.9706 Mid: 5.9641 | 19 Open: 5.9691 Close: 5.9327 Mid: 5.9509 | 20 |
21 | 22 Open: 5.9318 Close: 5.9058 Mid: 5.9188 | 23 Open: 5.9059 Close: 5.9409 Mid: 5.9221 | 24 Open: 5.9413 Close: 5.9511 Mid: 5.9462 | 25 Open: 5.9519 Close: 5.9695 Mid: 5.9623 | 26 Open: 5.9697 Close: 5.9730 Mid: 5.9721 | 27 |
28 | 29 Open: 5.9730 Close: 5.9953 Mid: 5.9848 | 30 Open: 5.9947 Close: 5.9725 Mid: 5.9836 |
May - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.9711 Close: 5.9787 Mid: 5.9749 | 2 Open: 5.9787 Close: 5.9722 Mid: 5.9757 | 3 Open: 5.9715 Close: 5.9605 Mid: 5.9583 | 4 | |||
5 | 6 Open: 5.9597 Close: 5.9557 Mid: 5.9552 | 7 Open: 5.9555 Close: 5.9478 Mid: 5.9519 | 8 Open: 5.9463 Close: 5.9271 Mid: 5.9367 | 9 Open: 5.9268 Close: 5.9381 Mid: 5.9293 | 10 Open: 5.9374 Close: 5.9344 Mid: 5.9351 | 11 |
12 | 13 Open: 5.9346 Close: 5.9481 Mid: 5.9411 | 14 Open: 5.9477 Close: 5.9550 Mid: 5.9360 | 15 Open: 5.9529 Close: 5.9795 Mid: 5.9555 | 16 Open: 5.9765 Close: 5.9631 Mid: 5.9594 | 17 Open: 5.9613 Close: 5.9521 Mid: 5.9458 | 18 |
19 | 20 Open: 5.9520 Close: 5.9586 Mid: 5.9553 | 21 Open: 5.9581 Close: 5.9583 Mid: 5.9603 | 22 Open: 5.9588 Close: 5.9729 Mid: 5.9659 | 23 Open: 5.9743 Close: 5.9683 Mid: 5.9826 | 24 Open: 5.9695 Close: 5.9918 Mid: 5.9807 | 25 |
26 | 27 Open: 5.9924 Close: 5.9915 Mid: 5.9946 | 28 Open: 5.9920 Close: 5.9953 Mid: 5.9937 | 29 Open: 5.9950 Close: 5.9698 Mid: 5.9845 | 30 Open: 5.9707 Close: 5.9944 Mid: 5.9826 | 31 Open: 5.9939 Close: 5.9891 Mid: 5.9905 |
June - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | ||||||
2 | 3 Open: 5.9899 Close: 6.0201 Mid: 6.0050 | 4 Open: 6.0188 Close: 6.0135 Mid: 6.0141 | 5 Open: 6.0126 Close: 6.0030 Mid: 6.0078 | 6 Open: 6.0039 Close: 6.0100 Mid: 6.0073 | 7 Open: 6.0097 Close: 5.9704 Mid: 5.9901 | 8 |
9 | 10 Open: 5.9704 Close: 5.9893 Mid: 5.9799 | 11 Open: 5.9907 Close: 6.0072 Mid: 5.9990 | 12 Open: 6.0075 Close: 6.0590 Mid: 6.0340 | 13 Open: 6.0562 Close: 6.0228 Mid: 6.0389 | 14 Open: 6.0218 Close: 5.9692 Mid: 5.9955 | 15 |
16 | 17 Open: 5.9704 Close: 5.9714 Mid: 5.9709 | 18 Open: 5.9732 Close: 5.9919 Mid: 5.9826 | 19 Open: 5.9911 Close: 5.9951 Mid: 5.9907 | 20 Open: 5.9948 Close: 5.9600 Mid: 5.9774 | 21 Open: 5.9608 Close: 5.9525 Mid: 5.9598 | 22 |
23 | 24 Open: 5.9528 Close: 5.9736 Mid: 5.9632 | 25 Open: 5.9738 Close: 5.9709 Mid: 5.9730 | 26 Open: 5.9710 Close: 5.9397 Mid: 5.9572 | 27 Open: 5.9402 Close: 5.9585 Mid: 5.9494 | 28 Open: 5.9592 Close: 5.9623 Mid: 5.9608 | 29 |
30 |
July - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.9677 Close: 5.9688 Mid: 5.9683 | 2 Open: 5.9681 Close: 5.9629 Mid: 5.9655 | 3 Open: 5.9644 Close: 6.0130 Mid: 5.9887 | 4 Open: 6.0126 Close: 6.0074 Mid: 6.0100 | 5 Open: 6.0074 Close: 6.0421 Mid: 6.0248 | 6 | |
7 | 8 Open: 6.0415 Close: 6.0395 Mid: 6.0405 | 9 Open: 6.0363 Close: 6.0331 Mid: 6.0347 | 10 Open: 6.0322 Close: 6.0473 Mid: 6.0337 | 11 Open: 6.0464 Close: 6.0661 Mid: 6.0490 | 12 Open: 6.0655 Close: 6.0947 Mid: 6.0650 | 13 |
14 | 15 Open: 6.0922 Close: 6.0726 Mid: 6.0789 | 16 Open: 6.0717 Close: 6.0666 Mid: 6.0692 | 17 Open: 6.0665 Close: 6.0758 Mid: 6.0704 | 18 Open: 6.0748 Close: 6.0664 Mid: 6.0706 | 19 Open: 6.0651 Close: 6.0514 Mid: 6.0583 | 20 |
21 | 22 Open: 6.0519 Close: 6.0496 Mid: 6.0513 | 23 Open: 6.0499 Close: 6.0400 Mid: 6.0453 | 24 Open: 6.0400 Close: 6.0366 Mid: 6.0350 | 25 Open: 6.0356 Close: 6.0184 Mid: 6.0254 | 26 Open: 6.0172 Close: 5.9931 Mid: 6.0052 | 27 |
28 | 29 Open: 5.9932 Close: 5.9709 Mid: 5.9821 | 30 Open: 5.9700 Close: 5.9575 Mid: 5.9614 | 31 Open: 5.9551 Close: 5.9307 Mid: 5.9361 |
August - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.9270 Close: 5.8780 Mid: 5.8887 | 2 Open: 5.8731 Close: 5.8510 Mid: 5.8097 | 3 | ||||
4 | 5 Open: 5.8435 Close: 5.7376 Mid: 5.7586 | 6 Open: 5.7345 Close: 5.6286 Mid: 5.6816 | 7 Open: 5.6317 Close: 5.6967 Mid: 5.6642 | 8 Open: 5.6962 Close: 5.6830 Mid: 5.6880 | 9 Open: 5.6849 Close: 5.7149 Mid: 5.6932 | 10 |
11 | 12 Open: 5.7095 Close: 5.6511 Mid: 5.6790 | 13 Open: 5.6531 Close: 5.7000 Mid: 5.6766 | 14 Open: 5.6998 Close: 5.7206 Mid: 5.7080 | 15 Open: 5.7174 Close: 5.6849 Mid: 5.7012 | 16 Open: 5.6861 Close: 5.7220 Mid: 5.7052 | 17 |
18 | 19 Open: 5.7216 Close: 5.7166 Mid: 5.6978 | 20 Open: 5.7138 Close: 5.7082 Mid: 5.6954 | 21 Open: 5.7071 Close: 5.7172 Mid: 5.7066 | 22 Open: 5.7174 Close: 5.7311 Mid: 5.7269 | 23 Open: 5.7324 Close: 5.7766 Mid: 5.7546 | 24 |
25 | 26 Open: 5.7768 Close: 5.7717 Mid: 5.7572 | 27 Open: 5.7695 Close: 5.7552 Mid: 5.7582 | 28 Open: 5.7556 Close: 5.7437 Mid: 5.7521 | 29 Open: 5.7429 Close: 5.6749 Mid: 5.7089 | 30 Open: 5.6755 Close: 5.6930 Mid: 5.6855 | 31 |
September - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 5.6921 Close: 5.7129 Mid: 5.6999 | 3 Open: 5.7136 Close: 5.7181 Mid: 5.7321 | 4 Open: 5.7183 Close: 5.7270 Mid: 5.7118 | 5 Open: 5.7254 Close: 5.7033 Mid: 5.7094 | 6 Open: 5.7040 Close: 5.6926 Mid: 5.7031 | 7 |
8 | 9 Open: 5.6927 Close: 5.7326 Mid: 5.7130 | 10 Open: 5.7314 Close: 5.7071 Mid: 5.7085 | 11 Open: 5.7047 Close: 5.6572 Mid: 5.6810 | 12 Open: 5.6571 Close: 5.6882 Mid: 5.6690 | 13 Open: 5.6880 Close: 5.6947 Mid: 5.6772 | 14 |
15 | 16 Open: 5.6914 Close: 5.7009 Mid: 5.6955 | 17 Open: 5.6995 Close: 5.6614 Mid: 5.6734 | 18 Open: 5.6580 Close: 5.6276 Mid: 5.6228 | 19 Open: 5.6257 Close: 5.6267 Mid: 5.6153 | 20 Open: 5.6244 Close: 5.5865 Mid: 5.5928 | 21 |
22 | 23 Open: 5.5878 Close: 5.6240 Mid: 5.6057 | 24 Open: 5.6231 Close: 5.6279 Mid: 5.5921 | 25 Open: 5.6231 Close: 5.5365 Mid: 5.5771 | 26 Open: 5.5359 Close: 5.5320 Mid: 5.5224 | 27 Open: 5.5316 Close: 5.5407 Mid: 5.5266 | 28 |
29 | 30 Open: 5.5391 Close: 5.5187 Mid: 5.5155 |
October - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.5185 Close: 5.4786 Mid: 5.5208 | 2 Open: 5.4825 Close: 5.5270 Mid: 5.5124 | 3 Open: 5.5300 Close: 5.5191 Mid: 5.5517 | 4 Open: 5.5207 Close: 5.5337 Mid: 5.5402 | 5 | ||
6 | 7 Open: 5.5340 Close: 5.5152 Mid: 5.5661 | 8 Open: 5.5212 Close: 5.6170 Mid: 5.5694 | 9 Open: 5.6162 Close: 5.6067 Mid: 5.6107 | 10 Open: 5.6071 Close: 3.6295 Mid: 4.6233 | 11 Open: 3.6728 Close: 5.6105 Mid: 4.6417 | 12 |
13 | 14 Open: 5.6097 Close: 5.6099 Mid: 5.6048 | 15 Open: 5.6098 Close: 5.6145 Mid: 5.6217 | 16 Open: 5.6333 Close: 5.6045 Mid: 5.6073 | 17 Open: 5.6029 Close: 5.5849 Mid: 5.5929 | 18 Open: 5.5868 Close: 5.6235 Mid: 5.6052 | 19 |
20 | 21 Open: 5.6226 Close: 5.5895 Mid: 5.6061 | 22 Open: 5.5894 Close: 5.6082 Mid: 5.6061 | 23 Open: 5.6089 Close: 5.6047 Mid: 5.6242 | 24 Open: 5.6057 Close: 5.6413 Mid: 5.6235 | 25 Open: 5.6406 Close: 5.6313 Mid: 5.6341 | 26 |
27 | 28 Open: 5.6323 Close: 5.6463 Mid: 5.6441 | 29 Open: 5.6474 Close: 5.6732 Mid: 5.6603 | 30 Open: 5.6740 Close: 5.6842 Mid: 5.6935 | 31 Open: 5.6833 Close: 5.6369 Mid: 5.6601 |
November - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 Open: 5.6371 Close: 5.6732 Mid: 5.6536 | 2 | |||||
3 | 4 Open: 5.6734 Close: 5.6720 Mid: 5.6733 | 5 Open: 5.6719 Close: 5.9397 Mid: 5.8036 | 6 Open: 5.9286 Close: 5.5928 Mid: 5.7607 | 7 Open: 5.5982 Close: 5.7223 Mid: 5.6606 | 8 Open: 5.7211 Close: 5.6962 Mid: 5.7020 | 9 |
10 | 11 Open: 5.6949 Close: 5.6745 Mid: 5.6847 | 12 Open: 5.6749 Close: 5.6014 Mid: 5.6472 | 13 Open: 5.6050 Close: 5.6670 Mid: 5.6432 | 14 Open: 5.6674 Close: 5.6539 Mid: 5.6717 | 15 Open: 5.6556 Close: 5.6634 Mid: 5.6675 | 16 |
17 | 18 Open: 5.6624 Close: 5.6662 Mid: 5.6543 | 19 Open: 5.6673 Close: 5.6799 Mid: 5.6656 | 20 Open: 5.6794 Close: 5.6525 Mid: 5.6657 | 21 Open: 5.6533 Close: 5.6482 Mid: 5.6515 | 22 Open: 5.6470 Close: 5.5930 Mid: 5.6195 | 23 |
24 | 25 Open: 5.5950 Close: 5.6129 Mid: 5.6041 | 26 Open: 5.6115 Close: 5.5819 Mid: 5.5967 | 27 Open: 5.5834 Close: 5.5977 Mid: 5.5945 | 28 Open: 5.5993 Close: 5.6262 Mid: 5.6136 | 29 Open: 5.6270 Close: 5.6563 Mid: 5.6417 | 30 |
December - 2024
| Sun | Mon | Tue | Wed | Thu | Fri | Sat |
1 | 2 Open: 5.6557 Close: 5.6161 Mid: 5.6409 | 3 Open: 5.6183 Close: 5.6624 Mid: 5.6431 | 4 Open: 5.6626 Close: 5.6525 Mid: 5.6525 | 5 Open: 5.6510 Close: 5.6783 Mid: 5.6457 | 6 Open: 5.6755 Close: 5.6420 Mid: 5.6586 | 7 |
8 | 9 Open: 5.6415 Close: 5.6520 Mid: 5.6417 | 10 Open: 5.6516 Close: 5.6424 Mid: 5.6463 | 11 Open: 5.6437 Close: 5.6479 Mid: 5.6488 | 12 Open: 5.6484 Close: 5.6676 Mid: 5.6584 | 13 Open: 5.6648 Close: 5.6246 Mid: 5.6447 | 14 |
15 | 16 Open: 5.6244 Close: 5.6270 Mid: 5.6262 | 17 Open: 5.6288 Close: 5.6451 Mid: 5.6370 | 18 Open: 5.6470 Close: 5.6707 Mid: 5.6632 | 19 Open: 5.6669 Close: 5.6766 Mid: 5.6667 | 20 Open: 5.6735 Close: 5.6498 Mid: 5.6617 | 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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