Where to Find the Best Rates Now the Pound is Hitting New Highs against the Euro

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The ongoing rally in the British Pound means competitive currency providers are now offering rates above 1.19 for travel money and international transfers.

GBP/EUR is closing in on the mythical 1.20 level at the start of the new week following data that showed the UK economy is outperforming that of the Eurozone. The PMI survey of Eurozone and UK businesses showed the UK economy continues to expand, but that of the Eurozone is now in contractionary territory.

This has prompted growing odds of another interest rate cut at the European Central Bank next month, which is weighing heavily on the Euro.

GBP/EUR hit a high of 1.1996 on Monday, meaning the retail rates available to euro buyers now range from 1.1938 to 1.1578. Just two weeks ago, as per our previous update, the range was between 1.1810 and 1.1330.

For large international transfers, the best euro exchange rate is offered by Horizon Currency at 1.1946, which is equivalent to that offered by Wise (Wise say they offer the market rate, but they have a sliding fee, which gives an effective exchange rate similar to that of Horizon).

For holiday money and cash requirements, Wise is again the most competitive, with a fee-adjust rate of approximately 1.1860, but this is only available on a currency card.

For cash, our holiday money comparison shows TravelFX leads the pack at 1.1792. M&S is the most competitive of the high-street providers, with the Post Office screening as the least competitive.

Turning to the market, we think the Pound is well-positioned to deliver further gains in the coming weeks now that a tough resistance level has been broken on the charts. However, we would be interested to see whether there is any renewed selling interest around 1.20 as round numbers can tend to act as psychological resistance and support zones.

GBP/EUR last traded around here in April 2022 but was ultimately not able to hold onto levels above 1.19 for any period of time.

Above: GBP/EUR is at the top of its post-Brexit range.