Author, Mike Smith
Last Updated on August 8th, 2024
Find out the highs, lows & averages of the Euro to Pound rate, how to spot fake rates, and the best way to get a better exchange rate.
Highest euro to pound rate ever
The Euro hit an all-time high of £0.9804 against the Pound on 30th December 2008.
It happened in the middle of the global financial crisis. The Euro almost got to 1-for-1 with the Pound at that time.
Lowest euro-to-pound rate ever
The Euro crashed to an all-time low of £0.5708 against the Pound on 3rd May 2000.
It was only five months after the Euro’s launch, and many investors were still doubtful whether it would last as a currency.
Back then, 1 Pound would have bought you 1 and ¾ Euros. Great for Brits abroad.
Average euro to pound rate
The Euro to Pound rate has averaged £0.77 over its full history since launching in 1999.
In more recent times, the Euro has been a lot higher than the historic average.
In the last 10 years, the Euro has averaged £0.84 against the Pound. That’s around 9% higher than the all-time average.
Can you rely on Euro to Pound forecasts?
I don’t trust most exchange rate forecasts.
That might sound a little odd to a guy who works in the foreign exchange industry.
But for the sake of full disclosure: I don’t believe in the tooth fairy or the easter bunny either. And I’m having serious doubts about Father Christmas.
I understand why forecasts and forecasters exist.
People want certainty.
If you are planning to exchange your money, it’s only natural to want the best rate possible.
But the answers you find online are normally self-promoting nonsense.
Most forecasters are just extrapolating current rates and trends.
They have no idea what the economic data will be like over the coming weeks and months.
No one has a crystal ball.
Yes, you can make an informed judgement. But that’s not the same as an accurate forecast.
I prefer to use a common sense approach based on what you know and what you can see.
Beware of ‘interbank’ Euro to Pound rates
It’s easy to get a Euro to Pound rate off the internet these days.
Google will give you a rate in a flash.
And there’s a whole bunch of free FX websites, like XE, DailyFX, and Oanda, that also provide exchange rates on a live basis.
But there’s something most people don’t know about…
The Euro to Pound rates shown online are not rates that customers can get in the real world.
What you are seeing is something called “interbank rates”.
As the name suggests, an interbank rate is a wholesale rate for trades between banks.
There’s no central exchange in currency markets. Instead, the way it works is the banks balance their books with each other via an electronic network, and this generates interbank rates.
Interbank rates are not customer rates.
Even large corporations don’t transact at interbank rates.
The websites that publish interbank rates usually have a disclaimer that discloses that the rates shown are not available to customers.
Some websites are more forthcoming than others.
XE.com, for example, is one of the more upfront stating in their disclaimer “Consumer clients or small to medium-sized businesses cannot access these rates.” Look hard, and you’ll find it.
Unfortunately, a lot of websites just hide behind the generic “for information purposes only”.
Why does this matter?
It matters because when you go to convert your Euros to Pounds, you may be using a false rate.
Your transfer may cost you a lot more Euros than you thought, or the person receiving the Pounds could end up with a lot less than expected.
In other words, someone could get seriously short-changed.
If you need to convert Euros to Pounds, I would suggest requesting a quote from a bank or currency broker.
At least that way you will get a genuine rate and can budget effectively.
To find out our latest Euro to Pound rate, you can get a quick quote below.
Getting the best Euro to Pound rate
OK, so I’m no fan of financial clairvoyants.
And the more someone can see the future clearly, the more sceptical I become.
But I’m not suggesting you bury your head in the sand.
As currency brokers, we watch rates very closely.
That’s a key part of what we do.
We want to help our clients get the best rates possible.
Peaks and troughs, trends, and trading ranges are frequently observable events.
Price patterns are always developing.
While some of the moves can be explained by the news, a lot of the time, the fluctuations are just the result of investor speculation – buying and selling to make a profit. That creates a natural ebb and flow in exchange rates.
People think foreign exchange is all about international trade and overseas travel. But speculation accounts for more than 80% of all trades.
The point is you need to stay alert to opportunities and risks.
When it comes to converting your Euros to Pounds, even tiny movements in the rate can have a significant impact on the money you receive.
As an example, say you’re selling a property in Spain or France.
If the proceeds from the sale came to €120,000, just by achieving a 1% improvement in the Euro to Pound rate, it would mean gaining an extra £1,000.
Moves of that size happen almost daily.
Over a few weeks, you can see swings of 3%, 4%, or even 5%.
It is not realistic for most people to watch the screens all day. Most customers I speak to have neither the time nor the inclination.
It’s why you might find it useful to speak to a currency broker who is keeping an eye on rates throughout the day.
We also have a dedicated post all about finding the best exchange rate, for travel money and international payments, so click through if you want to know about the ins and outs of the process!
Why currency brokers are different from banks
A currency broker can help you get a better exchange rate.
You may miss a good opportunity if you only check the Euro to Pound rate a few times a week.
Alternatively, you may be looking for a certain rate or have a specific timeframe to work within.
By discussing your situation with a currency broker, they can work with you to optimise the exchange rate you achieve.
Banks don’t offer this kind of proactive service.
These days you’re lucky if you can speak to anyone at all – let alone get some help.
There are also several online-only operators, such as PayPal, Transferwise, FairFX, and Revolut, who will give you access to an online platform and leave you to do the rest.
That might suit some people, but a lot of people would rather be able to speak to someone.
If you are sending a larger amount (where costs and timing are more important), then a currency broker may be a better option.
Who are we?
Key Currency is a leading UK currency broker.
As independent currency specialists, we have lower overheads than banks, enabling us to pass on the savings to our customers.
And unlike banks and online-only operators, we don’t add any sneaky fees or make you do everything yourself.
All our customers have access to an account manager – yes, a person.
I think it makes a real difference.
Your account manager can offer you guidance on rates, assist you with the payment details of your transfer (to avoid any mistakes), and answer any questions you may have.
The point of having an account manager is to help save you money and make the whole process a lot smoother and less stressful.
We have attained a 5-Star “excellent” rating on the customer review website Trustpilot, the highest rating available.
As a company, we are open and transparent. The names and faces of all our people are on our website. We don’t hide behind a logo or app.
We’re committed to providing a service of the highest integrity and safety.
Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989), and as such, all money transfers are conducted through safeguarded client accounts.
If you would like to compare our Euro to GBP rates to your bank or existing provider, please request a quote below.