Best Exchange Rates for Bank Transfers: Top Notch FX Rates

If your aim is to find the best foreign exchange rates for bank transfers to an account abroad or domestically, then you already know how much finding a better fx rates than the bank’s is going to save you.

As a rough estimate using a bank-alternative provider can save customers from regions such as UK, USA, Australia, Asia or EU more than 50% of all associated transfer costs, together with several other benefits which we will briefly touch in this guide.

Best Exchange Rates 🪧 For

* Including sole traders, online sellers and so forth, enjoying the same fabolous FX rates as corporations and bigger clients.

** Click on this button will take you to our “About Us” page which includes a contact form. There you could write what were you trying to find. We will NOT address individual requests but rather use your enquiry to update the guide’s content and contact you  in case we do.

Above you can find actionable guidance by our staff who have have spent, collectively, several decades in the fx industry, as well as live fx rates demonstrating the average bank’s foreign exchange rates offered and what could be achieved using a bank alternative. It should be noted that the best exchange rates and overall fees determine which is the cheapest way to send money abroad often varies based on the currency pairing, the current volatility, the volume of funds transferred (i.e. transferring larger sums can mean better foreign exchange rate), and other factors so it’s recommended to read through carefully and understand the ins and outs of currency exchange rates in 2022.

Best FX Rates for Bank Transfers Currently (Bank Alternatives)

If you are looking to make a large international money transfer please view our list of best international money transfer companies by overall rating below. This list integrates many other considerations that are supplementary to the best exchange rates for bank to bank transfers. For example, these companies offer dedicated dealer support that can help you get better rates, set up rate alerts and also, importantly, you can negotiate the exchange rate offered and potentially get a better deal than the default via direct communications.

Payment Specialists with Bank Beating FX Rates  November 2022

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere and Competitive Rates

    96% Client Satisfaction
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • High Quality Bespoke Service

    MoneyFact's Best Provider Award

    Over 100 Years of FX Experience Across Its Trading Desk
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, USA, HK, and UAE.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance
  • Min Transfer: £/€ 1,000
  • Currencies Supported: 70
  • Offices : UK, Spain, Netherlands, and Canada.
  • Our Rating : 90.6%
  • Very Experienced Staff

    99% Positive Customer Reviews Online

    12 Luxurious Industry Awards
Currency Solutions
  • Min Transfer: £/€ 1,000
  • Currencies Supported: 34
  • Offices : UK and EU.
  • Our Rating : 90.4%
  • #1 Rated Money Transfer on TrustPilot

    Friendly Customer Service

    Fast Sign-Up
Halo Financial
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 30
  • Offices : UK.
  • Our Rating : 87.6%
  • Extremely Tailored Service

    Multiple Industry Awards

    Highly Positive Client Reviews

More selection is available on our currency broker guide.

Approximate Best Obtainable Exchange Rates vs Bank Exchange Rate

Forex PairInterbank exchange rate*High Street Bank Exchange Rate (Estimated) **Recommended Provider Rate (Estimated) ***
Pound to Euro1.1894 EUR1.1537 EUR to 1.1656 EUR1.1775 EUR to 1.1835 EUR
Euro to Pound0.8408 GBP0.8155 GBP to 0.8239 GBP0.8323 GBP to 0.8366 GBP
Pound to Dollar1.2102 USD1.1739 USD to 1.1860 USD1.1981 USD to 1.2042 USD
Dollar to Pound0.8263 GBP0.8015 GBP to 0.8098 GBP0.8180 GBP to 0.8222 GBP
Pound to Australian Dollar1.7407 AUD1.6885 AUD to 1.7059 AUD1.7381 AUD to 1.7320 AUD
Australian Dollar to Pound0.5745 GBP0.5573 GBP to 0.5630 GBP0.5687 GBP to 0.5716 GBP
Pound to Swiss Franc1.1517 CHF1.1172 CHF to 1.1287 CHF1.1402 CHF to 1.1460 CHF
Pound to Hong Kong Dollar9.4897 HKD9.2999 HKD to 9.2050 HKD9.3948 HKD to 9.4423 HKD
Pound to UAE Dirham4.4451 AED4.3118 AED to 4.3562 AED4.4007 AED to 4.4229 AED
Pound to Singaporean Dollar1.6723 SGD1.6221 SGD to 1.6388 SGD1.6556 SGD to 1.6639 SGD
ANY CURRENCY2 – 3% Currency Spread1% to 0.5% Currency Spread

* Current rates provided to us by external provider, updated hourly.
** Represeting a 2%-3% bank margin, which is the average bank margin in the UK for internaional currency exchanges based on our indepedent research.
*** Representing a margin of 0.5% to 1% which is the average margin for most trades with brokerages.

Flexible Spreads with Brokerages

As mentioned in the above section the price you will be paying for your transfer in the form of foreign exchange spreads (the bank’s or the provider’s “offered exchange rate” is actually consisting of a spread integrated into it) will vary based on the circumstances of your trade.

First off there is a different spread altogether which varies between a spot trade (exchange money today) and a forward contract (pay a deposit on a transfer that will take place years into the future with a fixed exchange rate).

Secondly, some currencies are just more expensive than other to handle. Major currencies as per definition such as the following pairings: EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDCHF, NZDUSD are going to, on average, be less costly than exotic currencies. Example of exotic currency pairings would be GBPAED, EURAED, GBPILS, GBPZAR, and these on average have slightly higher spreads because they are less “liquid” i.e. associated with more costs and risks for the bank or provider (this is how foreign exchnge companies make money, and they have to be careful not to take unnceseccary fx risks themselves).

Thirdly, brokers tend to offer better deals based on volumes. The best foreign exchange rates offered to someone exchanging or transferring £10,000 will not be as to someone exchanging £100,000. Moreover, one of the advantages of moving big volumes is that it’s possible to negotiate the exchange rate offered. The best way to do that  first off get a quote from your bank but the way banks obfuscate the actual exchange rates offered could be tricky, so this stage can be skipped. The next stage, would be to get a clear quote from another broker (or multiple brokerages) so you’d have a idea where you’re standing. You could also easily colate exchange rate quotes easily enough through online money transfer providers which are cheap and straightforward (but you should know that in some cases brokers won’t be able to match an fx rate that good, and it could still “make sense” to use a broker considering the added values of using a broker vs an online platform, in spite of not obtaining the absolute optimal exchange rate obtainable at the moment).

Rate Alterts – A Powerful Tool

One added value when using a currency broker is to have the ability to subscribe to the exchange rates. For example, if you want to exchange Euro to USD, but that is not an urgent requirement and you are waiting until the EURUSD exchange rate will improve, you can set up a rate alert – a nifty little tool that you can either setup online or through your dedicated currency dealer, in which you ask to execute a certain trade when a certain rate has been hit (or get a phone call to set up a trade when the foreign exchange rates are near where you want them to be).

As much as having lower spreads i.e. obtaining the best fx rate possible of all banks and providers, matter, trading currencies as the right timing could save up as much money for you.

Check Your Spreads on Each Trade

The fact a certain broker made a deal with you with a certain margin you were happy with does not mean the broker will continue to honour the same spreads on each trade you made (unless you have been directly communicated that, which would be very rare of a broker to commit considering their own costs and risks can change over time and impact their spreads – even the world famous cash-strapped Wise have ramped up their margins more than once).

That means it would be a good idea to check for each individual trade what was the margin that was applied and whether the exchange rates offered by that broker are still the best in the market. As recommended in this guide, it is never a bad idea to contact another broker, compare the rates, and potentially go back to your broker to renegotiate the exchange rate markups applied to your trades.

Best Euro, USD, AUD and Sterling Rates: Same Path to Follow

It doesn’t matter if you try to find the best bank exchange rates for your Pound Sterling, Euro, Dollar or any other currency because the options we have covered on this guide will handle the majority of currencies and countries. You will have to follow the same path to obtain the best gbpeur rate, the best gbpusd rate, the best eurusd rate, or any other currency pairing.

Best Exchange Rates for lower-volume  Bank Transfers?

If you are looking to make a small payment online, or send remittances, then you should consider using Wise (formerly TransferWise) because they have fixed GREAT fx exchange rates (whereas other companies have a system in place in which larger transfers get bigger discounts).

Wise Money Transfer Fees / Exchange Rates
Currency Sent

Wise’s Fee (Lowest for Low Value Transfers)


0.32% – 0.45%, depending on amount sent + $ 0.66 AUD fixed payment fee. Best Australian dollar rates for international transfers from Australia.

2.07-2.14%, depending on the amount sent + R$ 4.26 BRL fixed payment fee. Best BRL rates.


0.37% – 0.53%, depending on the amount sent + $ 3.47 CAD fixed payment fee. Best CAD rates for international money transfers from Canada.


0.28% – 0.42%, depending on the amount sentr + 0.75 CHF fixed payment fee. Best CHF rates for money transfers from Switzerland.


0.34% – 0.47%, depending on the amount sent + Kč 7.39 CZK fixed payment fee. Best CZK rates.


0.36% – 0.49%, depending on the amount sent + kr 2.67 DKK. Best Danish Kroner rates.

0.31% – 0.47%, depending on the amount sent + € 0.46 EUR fixed payment fee. Best Euro rates for transferring money from Europe and to Europe.


0.72% of the amount that’s converted + ¥ 91.00 JPY fixed payment fee. Best Japanese Yen Rates.


0.35% – 0.45%, depending on the amount sent + $ 0.41 NZD fixed payment fee. Best NZD rates.


1.03% Fee + ₺ 21.78 TRY fixed payment fee. These are not the best TRY rates currently available online.


0.31% – 0.47%, depending on the amount sent + $4.25 USD fixed payment fee. Best USD rates for international money transfers from USA.

Razor-Sharp Spreads, Excellent FX Rates, But…

As noted earlier in this guide, Wise’s fees (which are all incluive of all fees associted with the transfer  other than if you use a debit card or a credit card to fund the transfer, in which case you could end up paying an extra 2-3%) are really good. You could say that other than in some rare cases (like online competitor Currencyfair on some currency routes), these are the best foreign exchange rates for an online transfer, especialy for lower-value transfers (which could be expensive using a brokerage).

So, if Wise’s exchange rate and fees are so good, why recommend alternative providers for larger transfers?

    • Wise is an online-only operation which is simply less adequate for many of our readers who want to be contacted locally the currency experts rather than Do It Yourself.
    • With Wise, because there are no currency dealers helping you out, it’s more difficult to follow rates and exchange at an optimal timing (unless you DIY).
    • With Wise, there are slightly better fees for those transferring large volumes, but since spreads are not flexible, it is possible to achieve a better-than-Wise exchange rate using a broker.
    • With Wise, there are no Forward Contract available. Forward Contract can often be the best, most risk averse, way to hadle a large payment due in the future.
    • With Wise the fx rates offered for business payments are not as good as WorldFirst for large volumes.

Wise Alternatives with Similar FX Spreads

As a whole OFX can be a little less cheap than Wise when it comes to its FX rates, but it’s a better rated brand by us and their exchange rates are great, have a look below:

Interbank Rate:
Interbank X Amount:
Bank Wire Fees:
OFX Wire Fees:
Bank Rate:
OFX Rate:
You Get With Bank:
You Get with OFX:

Disclaimers and such:

      1. Interbank rates used by this calculator were obtained through a third party service. This service can be delayed, inaccurate or unavailable and we do not assume responsibility if some some reason the current interbank rates are not correct.
      2. OFX rates were done through sampling the rates offered for an individual using the OFX system; we applied their fees (which are always $0) and the spreads to the current interbank rate. These are purely indicative rates and you would only know the actual bottom-line trade after you have signed up with them and received a quote from them. Neither MoneyTransferComparison nor OFX commits to transact at the rate displayed. With that being said, these rates should be around accurate.
      3. Bank rates and fees were done through extensive sampling and applying the fees and rates based on currency pairings to the current interbank rates. Your bank may have better or worse rates than the ones displayed. We recommend that while using this money transfer fee calculator you would log into your bank’s website and see how much currency you are getting for your currency from them.
      4. Hence, saving displayed is purely indicative.

Best Exchange Rates for Businesses and Online Sellers:

When you are a business or an online seller, we believe that getting the best exchange rates has a whole different meaning.

Yes, similarly to large bank transfers or smaller transfers the actual margins applied to the FX rate is significant but there are added features that could impact the exchange rate to a greater degree.

How to get a better exchagne rate as a business?

1) Have someone to speak to on the other hand that will negotiate the margins with you. As a business it wouldn’t be unheard of to see margins of lower than 0.5% across all currencies and as low as 0.2% for large clients and corporations. For example, WorldFirst used to publish their margins/rates online (they no longer do) and this is how it looked:

Indicative Rates for Business FX Rates

Forex PairInterbank exchange rate*Your average bank’s rate ****Provider’s best rate (large transfes)**Provider’s min. rate***
Pound to Euro1.1894 EUR1.1656 EUR1.1876 EUR1.1835 EUR
Euro to Pound0.8408 GBP0.8239 GBP0.8395 GBP0.8366 GBP
Pound to Dollar1.2102 USD1.1860 USD1.2084 USD1.2042 USD
Dollar to Pound0.8263 GBP0.8098 GBP0.8251 GBP0.8222 GBP
Pound to Australian Dollar1.7407 AUD1.7059 AUD1.7381 AUD1.7320 AUD
Australian Dollar to Pound0.5745 GBP0.5630 GBP0.5736 GBP0.5716 GBP
Pound to Swiss Franc1.1517 CHF1.1287 CHF1.1500 CHF1.1460 CHF
Pound to Hong Kong Dollar9.4897 HKD9.2050 HKD9.4755 HKD9.4423 HKD
Pound to UAE Dirham4.4451 AED4.3118 AED4.4385 AED4.4229 AED
Pound to Singaporean Dollar1.6723 SGD1.6221 SGD1.6698 SGD1.6639 SGD
ANY CURRENCY2 – 5% Currency Spread0.15% Currency Spread0.5% Currency Spread

While these margins, which used to be be the best business FX rates bar none, are no longer in effect (or not advertised on Worldfirst’s website anymore), you could use these rates could be an indication of the margins you would negotiate with your business fx provider.

2) Use limit order – a limit order essentially means “buy a certain currency” or “sell a certain currency” when the currency foreign exchagne rate is at a certain point. The risk of using a limit order is that it may never come into effect (if the desired rate doesn’t hit) but in very volatile periods, a well placed limit order can definitely get the best fx rate in a sense that if the limit order is placed to a rate that is BETTER than the current interbank, it means the exchange rate for your bank transfer surpasses any rate possible today.

3) Similarly to the last point, using fx hedging solutions like booking a Forward Contract can prove to be a lot more significant than the FX spread that is applied to the exchange rate; by booking a Forward you could fix today’s rate for a period of 12 or even 24 months into the future and (if you made the right prediction) get a much better exchangte rate than you would have (if the rates worsened during this period).


To summarize, the most important thing when it comes to business transfer exchange rates many not be the actual spread offered by a certain provider but rather the level, quality and diversity of service.

If you need to get the best rate for receiving large amounts from abroad then you should consider inquiring about Multi-Currency virtual bank accounts. WorldFirst also boasts such a virtual currency account for its business clients, and it’s one of the best EUR accounts and best USD accounts as per our comparison.

Best Exchange Rates for Travelers

Although the focus of Money Transfer Comparison is strictly for international money transers from one bank account to another bank account, there is a great deal of demand for the best exchange rates for travel, and one of the companies we have covered extensively on our guide offers just that.

Wise Multi-Currency Card

The aforementioned Wise offers more functionality for its customes than a simple online money transfer service with superb foreign exchange rates. It also enables customers to collect payments from abroad and store funds in 8 different currencies on their Wise international account. In practice, Wise’s multi-currency account is a form of a virtual bank account – and the kicker is, for travelers specifically, that customers in UK, EU, USA and Australia (as well as multiple other countries) are able to issue a multi-currency card attached to that virtual bank account. That card has no FX exchange rate fees and debits one’s wise account automatically.

For example, if you are in the UK and traveling to Europe, you could get the best GBPEUR exchange rate by transferring money to your Wise account, exchange it to Euros, and then spend it in Euros via the Wise Multi-Currency Account and Debit Card.

The New Best Exchange Rate Model?

An innovation that has come into this convulted industry where hunderds of banks and providers operate is a fixed-payment subscription to use a money transfer service which grants customers  with the actual, interbank, foreign exchange rates. Sokin Money Transfer is a money transfer provider that was estbalished in 2019 but hasn’t launched until 2021 which offers excactly that. For a mere amount of £10 a month, you will grant access, as per Sokin to:

  • Free when receiving money
  • Free virtual wallet
  • Free IBAN Account
  • Free virtual payment card
  • 86% recycled Sokin debit card
  • Send money to 200+ countries
  • Exchange 38+ currencies
  • Priority customer support
  • Multiple payment methods
  • No limit on withdrawals to external bank account

While there is no clarity which exchnge rate or markup is applied for “free users” who have not signed up with the premium membership as per above, it still means that premium customers, at least, are going to pay very little per trade. For example, based on what Sokin claims to offer, a customer paying £1m to USD will only pay those £10 membership fees while getting the actual interbank GBPUSD exchange rate (the best GBPUD exchange rate possible). That’s a 0.001% spread.

While this is an interesting prospect to consider and what could be the future of fx payments we are generally skeptical about the long term viability of such a pricing model. In a way, Sokin would have to be profitable one day to justify its business and considering that Wise profit margin is just below 6%, and it means that they will either change their pricing altogether or shut down at a point in time.

GUIDE: The “Official” Interbank Exchange Rate….

The official currency exchange rate is the real mid-market price in which banks trade currency in between themselves or the central bank. What do we mean by mid-rate? Currencies trade in the same fashion as other assets, so by mid-market we mean the price of the last deal that was made (a deal is made when the ASK price meets the BID price between two parties).

When you’re reading the morning news, or hearing some gloom and doom story over the television, when reports would mention “the rate” or the “official exchange rate” they mean exactly that. The interbank or mid-market rate. The acceptable rate as reflected by the latest deal between banks. The official interbank is not the best forex rate achievable for private clients. 

…as opposed to the bank’s Buy / Sell rates

Currency exchange board showing cross rates between various countries

However, that interbank exchange  rate is not the same as the foreign exchange rates offered to private or corporate clients.

Even a very large corporation, trading massive amounts of foreign exchange, using the best money transfer company or a bank’s corporate desk, isn’t going to get the exact interbank rate. Just like with any service there are costs to provide it – whether that be the investment in the currency trading infrastructure, regulatory and compliance requirements or simply staff costs we have to understand banks aren’t able to provide the service for nothing.

There will always be a SPREAD added into the mix, and our only gripe is that banks are often charging a far higher spread than is necessary to cover their costs and make a small profit. The spread is usually shown in percentages. A 0.5% spread means the amount of foreign currency you’ll receive in the deal will be 0.5% less of what you would have received if you were trading at official interbank exchange rates. In almost all cases, both for private individuals and most businesses, the banks exchange rates are the worst on offer. This is because a standard bank spread in the UK will be between 2-3% (for pairs like Pound v Euro or Pound v Dollar, or an even higher spread potentially for trades involving more exotic currencies). You can read more about that aspect above on the best fx rate for international money transfers comparison.

Buy/Sell currency spreads existing in cryptocurrencies too

Similarly to fiat currency exchanges, cryptocurrency brokers, exchanges, and sellers are also embedding a markup into their sales. Some customers believe they can circumvent the costs of foreign exchange by using cryptocurrencies such as Bitcoin, , Ripple, ethereum or Cardano for international transfers, but the truth is that the costs of exchanging fiat money for crypto as even higher than the cost of exchanging domestic money into foreign currency. While we have shown above that the best foreign exchange rate for businesses with WorldFirst will cost 0.15% to 0.5% per exchange, popular cryptocurrency exchanges would charge between 1.5% (using PayPal’s new Crypto option) and 5% (most local Crypto brokers), per exchange of GBPBTC/GBPETH or any other pairing.

An example using the live foreign exchange rate:

The current exchange rate for Pound in Australian Dollars is 1.7407 AUD, and you need to transfer abroad an amount of £100,000 to Australian Dollars. Your bank’s spread is 2% so you’ll end up with 170,586.8998 AUD after the exchange. Definitely not the best fx rate for money transfers!

It means the spread fee you paid in practice (whether they’d like to call this a fee or not!) is £2,000 or 3,481.3653 AUD.


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Why wasn’t I aware of this before when enquiring about the best exchange rates for international transfers?

Most banks and foreign exchange bureaus operate in opaque ways, and try to divert you away from realising that the foreign exchange rate spread is the most meaningful aspect in a large foreign exchange transaction. They love to advertise a “0% commission” policy or toot their horn about their affordable £15 wire fees (if even) but a hefty spread makes all the difference in the world.

Have you ever seen a bank advertising their foreign exchange rates at all? In the UK, they don’t even publicly advertise the current rate they are offering their clients on their websites. Really, the only way you can enquire about the rate your bank will give you for an international transfer is to give them a call and more often than not speak to a generic member of the customer support team whom doesn’t have specialist knowledge of the foreign exchange industry. Put it to the test, call your bank to find the bank exchange rate today and compare this to the rates on offer with WorldFirst. In other regions, like Australia, they do, but that foreign exchange rate is still very much incomparable with what money transfer companies offer

Are you looking to calculate how much you overpaid on your past transfer? Use our proprietary tool below to get an estimation of that with our  money transfer fee calculator.


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Realistic expectations and some industry benchmarks for the best bank exchange rates

We have already established the fact that achieving  the interbank currency exchange rate is unattainable, but what is? What is a fair price to pay for a foreign exchange transaction?

UK banks will charge 1.5%-4% on average in spread (bank  international exchange rates are worse than the interbank rate by that percentage). That average spread is true for USA banks, European banks, and generally speaking banks all across the world with the exception of ultra-competitive banking environments like Hong Kong where the spread is closer to 1%.

If you are a large corporation with significant trading volumes, you can get preferential business rates from the bank and  direct access to the trading desk. Those preferential exchange rates can be extremely good, but only a small subset of businesses are eligible (often with annual currency trading volumes of at least £10m).

Among all money transfer providers (the ones dealing exclusively with bank to bank international transfers), the average spread will be under 1% for all currency pairs. Companies like Transferwise take 0.5-0.8% per transaction depending on the locations, Currencyfair’s average margin is reported to be 0.4%, and WorldFirst which is featured on our best exchange rate section charges spreads of between 0.15% and 0.5% depending on volumes. There are additional companies like Currencies Direct, OFX, or moneycorp whose currency exchange rate is at around the same ballparks but isn’t fixed (they quote customers on a client-by-client basis). If you wish to read more about this you can with our article on FX companies vs banks. There may be certain price points where currencies direct can offer a more preferential rate than WorldFirst – this would just involve negotiating with the broker over the telephone.

For example, as a purely illustrative purpose, if you were trading £480,000 to EUR then the rate with WorldFirst would be fixed at 0.5%, just below their £500,000 threshold for which you could achieve a rate of 0.25% – if you speak with Currencies Direct they might be willing to trade somewhere between the two spreads.

Getting the best foreign exchange rate for bank to bank transfers is feasible, just may require a bit of legwork, that’s all.

When it comes to travel money, there are different providers designated for that and upon a large £1,000 or more exchange, it is possible to obtain about 0.5% spread on the Pound vs Euro or the Pound vs Dollar (and slightly above that for less common currencies).


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Spot FX versus Forward Rate or Swap Rate

When we refer to “foreign exchange rate” we mean the current rate for a transaction happening now. There are other types of foreign exchange transaction which are either condition or suppose to take place in the future. That transaction happening now is called a spot FX transaction. If you want to read other types of transactions like a Forward Contract, visit our page dedicated to currency hedging.


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What should you be seeking besides the best Pound rate or the best Euro fx rate

The goal is to sidestep your bank and seek out to compare currency transfer rates  in order to discover the best exchange rate so you can pay less money on each transfer, that’s a given, but it’s not the only consideration to keep in mind. We believe safety, security, service, diversity of offering, and the global reach of each company should have a major impact on your decision too. If we put this plainly – FIRST you seek for a reliable company which adheres to the highest standards, and then among this subset of “approved” companies you compare the currency rates.

Below you can find out top rated companies by overall rating offering top FX rates:

Currencies Direct
  • Min Transfer: £/€/$ 100
  • Currencies Supported: 39
  • Offices : UK, EU, USA, India, South Africa.
  • Our Rating : 97.8%
  • Most Global Offices and Reach

    No Fees from Anywhere and Competitive Rates

    96% Client Satisfaction
  • Min Transfer: £/€ 100
  • Currencies Supported: 40
  • Offices : UK, EU, Singapore, and Australia.
  • Our Rating : 93.4%
  • High Quality Bespoke Service

    MoneyFact's Best Provider Award

    Over 100 Years of FX Experience Across Its Trading Desk
  • Min Transfer: £/€/$ 50
  • Currencies Supported: 120
  • Offices : UK, EU, USA, HK, and UAE.
  • Our Rating : 92.8%
  • Business Oriented, Many High Profile Business Customers

    Industry Veteran since 1979

    Diverse Hedging Options and Excellent Guidance


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Should I sign up with multiple companies or just one to secure the best exchange rate?

Whether you are looking for the best Pound vs Euro rate, the best Pound to Euro FX exchange rate, or whichever currency pair – then sidestepping your bank and using a designated provider to beat the banks and get a top bank transfer exchange rate is almost a sure way of doing it. In fact, our website – Money Transfer Comparison, is dedicated toward this worthwhile goal. We review currency brokerages and list their pros and cons,  ultimately providing our recommendation towards using them.

Signing up with multiple money transfer companies is easy to do, especially if you are in the UK, EU or Australia. It should only take minutes of your time to sign up with each provider. Until you sign up, some of the major companies won’t be able to quote you with a current exchange rate, so you won’t know what they are offering. Additionally and importantly, companies like Global Reach Group will be willing to negotiate the default fx rate if you are looking to transfer large amounts. You could contact them with competing offers and they may beat them by offering a better rate.


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What are “honeymoon rates”?

Some companies will pull a strategy called ‘honeymoon rates’ for clients who need to use their services for multiple transfers. The first transaction will have the best bank exchange rate possible (and possibly the next few transfers to follow) and then the margin/spread will begin widening as the rates changed. The means that if in the first transfer the company offered you the “best exchange rate” of 0.4% below the interbank exchange rate, the next transfer may be 0.5% and the 10th transfer may surpass the 2% margin, even. We’ve seen it happen and you should be on the lookout.


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Current, Official, Foreign Exchange Rates

Rates are updated on an hourly basis from an external provider. We do not guarantee accuracy. These are not rates for foreign currency bank transfers but rather the official rate used in trading between central banks. To view the best foreign exchange rate for bank transfers click here.

Common Currency Pairs – From GBP

GBP Exchange
Current Pound to Euro Rate:

  • 1 Pound is €1.1894 EUR
  • 10,000 Pound are €11,894.0758 EUR 

Current  Pound to US Dollars Rate:

  • 1 Pound is $1.2102 USD
  • 10,000 Pounds are $12,102.0249 USD 

Current  Pound to Australian Dollars Rate:

  • 1 Pound is A$1.7407 AUD
  • 10,000 Pounds are A$17,406.8265 AUD

Current  Pound to Japanese Yen Rate: 1 Pound is

  • ¥163.3301 JPY
  • 10,000 Pounds are ¥1,633,301.3840 JPY

Current  Pound to South African Rand Rate: 1 Pound is

  • R20.0700 ZAR
  • 10,000 Pounds are R200,699.9811 ZAR

Current  Pound to New Zealand Dollar Rate:

  • 1 Pound is $1.9217 NZD
  • 10,000 Pounds are $19,217.2894 NZD


Less Common Currencies Pairings – From GBP

  • Pound to Canadian Dollar Rate: 1 Pound is $1.5603 CAD.
  • Pound to Israeli New Shekel Rate: 1 Pound is ₪3.9432 ILS.
  • Pound to Hong Kong Dollar Rate: 1 Pound is $9.4897 HKD.
  • Pound to United Arab Emirates Dirham Rate: 1 Pound is 4.4451 AED.
  • Pound to Brazilian Real Rate: 1 Pound is R$6.2271 BRL.
  • Pound to Argentine Peso Rate: 1 Pound is $163.7198 ARS.
  • Pound to Mexican Peso Rate: 1 Pound is $24.1996 MXN.
  • Pound to Chinese Yuan Rate: 1 Pound is ¥8.2042 CNY.
  • Pound to Indian Rupee Rate: 1 Pound is R96.1126 INR.

Common Currency Pairs – From EUR

euro flag

Current Euro to Pound Rate:

  • 1 Euro is £0.8408 GBP
  • 10,000 Euro are £8,407.5469 GBP

Current Euro to US Dollars Rate:

  • 1 Euro is $1.0175 USD
  • 10,000 Euros are $10,174.8342 USD

Current Euro to Australian Dollars Rate: 1 Euro is

  • A$1.4635 AUD
  • 10,000 Euros are A$14,634.8710 AUD

Current Euro to Japanese Yen Rate:

  • 1 Euro is ¥137.3206 JPY
  • 10,000 Euros are ¥1,373,205.7952 JPY

Current Euro to South African Rand Rate:

  • 1 Euro is R16.8739 ZAR
  • 10,000 Euros are R168,739.4500 ZAR

Current Euro to New Zealand Dollar Rate:

  • 1 Euro is $1.6157 NZD
  • 10,000 Euros are $16,157.0262 NZD


Less Common Pairings – From Euro

  • Euro to Canadian Dollar Rate: 1 Euro is $1.3118 CAD.
  • Euro to Israeli New Shekel Rate: 1 Euro is ₪3.3152 ILS.
  • Euro to Hong Kong Dollar Rate: 1 Euro is $7.9785 HKD.
  • Euro to United Arab Emirates Dirham Rate: 1 Euro is 3.7373 AED.
  • Euro to Brazilian Real Rate: 1 Euro is R$5.2355 BRL.
  • Euro to Argentine Peso Rate: 1 Euro is $137.6482 ARS.
  • Euro to Mexican Peso Rate: 1 Euro is $20.3459 MXN.
  • Euro to Chinese Yuan Rate: 1 Euro is ¥6.8977 CNY.
  • Euro to Indian Rupee Rate: 1 Euro is R80.8071 INR.

Common Currency Pairs – From USD


Current US Dollar to Euro Rate:

  • 1 US Dollar is €0.9828 EUR
  • 10,000 US Dollar are €9,828.1700 EUR

Current US Dollar to Pound Rate:

  • 1 US Dollar is £0.8263 GBP
  • 10,000 US Dollars are £8,263.0800 GBP

Current US Dollar to Australian Dollars Rate:

  • 1 US Dollar is A$1.4383 AUD
  • 10,000 US Dollars are A$14,383.4000 AUD

Current US Dollar to Japanese Yen Rate:

  • 1 US Dollar is ¥134.9610 JPY
  • 10,000 US Dollars are ¥1,349,610.0000 JPY

Current US Dollar to South African Rand Rate:

  • 1 US Dollar is R16.5840 ZAR
  • 10,000 US Dollars are R165,840.0000 ZAR

Current US Dollar to New Zealand Dollar Rate:

  • 1 US Dollar is $1.5879 NZD
  • 10,000 US Dollars are $15,879.4000 NZD


Less Common Pairings – From USD

  • US Dollar to Canadian Dollar Rate: 1 US Dollar is €1.2893 CAD.
  • US Dollar to Israeli New Shekel Rate: 1 US Dollar is ₪3.2583 ILS.
  • US Dollar to Hong Kong Dollar Rate: 1 US Dollar is $7.8414 HKD.
  • US Dollar to United Arab Emirates Dirham Rate: 1 US Dollar is 3.6730 AED.
  • US Dollar to Brazilian Real Rate: 1 US Dollar is R$5.1455 BRL.
  • US Dollar to Argentine Peso Rate: 1 US Dollar is $135.2830 ARS.
  • US Dollar to Mexican Peso Rate: 1 US Dollar is $19.9963 MXN.
  • US Dollar to Chinese Yuan Rate: 1 US Dollar is ¥6.7792 CNY.
  • US Dollar to Indian Rupee Rate: 1 US Dollar is R79.4186 INR

Common Currency Pairs – From AUD

australia flag

Current Australian Dollar to Euro Rate:

  • 1 Australian Dollar is €0.6833 EUR
  • 10,000 Australian Dollar are €6,832.9950 EUR

Current Australian Dollar to Pound Rate:

  • 1 Australian Dollar is £0.5745 GBP
  • 10,000 Australian Dollars are £5,744.8726 GBP

Current Australian Dollar to US Dollar Rate:

  • 1 Australian Dollar is$0.6952 USD
  • 10,000 Australian Dollars are $6,952.4591 USD

Current Australian Dollar to Japanese Yen Rate:

  • 1 Australian Dollar is ¥93.8311 JPY
  • 10,000 Australian Dollars are ¥938,310.8305 JPY

Current Australian Dollar to South African Rand Rate:

  • 1 Australian Dollar is R11.5300 ZAR
  • 10,000 Australian Dollars are R115,299.5815 ZAR

Current Australian Dollar to New Zealand Dollar Rate:

  • 1 Australian Dollar is $1.1040 NZD
  • 10,000 Australian Dollars are $11,040.0879 NZD


Less Common Pairings – From AUD

  • Australian Dollar to Canadian Dollar Rate: 1 Australian Dollar is €0.8964 CAD.
  • Australian Dollar to Israeli New Shekel Rate: 1 Australian Dollar is ₪2.2653 ILS.
  • Australian Dollar to Hong Kong Dollar Rate: 1 Australian Dollar is $5.4517 HKD.
  • Australian Dollar to United Arab Emirates Dirham Rate: 1 Australian Dollar is 2.5537 AED.
  • Australian Dollar to Brazilian Real Rate: 1 Australian Dollar is R$3.5774 BRL.
  • Australian Dollar to Argentine Peso Rate: 1 Australian Dollar is $94.0550 ARS.
  • Australian Dollar to Mexican Peso Rate: 1 Australian Dollar is $13.9023 MXN.
  • Australian Dollar to Chinese Yuan Rate: 1 Australian Dollar is ¥4.7132 CNY.
  • Australian Dollar to Indian Rupee Rate: 1 Australian Dollar is R55.2155 INR

The above official interbank exchange rates today are for educational purposes only. The easiest way to double check the rates  would be google. Insert queries such as “gbp in euro” or “10000 gbp in euro” or “gbpeur rate” and you should be able to get what you are looking for. Alternatively, use the Bank of England’s foreign exchange rates which are available on their website.


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Forecasts and History for the Pound Sterling

Pound vs Euro

Current Pound Vs Euro Rate:

If you want to conduct a spot FX transaction these are the current GBPEUR rates

1 Pound is €1.1894 EUR

50 Pounds are €59.4704 EUR

100 Pounds are €118.9408 EUR

1,000 Pounds are €1,189.4076 EUR

2,000 Pounds are €2,378.8152 EUR

10,000 Pound are €11,894.0758 EUR 

1 Euro is £0.8408 GBP

50 Euro are £42.0377 GBP

100 Euro are £84.0755 GBP

1,000 Euro are £840.7547 GBP

2,000 Euro are £1,681.5094 GBP

10,000 Euro are £8,407.5469 GBP 

Future Prospects and Predictions for Pound vs Euro

Money Transfer Comparison’s authors and editors do not have a positive outlook for the UK even after its decision to leave the EU ended up in agreement as opposed to a no-deal brexit that was feared. In essence, the UK is gaining nothing from exiting the EU right now (it may benefit from its ability to strike moe personalised trade deals in the long term), and its trade balance will certainly suffer in the immediate term, or at least won’t gain anything as compared to the past.

The UK’s Monetary Policy committee held their nerve in Q4 and maintained interest rates at 0.75% but forecasts predict a 60% chance of a rate cut for the UK by the end of June 2020 as the UK remained on track to miss its 1.3% growth target for 2019 (GDP data to be released shortly), and that was pre-covid which had a dire impact on UK’s trade (as well as global trade as a whole).

In short, finding the best Pound to Euro exchange rate may have already passed with the conservative win election gains already retreating, and then the rally from Dec 2020 to March 2021 which has since shrieveled.


Historical Overview: Sterling’s demise against the Euro

Sterling has been able to hold its position against the Euro for much of the period since 1999 with overvaluation in comparison with the German economy offset by the fact that the Euro had been persistently dragged lower by weakness in other key countries. Sterling, however, hit fresh multi-year lows in 2019 as  Brexit fears have undermined confidence in the UK outlook. Lows not seen for GBP this severe since the end of the 2009 financial crisis.

 Euro vs Pound, 2000-2016 Source For This Graph

2022 – Doom and Gloom for UK, Pound Crashing even further

2022 will not be a year to remember for the Pound Sterling. The GBPEUR exchange rate started on a high note @1.20 and crashed all the way down below 1.15 GBPEUR rate to date.

The reasons are diversified – very high inflation and inflation expectations in UK, weak economic signals, an energy crises coupled with a sharp expected rise in energy price (or, energy prices will continue to be subsidised by the British government, putting serious pressue on UK’s stability).

At this point it is almost certain that the best GBPEUR rates seen in previous years will never to return.

2020 – Covid year, Brexit Agreed – not seeing the pre-Brexit Pound ever again?

In the hope it would help to push through a withdrawal agreement, Theresa May resigned and Boris Johnson was elected as the new prime minister. Sterling hit its lowest-ever rate against the Euro early in the year because the market were predicting no trade deal will be signed.

It was a last ditch effort to finalise a brexit agreement but it finally go through just before the end of 2020, at the end of the very year that change the face of the world and made markets go crazy, and it was expected the Sterling will jump significantly.

The GBPEUR rate shot up significantly from December to March 2021 but the rally did not sustain and the Pound Sterling is trading at approximately the same levels it was ever since 2016 i.e. the 1.1 to 1.18 range against the Euro.

2019 Onwards – Brexit Impasse and UK political uncertainty

The pound started steady in 2019 as the market maintained hope the brexit withdrawal agreement could be passed. Theresa May taking this for a vote in the House of Commons no less than three times, hoping that with its new found support from the DUP it could be pushed through. But with a number of conservatives voting against the government they couldn’t get close to the required majority. By historical standards some of the foundations of the UK economy appeared strong too, unemployment was below 4% and Q1 GDP was at 0.5%. This however slowed to 0.2% in Q2 and unemployment is reported to have risen throughout the year. 

In the hope it would help to push through a withdrawal agreement, Theresa May resigned and Boris Johnson was elected as the new prime minister. However with this only increasing the chances of a no deal GBP hit new lows against EUR, not seen since the end of the financial crisis in 2009. Taking the GBPEUR rate as low as 1.07.

After fresh lows in August 2019, the pound began to recover as parliament continued to search for ways to block a no deal brexit and the government increased its negotiations with the EU, seeking to reach a new withdrawal agreement that would replace the Irish backstop.  In October GBPEUR sat around the 1.15 level and continued on an upward trend throughout the year, peaking at a 3 year high of 1.207 after the December General Election. Shaking up the House of Commons and providing the conservatives with an overwhelming majority in Parliament. Gains however retreating back to mid 1.17 as concerns remain high for a no deal outcome at the end of 2020. 

Jan 2 2017 – 2019: Euro recovery

Overall Sterling sentiment continued to weaken in 2017 with the UK government’s inability to secure a majority in the General Election increasing fears of instability and also making it even more difficult to secure a satisfactory outcome to the Brexit negotiations. In 2018, the GBPEUR stayed within the range of 1.10-1.15. The closer it got to the end of the year, the lower the rate was based on concern of a “no deal Brexit” leaving the UK economy volatile and vulnerable. There was a slight recovery in November 2018 based on rumors the EU and the UK reached an agreement.. 

Selling pressure on Sterling was intensified by a strong Euro recovery as stronger growth rates triggered expectations of an ECB move to tighten monetary policy.

June 23rd 2016 – 2017: Brexit represents another UK shock

Pound Sinking In The Ocean Showing Depression Recession And Economic Downturns 3d RenderingThe relative balance of forces changed substantially following the June 23rd UK referendum on whether to remain in the EU.

There had been very limited expectations that the UK could vote to exit the EU and the leave result triggered a substantial market shock.

There were increased fears surrounding the long-term UK outlook with concerns that underlying growth rates would be substantially weaker over the medium term.

The Bank of England also cut interest rates once again to 0.25% which undermined Sterling confidence. The inconclusive June 2017 election increased fears over political instability and there were expectations of difficult negotiations with the EU.

2014 – June 22nd 2016: Euro weakness dominates

During this period, there were further concerns surrounding the Euro-zone outlook as governments and the ECB were unable to find a permanent solution to the crisis.  The debt crisis continued to flare-up with another bailout for Greece while the Euro was trapped in permanent low growth with further speculation that the Euro would break up.

As confidence in the Euro-zone and Euro continued to weaken, ECB President Draghi announced that he would do whatever it takes to protect the Euro. Draghi was successful in preventing a break-up of the Euro area.

The ECB, however, was forced to cut interest rates very aggressively in an attempt to meet its inflation target and ease financial tensions. The move to zero interest rates and a negative deposit rate, together with the quantitative easing programme, pushed the Euro sharply lower against all major currencies. Sterling was, therefore, able to make headway as EUR/GBP retreated to the 0.7000 area despite very low UK interest rates.   

2011 – 2014: UK recovery, Euro-zone crisis

The UK economy gradually emerged from recession with a return to growth and there was a steady recovery in the banking sector.

At the same time as a gradual UK recovery, confidence in the Euro-zone outlook deteriorated sharply.

The Euro-zone had been pushed into recession during the global banking crisis and, although fears surrounding the banking sector were slower to emerge, fears escalated during this period.

The Greek debt crisis also emerged for the first time in 2010 with the Euro-zone members effectively forced to bailout Greece in order to prevent a serious collapse within the Euro-zone banking sector.

Governments found it very difficult to control the debt crisis and the Euro-zone as a whole lurched from crisis to crisis with persistent fears over a sovereign debt crisis.

The tables were, therefore, turned in global currency markets with the Euro under sustained selling pressure while there was a net recovery in Sterling with EUR/GBP declining to the 0.8000 area. 

2008 – 2011: global financial crisis, UK banks badly damaged

The first real evidence of the great financial crisis emerged in August 2017 with redemptions halted in two property funds.

The immediate UK impact was limited, but stresses quickly emerged in the money markets as wholesale lending started to seize up. Given that there had been an increased dependence on money-market lending by UK financial institutions, confidence in the sector quickly declined and financial difficulties emerged.

The initial focus was on Northern Rock which requested government support in November 2017. The crisis intensified rapidly in early 2008 with Northern Rock nationalised. The UK suffered a wider banking-sector crisis as Lloyds Bank and the Royal Bank of Scotland required government support to avoid collapse.

The banking crisis was an important factor in pushing the UK economy into a deep recession and the Bank of England was forced to cut interest rates very aggressively to stabilise financial conditions.

Although the banking crisis was a global feature, the UK banking crisis was a key factor in triggering heavy selling pressure on Sterling as EUR/GBP peaked at record highs around 0.9800.

2003 – 2007: the great moderation, false UK optimism

At the time, the period between 2003 and 2008 was marked by an optimistic period for the UK economy. Under the Blair government, government finances were boosted by strength in tax revenue and deficits appeared to be under control in historic terms.

The Bank of England Monetary Policy Committee remained successful in controlling inflation which held close to the 2% target and there were no serious concerns surrounding the balance of payments. Overall GDP growth also maintained a firm tone which helped underpin Sterling sentiment.

With hindsight, the macro-economic policy framework was building up excessive debt amid lax regulation and compounded by excessive global debt expansion, although these concerns were relatively limited at the time.

Jan 1st 1999 – 2003: Euro teething troubles

The Bank of England was granted independence to set interest rates following the 1997 general election and by the time of the Euro’s introduction in 1999, the framework was well established.

The Euro was unable to make headway following its 1999 launch and the single currency weakened sharply to lows below 0.8500 against the dollar in 2000 with an underlying lack of confidence in cohesion for the new currency. EUR/GBP hit a low below 0.5700 in early 2000.

Pound to Euro Rates Analysis Summary

Sterling was able to recover after the 2008 financial crisis as Euro-zone fears dominated, but has now weakened to similar levels with expectations of permanent damage to the UK economy if there is a disorderly EU exit. Even after a Brexit agreement was formed after the 2020 pandemic year, the markets were still hesitant to believe the United Kingdom and the Pound Sterling will ever go back to their glory days.

Those who require GBP to EUR, GBP to USD, GBP to AUD or any other currency exchange from Pound Sterling should not look at this long 22 year history and even imagine that the exchange rate would ever be this high. The key to finding the best exchange rate for international transfers is to look at recent 12 months history and understand the trendline, because it is almost impossible to predict events like Brexit and the agreement thereafter. 


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Pound vs Dollar

Current GBP Rates (GBPUSD):

If you want to conduct a spot FX transaction these are the current GBP/USD rates

1 Pound is $1.2102 USD

50 Pounds are $60.5101 USD

100 Pounds are $121.0202 USD

1,000 Pounds are $1,210.2025 USD

2,000 Pounds are $2,420.4050 USD

10,000 Pound are $12,102.0249 USD 

1 Dollar is £0.8263 GBP

50 Dollars are £41.3154 GBP

100 Dollars are £82.6308 GBP

1,000 Dollars are £826.3080 GBP

2,000 Dollars are £1,652.6160 GBP

10,000 Dollars are £8,263.0800 GBP 

Future Prospects and Predictions for Pound vs USD

Money Transfer Comparison’s authors and editors still believe in a strong American economy  in spite of some market turbulence in 2019 and the March-April market dip of 2020 due to COVID, but that does not necessarily mean a strong dollar. The DXY (dollar exchange rate against major currencies) has been down throughout 2020 other than when it crawled up in a frightening pace while the USA economy faced one of its biggest challenges in a 100 years. Wth looming inflation, growing US and China trade war, and asset bubble only a fool would put a predication on the future of the Mighty Greenback. 

China is also experiencing a general and gradual slowdown of its GDP output (but to a greater extent than the US) and its growth numbers are not meeting targets. Investors are wary of the wider global impact on China’s trading partners, including Japan and Australia. This together with the relative instability in Europe for both GBP and EUR, we believe the Dollar will remain the safe haven for investors.  Even despite the growing trade war between the US and China and the US economy growing at an even scarier rate than 2017 and 2018. 

With that, we would say that the Pound Sterling is generally on the downturn and the fact it was hit so badly with COVID and restrictions were on for so long did not help restore investors’ confidence in it.

Considering all of the above it will make sense for the US dollar vs Pound exchange rate to improve (dollar appreciating), and hence today might be the best exchange rate for international transfers from Sterling to USD.

Historical Overview: Sterling’s demise against the dollar

Optimism surrounding the UK economy triggered Sterling strength in the period ahead of the global financial crisis and GBP/USD moved to levels which were substantially overvalued. However, in the past 10 years, two major shocks have put GBPunder heavy selling pressure. Sterling slumped during 2008 as the financial crisis intensified and it was then tested further to 31-year lows after the 2016 Brexit vote.

2022: USD Strengthens globally, GBP weakening, worst GBPUSD seens in 37 years

2022 was a perfect storm for the GBPUSD. A combination of bad economical forecasts in UK, together with even worse inflation rates than seen globally and a significant decline in economic output, political instability with tens of billions of pounds in an energy relief package… with global turmoil and grave fears propelled by the war in Ukraine making the dollar the stronger it has been in decades, leading to the worst GBPUSD exchange rates seen in 37  years.

With gloomy predictions about global economy and moreover, extremely bad predictions about the British economy, it appears that the best time to exchange GBP to USD is yesterday and that the GBPUSD rates are not set to improve in coming years.


Pound Sinking In The Ocean Showing Depression Recession And Economic Downturns 3d RenderingAugust 2019 onwards: slight recovery for Sterling, crash, and more recovery

The US is currently growing at an annualised 2%, lower than its 3.1% target.   Despite this the fed held rates in their latest December meeting, keeping the rate between 1.5-1.75%. None of the policy makers are expecting to set rates below 1.5% until at least the end of 2022, and only if the economy is really slowing. 

News of a new withdrawal agreement for the UK  temporarily pushed sterling higher in October, gaining  value against the dollar to recover from all time lows. GBPUSD pipped 1.30 before levelling out to around 1.28 towards the end of October 2019. But ended the year stronger, fluctuating between 1.30-1.35 throughout December 2019.

Then Covid happened and the GBP to USD foreign exchange rate was at its worst at years touching 1.15, the brexit agreement was announced, and the USD remained low helping the rate to reach almost its pre-brexit level at 1.39 in May 2021 (it was 1.44 on April 2016 shortly before the referendum).

April 2018 to August 2019: Sterling slips back to lows

Pound Sinking In The Ocean Showing Depression Recession And Economic Downturns 3d RenderingThe US dollar gained significantly against all currencies throughout 2018 because of four rate hikes by the Fed. And generally maintained its strength throughout 2019 despite two interest rate cuts. Of the four rate hikes in 2018, whilst the first one did not hit the market by surprise, the September and December rate hikes made the market understand the no-interest era was gone in the US. The fed then came under heavy pressure from Donald Trump in 2019 to slash interest rates in a complete change of policy to boost consumer spending.

But whilst the fed did lower rates at two points, taking base rates to within 1.75-2%, it didn’t cut rates anywhere near as much as Trump desired. In addition to this, the pound had been showing signs of weakness based on Brexit – the closer the date was ticking to March 2019, when the UK was originally set to leave the EU whether there was an agreement in place or not, the higher the levels of concern and panic. Prime Minister Theresa May demonstrated a lack of support for her actions and the deal she reached with the EU was rejected by parliament multiple times., Eventually ending in Theresa May’s resignation in order to make progress on the issue of Brexit.

January 16th 2017 until April 2018:  Sterling recovers from 30-year lows

Pound Sinking In The Ocean Showing Depression Recession And Economic Downturns 3d RenderingSterling dipped to 31-year lows just below 1.2000 in January before recovering some ground as the economy regained momentum. Sentiment, however, weakened again from June following the UK General Election. The government’s inability to secure a majority increased fears of instability with fears that Brexit negotiations would become even more difficult given UK weakness.

Sterling selling was intensified by a strong Euro recovery as stronger growth rates triggered expectations of an ECB move to tighten monetary policy while UK rates remain at record lows.

The dollar spiked higher following the unexpected election of US President Trump amid expectations of aggressive tax cuts which would tend to strengthen growth and potentially trigger a faster pace of Fed tightening. Confidence in Trump and the reform agenda faded rapidly and allowed GBP/USD to stabilise around 1.30 as the dollar came under sustained pressure.

June 23rd 2016 – January 15th 2017: Brexit shock triggers Sterling slump

The June 23rd UK referendum on whether to remain in the EU was an important shock to global markets, especially as there had been strong expectations that late momentum would be more likely to favour the remain side.

Fears surrounding the long-term UK outlook increased with expectations that underlying growth trends would be weaker and longer-term deterioration in the economic performance.

The Bank of England also cut interest rates once again to a record low of 0.25% which undermined Sterling confidence. Selling culminated in a flash crash in early October with GBP/USD losing over 5% in a matter of minutes before recovering ground.  


July 2014 – June 22nd 2016: Dollar strength dominates

During this period, there were fluctuations in Sterling confidence with volatility, for example, surrounding the Scottish independence referendum.

The UK economy was relatively stable with solid underlying growth. The Bank of England, however, was unable to find a reason to raise interest rates and Sterling lost ground.

The main focus was on the dollar which appreciated sharply from July 2014. The Federal Reserve moved to end the quantitative easing programme with bond buying completed in October 2014.

Crucially, the Federal Reserve was the only major central bank which was tightening monetary policy. The ECB was cutting interest rates amid fears surrounding deflation while the Bank of Japan maintained a very aggressive easing. In this environment, the dollar gained firm support with strong gains over the second half of 2014, although Sterling also maintained a generally robust tone.

November 2010 – 2014: US and UK recovery, relative calm

Following the financial crisis, the US and UK economies gradually recovered ground during the 2011-2014 period.

The Federal Reserve was still very uneasy surrounding the pace of recovery and the quantitative easing programme continued. The Fed announced a second round of bond purchases with purchases of government bonds of $75bn per month with total purchases of $600bn.

The Fed also announced a policy to keep long-term interest rates lower and there was a third round of government bond purchases between September 2012 and December 2013.

The expansionary Fed policy was important in restraining dollar support, although the Bank of England also maintained interest rates at extremely low levels of 0.50% which limited the potential for Sterling gains.  Overall, the UK currency eventually advanced to the 1.70 area before fading.

2008 – November 2010: global financial crisis, dollar gains by default

The first real evidence of the great financial crisis emerged in August 2007 with redemptions halted in two property funds.

Stresses quickly emerged in the money markets as wholesale lending started to seize up which put pressure on UK financial institutions.

The crisis intensified rapidly in early 2008 with Northern Rock nationalised while Lloyds Bank and the Royal Bank of Scotland both required government support to avoid collapse.

The banking crisis was an important factor in pushing the UK economy into a deep recession and the Bank of England was forced to cut interest rates very aggressively to stabilise financial conditions.

The US economy also suffered a deep recession and the collapse of Lehman Brothers Bank was a crucial factor in intensifying the global crisis.

In times of financial turmoil, however, there tends to be demand for US Treasuries and the dollar on defensive grounds and there were capital inflows into the US currency. An important feature was very high volatility across all asset classes.

The combination of dollar recovery and heavy Sterling losses triggered a massive GBP/USD decline to below 1.40 from near 2.00.

July 2001 – March 2008: the great dollar slide

Origami dollar arrow pointing down over a world mapThe dollar index peaked just above the 121.0 level in July 2001 before embarking on a prolonged slide over the next 3 years with the dollar index dipping to lows near the 80.0 level.

The US currency initially came under pressure in the face of interest rate cuts and a slide towards recession. The Federal Reserve continued to cut interest rates as the economy moved into recession and rates eventually declined to lows of 1.0% in 2003.

The US currency continued to be undermined by a loose monetary policy over the next 3 years. In contrast, there was increased optimism surrounding the UK outlook as hype surrounding the Blair government hit a peak which boosted Sterling support.

GBP/USD broke above 1.90 during 2004 and, although there was a retreat to the 1.70 area in 2005, the UK currency regained ground and rallied to above the key 2.000 level in 2007 as the dollar index hit a low of below 74.0 in early 2008.

Jan 1st 1999 – Jan1st 2002: Dollar in charge

The Federal Reserve tightened monetary policy during 1999 and rates peaked at 6.5% in July 2000 from 4.5% at the beginning of 1999.

Although there were significant fluctuations in UK interest rates, there were only limited net changes as US policy dominated. GBP/USD declined to lows just below 1.3700 in June 2001.

Pound to US Dollar Rates Analysis Summary

Historically, Sterling has had a pattern of mean reversion with the currency moving back towards fair value against the dollar after periods of under and over-valuation. Sterling is now under-valued once again, but this time around there is a genuine reason for concern with the coming brexit which to date has not been negotiated through. If the UK fails to find an adequate replacement for free trade with the EU, the British economy will suffer and as a result the Pound Sterling will continue trading at current levels or lower.

If  Brexit is negotiated to the satisfaction of the markets, or even better, is reversed by lawmakers, then we can expect the GBP/USD rate to climb back to at least 1.50. The question is whether this is even a possibility, and as time passes by, it most certainly looks less possible.

Our assumption is that the pound will continue to decline against a solid dollar supported by an American president whose main agenda is to cut taxes and strengthen the economy.  Just as we made a prediction last year that GBPUSD could hit 1.20 we may well see the same in the coming 12 months if the UK cannot find a way forward for a Brexit deal.


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The Best Exchange Rates in History

Below, we will provide a list of the best exchange rates in history to give some perspective.

  • The best GBP to EUR exchange rate in history was 1.75 in May, 2000.
  • The best EUR to GBP exchange rate in history was 0.97 in December, 2008.
  • The best GBP to USD exchange rate in history was 2.64 in March, 1972.
  • The best USD to GBP exchange rate in history was 0.95 in February, 1985.
  • The best EUR to USD exchange rate in history was 1.59 in April, 2008.
  • The best USD to EUR exchange rate in history was 1.21 in October, 2000.
  • The best GBP to AUD exchange rate in history was 3.03 in September, 2001.
  • The best AUD to GBP exchange rate in history was 0.78 in October, 1976.
  • The best EUR to AUD exchange rate in history was 2.07 in December, 2008.
  • The best AUD to EUR exchange rate in history was 0.85 in August, 2012.
  • The best USD to AUD exchange rate in history was 2.07 in April, 2001.
  • The best AUD to USD exchange rate in history was 1.48 in March, 1974.
  • The best GBP to JPY exchange rate in history was 1014.1 in March, 1962.
  • The best USD to JPY exchange rate in history was 359.8 in July, 1970.
  • The best AUD to JPY exchange rate in history was 402.97 in July, 1970.

Best Exchange Rates in History Table

From CurrencyTo CurrencyRateDate

Summary – discovering the best exchange rates

  1. The foreign exchange interbank rate is the official rate banks use when trading currencies with each other.
  2. A bank’s international foreign exchange rates made available to clients (“buy rate” and “sell rate”) are not the current interbank rates. Alas, they contain a built-in spread which represent a large invisible fee.
  3. Banks’ fx rates for bank to bank transfers can be 2.5% worse than the interbank fx rate.
  4. The best exchange rates  for internaitonal money transfers are still usually not as good as the specialist broker’s best FX rate for bank money transfers. The dedicated companies/brokerages can provide you with a better-than-bank foreign exchange rate.
  5. We believe WorldFirst has the best FX for international money transfers offer currently on the market for businesses only.
  6. For non-businesse clients we recommend checking the best rated money transfer companies.
  7. There are many considerations when choosing a provider that go beyond the best exchange rate offered.
  8. The Pound to Euro and Pound to USD exchange rate are expected to rattle throughout 2021.rating

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Save on Foreign Currency - Eyes on the Dollar
7 years ago

[…] understanding of your costs. When you have this number, you can simply compare it to the official exchange rate. If 10,000 Australian Dollars are officially 7,070 American Dollars, but you’re only getting […]

6 years ago

Hi, could you please give any advise to sister and I, we would be very grateful. My sister who lives in Canada is coming home to the uk for a holiday, we are then all going to Benidorm. What we would like to know is the most economical why to change her money. Should she change her CAD to GBP then to Euro or CAD straight to Euro. I doesn’t matter about changing the money back to CAD. We would appreciate any suggestions as we are totally confused to where all the currency is blending into one. Thank You in… Read more »

5 years ago

Very nice article, just what I needed.

Abiodun Williams Emmanuel
5 years ago

Hi, I’ll like to confirm your process flow for onboarding an energy company with its operations in west Africa – Nigeria and currently have a intermediary coy based in U.K to carry out international payment on our behalf to our global suppliers I.e Trafigura and others. We currently have capacity to exchange Naira for USD quarterly between $10-40Million To support our clients i.e Total Nigeria Plc, Sahara Energy Resources Ltd, Conoil and some others. You can please check us out on to know much about our business. We have also identified Ebury Partners UK sometime in December 2016 to… Read more »

4 years ago

What do you think about the EUR? Sell? Hold?

4 years ago

Wow, never knew the banks get such a big margin on exchange rates. I saw that different banks have different rates, but the difference from the cheapest bank rate and the interbank exchange rate it’s still huuuuge. Thanks for the info. It was eye opening..for me at least.

4 years ago


4 years ago


Jeff Magnes LLC
3 years ago

What is happening with the Sterling? I am following since brexit, against the dollar it is generally getting stronger until recent months, against euro it is moving up and down in the same range 1.11 to 1.15, there are contradicting projections and I am not sure whether to trade now before brexit vote in a week from now or just wait and hope for the best do you have any advice for me

Daphne 1999
2 years ago

Why don’t more currency brokers use worldfirst system? it means better rates to customers

Business Analysis – Foreign Exchange
6 months ago

[…] Achieving the optimal exchange rate is therefore a very overlooked but important topic. Being subject to such currency fluctuations can mean being a passenger to swings in your cash flow. Let’s not forget that if you’re using overseas workers and supplies, costs could be experiencing similar levels of unexpected rises. This makes it incredibly difficult to accurately forecast your cash flow. […]

How Do I Know What's The Best Time To Make a Transfer Abroad
3 months ago

[…] EU’s single currency the Euro is currently tracking against the US dollar at an all-time low.  The exchange rates between the dollar and the euro has drawn a lot of focus onto global foreign exchange (forex) […]