How to convert a large sum of pounds to euros

Pounds to euros is the transfer behind a home in Spain, France, Portugal or any other country that uses the euro, and a common one for moving savings or paying a large bill in Europe. The steps are the same as for any large transfer, with a few details that are particular to the euro.

How the pound to euro rate is quoted

The rate for pounds into euros is written GBP/EUR, and it tells you how many euros one pound buys. The European Central Bank quotes it the other way round, as EUR/GBP: how many pounds one euro buys. The two numbers look nothing alike, so check which way round a quote is before you compare it with another.

The ECB publishes a reference rate for the pound (opens in a new tab) every working day, at around 4pm Central European Time (3pm in the UK). It is a useful check on where the market stood that afternoon, but the ECB publishes it for information only, not as a rate to deal at.

What moves it

The rate moves throughout the trading week. Big moves often follow interest rate decisions by the Bank of England and the European Central Bank, inflation and growth figures from the UK or the euro area, and political news such as a UK Budget. Nobody can reliably say which way it will go next.

What you need to pay a euro account

• The recipient’s name, exactly as their bank holds it. For a property, the account may belong to your lawyer or the notary rather than the seller, so use the name they give you.
• Their IBAN, the account number used across Europe. It starts with two letters for the country, such as ES for Spain or FR for France.
• Their bank’s BIC, also called the SWIFT code, which a provider sending from the UK may ask for.
• The reference the recipient wants, such as the property address or an invoice number.
• The reason for the payment, which providers often ask for on large sums.

Confirm the details by phone, on a number you already have, before every payment. Fraudsters send convincing emails with changed bank details, and a large payment to the wrong IBAN is very hard to get back.

Send euros, not pounds

You can send pounds to a euro account and let the bank at the other end convert them. That bank then sets the rate, and you only find out what it was once the money has arrived. Converting in the UK first means you know the euro amount before you commit, which matters when a contract, a deposit or a completion statement asks for an exact sum in euros.

Getting a good rate on a large amount

Compare quotes on the same amount, on the same day, and compare the euros that arrive rather than the fee. On £250,000, every 1% of margin costs £2,500, so a small difference in the rate can matter far more than a fixed fee. The best way to exchange a large amount covers it step by step, and the calculator shows what a margin costs in pounds.

If the payment is due later

If you know the date, such as completion on a home in Spain or France, a forward contract can fix today’s rate for that day. With Currency Solutions, an initial payment is due within two working days of booking one. The property guide explains how forward contracts and rate orders work.

Frequently Asked Questions

Which countries use the euro?

The EU lists the 21 countries that use the euro (opens in a new tab), including Spain, France, Portugal, Italy, Ireland, Greece and Croatia. Bulgaria is the newest, from 1 January 2026.

Is there a limit on how much I can send?

It depends on the provider. Currency Solutions’ website says its online platform takes personal transfers of up to £20,000 each; above that you book by phone, where there is no limit. Banks set their own limits, so ask yours well before the money is due.

How long does a euro transfer take?

It depends on the provider and the banks involved. Ask when the money will arrive, and allow for weekends and bank holidays in both countries before a deadline such as a completion date.

Why is my rate different from the ECB’s?

The ECB rate is a snapshot of the market at about 3pm UK time, published for information. A provider’s rate moves with the market through the day and includes its margin, which is how it earns on the exchange.