Pounds to euros

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Pounds to euros


The pairing when we exchange pounds to euros is sometimes referred to as "the Chunnel", which is a shortened version of 'Channel Tunnel' which joins the UK with mainland Europe.

The euro itself is sometimes nicknamed ‘the Fibre’, due to the fact that the bank notes are made from 100 per cent pure cotton fibre to improve durability. This nickname, however, is also used to refer to the euro to dollar exchange rate pairing. The euro is the official currency of 18 Eurozone countries, and is used on a daily basis in a further five. Often referred to as "the single currency", the euro was first named in Madrid on 16 December 1995. It became an official trading currency on 1 January 1999 when it replaced the European Currency Unit.

When it was first circulated, the euro become legal currency in 12 countries: Belgium, France, Germany, Ireland, Italy, Luxemburg, the Netherlands, Spain, Portugal, Austria, Finland, and Greece. Despite meeting the criteria for entry at which European countries are obliged to adopt the single currency, Great Britain and Denmark negotiated to opt out and maintain their own currencies.

After the dollar, the euro is the largest reserve currency and the second-most traded currency in the world. The euro has continued to trade above the dollar since the end of 2002, and reached its peak again the Greenback on 18 July 2008 when it traded at 1.6038.

The pound to euro exchange rate fell to its lowest when the euro traded at 1.5295 in 2007. This is a stark contrast to 2008 when the euro rose to a 1.0197 peak against Sterling.

The euro symbol was the creation of designer Alain Billiet and is based on the fifth letter of the Greek alphabet, ‘epsilon’. Drawing on the Greek alphabet was intended to make reference to Greece as the cradle of European civilisation. Representing the first letter of the word Europe, the symbol contains two parallel lines crossing the vertical to represent the currency’s stability. 

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These are indicative 'interbank' rates. Find out more.
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What is an interbank rate?

Interbank rates are the wholesale rates at which banks (and only banks) buy and sell currency between each other. Interbank provides the best indication on how a currency pair is performing.

People and businesses – whoever they exchange with – will have their money exchanged at a ‘commercial’ exchange rate.

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Check out an example, based on transferring £100,000 into euros

Currencies Direct Average bank
Rate 1.1475 1.1100
Fee £0.00 £35.00
You receive €114,750 €111,000
*Fees and exchange rate data for banks taken from the International money transfer index™ (imti™)

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