Home > Foreign Exchange > Send money to Europe

In this guide, we will explain the best ways to send money to Europe using currency brokers for large amounts and money transfer apps for smaller amounts. 

Compare exchange rates for sending money to Europe

Use our Euro exchange rate comparison tool to request quotes from multiple providers and see how you could save up to 4% on large EUR currency transfers versus using your bank when you send money to Europe. 

Our picks of the best accounts for sending money to Europe

We have chosen what we think are the best ways to send money to Europe based on:

  • over 7,000 votes in our annual awards
  • our own experiences testing the currency brokers
  • an in-depth comparison of the money transfer app features that make them stand out compared to alternatives.
  • interviews with the international payment company CEOs and senior management

OFX: Best for sending large amounts of money to Europe

If you are sending a large amount of money to Europe for a personal property purchase or for business OFX are a good choice. As these large money transfers are not regular occurrences and can often be quite daunting, having a personal account execution to help with administration and to ensure the process goes smoothly is a real help.


  • Excellent for large transfers
  • Bank beating EUR exchange rates
  • Personal service and advice


  • Not good for small transfers
  • No cash or credit card deposits

Wise: Best for medium Euro money transfers

Wise offer a very low-cost way to send money to Europe. There is an excellent tool for getting live quotes on the website and is most suitable for small and medium-sized transfers. 


  • Fixed exchange rates
  • Transparent fees
  • Simple to use


  • Expensive for large transfers
  • No personal service

Western Union: Best for small EUR transfers & cash

Western Union is one of the oldest money transfer providers in the world. The app has recently rebranded as WU which allows users to send money worldwide at excellent rates. This year they have significantly reduced fees for sending money to Europe and improved its exchange rates to compete with money transfer startups.


  • Established network of branches
  • Cash and credit card transfers
  • Good app and online platform


  • Better for small transfers
  • No personal service or advice on large transfers

Compare accounts for sending money to Europe

Use our comparison of what we think are the best accounts for sending money to Europe to compare how many currencies they offer, what the minimum and maximum transfer sizes are, or if they offer currency forwards and currency options. You can also see how established a company is by comparing when they were founded, how many customers they have and how much money they transfer abroad.

Currency BrokerNumber of CurrenciesMin TransferForward ContractsSame DayCurrency OptionsYear FoundedAnnual TransfersAmount of CustomersGet A Quote
Key Currency Currency BrokerKey Currency42£1,00012 months✔️2015£2bn50,000+Request Quote
OFX Currency BrokerOFX55+£25012 months✔️1998£2.4bn1,000,000Request Quote
Global Reach Currency BrokerGlobal Reach30+£3,00024 months✔️✔️2001£6bn30,000+Request Quote
TorFX Currency BrokerTorFX40£10024 months✔️2004£7.5bn325,000Request Quote
Currencies Direct Currency BrokerCurrencies Direct40£10012 months✔️1996£7.5bn325,000Request Quote

History of the Euro (EUR)

The Euro exchange rate is the price you pay when you buy and sell Euros against other currencies. It is essentially the price of the Euro versus other currencies.

Exchange rates have been in existence for hundreds of years. A currency is measured against other currencies. Before 1971, most currencies were pegged to gold. For example, $35 US dollars exchanged for 1 ounce of gold. That fixed rate system (Bretton Woods) broke down in the early seventies.  Most currencies are now free-floating, meaning the value of a currency fluctuates over time.

Compared to many other currencies, the Euro is a relatively young one. The transition to the Euro from old European currencies like the Italian Lira and Deutsche Mark was completed sometime in 2002. Whilst young, the Euro has become a very important currency. It is the official currency 19 countries within the Eurozone.

Did you know that the Euro was the second most traded currency in the world after the US dollar? In 2019, a Bank of International Settlement surveyed revealed that around $2.19 trillion of the currency was traded every day. This figure is almost 3 times the daily figure for Pound Sterling. Moreover, around 20 percent of the world’s foreign reserves are in the Euro.

Associated with the creation of the Euro is the presence of the European Central Bank (ECB). Not only does the central bank manage the monetary policy inside the Eurozone, it also controls the issuance of the Euro. Policies of the ECB significantly impact the movement of the Euro. The current ECB president is Christine Lagarde.

In the next few years, we may see the creation of the ‘digital Euro’.

Factors that move the Euro Exchange Rate

The Euro is subjected to multiple factors impacting its current and future movements. Broadly speaking, four factors are always in the calculus of investors and traders:

  1. Economic factors – such as balance of payments, economic policies of major Eurozone countries, inflation, growth rates etc
  2. Interest rates – monetary policies and the level of interest rates
  3. Political factors – such as elections of major Eurozone countries
  4. Market Sentiment – such as positioning of the trades, technicals of rates etc

The issue with these factors is that their importance are time varying. Sometimes the market places more attention on interest rates, sometimes debt policies of major governments are a concern.

These days, the most important policies – economic and monetary – are related to the pandemic.

For example, the ECB has drummed up €1.85 trillion of asset purchases via the Pandemic Emergency Purchase Programme to sustain the Eurozone economies during the past year.

But despite these bond buying programs, the Euro has strengthened, especially against the US Dollar. Why? Because the Fed is printing even more, thus suppressing the value of greenback against other currencies.

These days, it is safe to say that no country wants a strong currency. This makes their exports uncompetitive. The Swiss Franc, for instance, was hyper strong in 2011 but the Swiss National Bank devalued it that year. The Japanese Yen was strong until the BoJ enacted a multi-trillion QQE that devalued the currency massively during 2013-14. Central bank interventions are always possible when a currency appreciates.

Live Euro exchange rates

The current best Euro exchange rate versus other G10 currencies is the mid-market price which is:

Australian Dollar (AUD)1.554445167
Canadian Dollar (CAD)1.395852577
Japanese Yen (JPY)143.5852234
New Zealand Dollar (NZD)1.677647004
Norwegian Krone (NOK)10.37649398
United Kingdom Pound Sterling (GBP)0.8649757717
Swedish Krona (SEK)10.91414768
Swiss Franc (CHF)0.9814234665
United States Dollar (USD)1.03385

Sending money to Europe FAQ:

The best way to send money to Europe is to use a currency broker.

As well as getting the best exchange rates, if you send money to Europe with a currency broker you also get:

  • Expert help and advice to reduce your risk and exposure
  • Dedicated account managers every step of the way
  • Convert funds online and platform access 24/7
  • Same day and forward currency exchange contracts
  • Zero service charge, commission or transfer fees
  • Transfer money direct to single or multiple beneficiary accounts

When you convert and transfer Euros (EUR) with a currency broker your fixed exchange should be a maximum of 0.5% from the mid-market for currency transfers. To put this in perspective, banks traditionally charge 3-5% which means that if you are sending £100,000 worth of Euros you could save up to £4,500 with a currency broker versus the banks.

Request a quote to see how much you can save – you’ll find a better Euro exchange rate than by using your bank.

Our comparison tables and Euro (EUR) exchange rate quote request forms will help you find the best EUR exchange rate. Our exchange rate comparison tables highlight the key features of currency transfer providers whereas Euro exchange rate quote request forms will make currency brokers compete for your business by offering the best exchange rate.

Here are a few tips on getting the best Euro (EUR) exchange rate:

If you think the EUR exchange rate is going to go in your favour you should wait. Or, if you are worried the rate will move against you, it is possible to lock in the current rate for up to a year in advance with a currency forward.

Yes, you can send money using PayPal, but it is very expensive. If you are only planning on sending a small amount of money to Europe a money transfer app is much cheaper.

With a currency broker, you can send an unlimited amount of money to Europe. Money transfer apps are good for sending under £10,000. Banks are the worst way to send money to Europe because of the high fees.

The three main ways to send money to Europe are:

Yes, the best way to get the currency exchange rate if you want to send money to Europe is to use a currency forward where you buy the currency now by putting down a small deposit and pay the balance when you make the transfer.

Scroll to Top

Get our latest reviews, news & interviews via email

Sign up to our newsletter and make more of your money