Being able to send and receive euros while in the UK improves your financial flexibility and minimises unnecessary currency conversion costs. It also allows seamless transactions with individuals, businesses, or institutions across the eurozone.

There are multiple ways to send and receive euros in the UK, including online money transfer services, international bank accounts, and specialist providers. However, some options may include hidden charges, lengthy documentation processes, or delays.

In this article, we’ll discuss key factors before choosing a transfer method and explore the most efficient and cost-effective options for sending and receiving euros.

Also read: The best international bank accounts for freelancers and remote workers

What to consider before choosing an international payment method

Before selecting a provider, consider the following factors to ensure you make an informed decision:

1. Exchange rates

Many banks and providers add a margin to the mid-market exchange rate, increasing the transfer cost. Use independent tools like Grey, XE, or Google to compare mid-market rates and assess the actual cost of your transaction.

2. Fees

Some services advertise “zero fees” but hide costs within the exchange rate. Always calculate the total cost, including upfront charges and exchange rate margins. Also, check for other fees, such as receiving charges or card payment fees.

3. Security

Use only regulated and reputable providers. Ensure they have a robust security infrastructure to protect your funds and data.

4. Speed of transfer

Processing times can range from seconds to several days. Urgent transfers may require express services that cost more. Keep in mind that weekends and public holidays can cause delays.

5. Amount and frequency

If you’re sending or receiving large sums or making frequent transfers, look for providers offering favourable rates for high-volume transactions or loyalty discounts.

6. Transaction limits

While there are no official transaction limits in the UK, payment platforms often set their own. These limits could restrict how much you can send or receive at once or per day. If you make large volume transactions, check whether the limits are sufficient for your needs.

Also read: Affordable UK universities with the lowest tuition fees for international students

Methods for sending and receiving euros in the UK

Here are the most common and reliable ways to send or receive euros in the UK.

1. Online money transfer services

Many digital platforms allow users to send and receive euros in the UK with ease. Reputable fintech solutions like Grey, Wise, and Revolut offer user-friendly apps and websites to send euros to EU countries or receive them in the UK. These platforms are usually fast, transparent with fees, and provide competitive exchange rates.

2. International bank transfers

UK banks support international transfers using the SWIFT or SEPA networks. You can send euros directly to an EU-based IBAN or receive euros into a UK account. While this might be slower and more expensive, it is reliable and secure.

Here’s how a few UK banks support euro transfers:

• Lloyds Bank: Offers international currency accounts, including a euro account. A minimum gross annual income of £50,000 is required. There’s no charge for sending or receiving money, but a €8 monthly fee applies. Correspondent and recipient bank charges may still apply. You can open an account online or in a branch.
• HSBC UK: Offers both foreign currency accounts and a Global Money feature within their app. The Global Money account is a digital multi-currency solution with no monthly fees and includes access to a travel card. You’ll need an active and eligible HSBC account to use this feature.
• Barclays: Provides a euro savings account and a foreign currency account if you already have a sterling current account. While there are no monthly fees, Barclays typically includes markups on exchange rates.

If bank requirements seem restrictive, a more accessible alternative is opening a euro account with Grey. Setting up a euro account on Grey takes only a few minutes, requires less paperwork, and offers low-cost, flexible transactions.

Also read: Best PayPal and Payoneer alternatives for freelancers in the UK

3. Cash pickup services

International providers like Western Union and MoneyGram allow senders to transfer euros for pickup at physical locations in the UK and abroad. These services are helpful in emergencies or for recipients without a bank account. Some of them also offer digital wallets for faster online payouts.

How to send and receive euros in the UK

By following these quick steps, you can start sending and receiving euros in the UK with Grey.

• Open a Grey account: If you don’t already have one, sign up for a free account on the Grey website or app. Complete your verification process and request a Euro bank account.
• Fund your account: Once your account is ready, you can add funds to your Grey account using bank transfers, freelance earnings, or international transfers.
• Convert to EUR: If you fund your account in other currencies, you can convert to EUR at a competitive rate in no time.
• Send the money: Once your EUR account is funded, select the “Send money” option on your dashboard. Enter the recipient’s details (bank account) and specify the amount in EUR. Cross-check the details, then send.

To receive euros:

Once your account is verified, Grey will provide you with a virtual EUR bank account. Share your EUR account details with the sender. The sender can then transfer funds directly to your EUR account within Grey.

Sending and receiving euros in the UK with ease

Sending and receiving euros in the UK doesn’t have to be complex or expensive. With a clear understanding of your needs and the available options, you can choose a method that balances cost, speed, and convenience.

With Grey, you don’t only get a euro account. Grey offers:

• Easy account setup: Open a euro account within minutes with minimal documentation.
• Competitive exchange rates: Transparent rates with no hidden markups.
• Low-cost transfers: Lower fees compared to traditional banks or some other platforms.
• Multi-currency support: Besides euros, Grey also supports USD and GBP in one place.
• User-friendly interface: Manage your euro account from anywhere using the mobile app or website.
• Regulated and secure: Grey is licensed and compliant with financial regulations, offering peace of mind.

Whether you’re a freelancer working with eurozone clients, a student, or simply managing finances across borders, Grey provides a flexible and reliable solution tailored to your needs.

Get started on Grey today to enjoy seamless international transactions at the best rates.

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