Akif HazarviKey Takeaway
Post-Brexit, UK businesses face new friction on GBP to EUR payments. Here's how to maintain fast, cheap transfers to European suppliers using the right platforms.
In this guide (7 sections)
In this guide
The GBP-EUR Business Payment Corridor
Quick answer: Wise Business offers 0% markup on the mid-market rate for GBP to EUR business transfers, with SEPA delivery in seconds to 1 day — even post-Brexit.
The EU remains the UK's largest trading partner, with bilateral trade exceeding £560 billion annually. However, post-Brexit changes have added new complexity — and cost — to cross-border payments. UK businesses are no longer part of SEPA by default, and some banks have reduced or repriced their European payment services.
The good news: specialist FX platforms still offer UK businesses seamless access to SEPA. Wise Business and Revolut Business, both UK-headquartered, maintain EU-licensed entities that route GBP-to-EUR payments via SEPA — delivering the same speed and cost as pre-Brexit.
Best Providers for UK to Europe Business Payments
We compared the top platforms for GBP to EUR business transfers based on cost, speed, and business features:
Quick Comparison: GBP → EUR Business Transfers (£10,000)
| Provider | Fee | Markup | Total Cost | Speed |
|---|---|---|---|---|
| Wise Business | ~£29 | 0% | ~£29 (0.29%) | Seconds–1 day |
| Revolut Business | £0 (plan dependent) | ~0.3% | ~£30 (0.3%) | Seconds–1 day |
| OFX | £0 | ~0.4% | ~£40 (0.4%) | 1–2 days |
| XE Business | £0 | ~0.5% | ~£50 (0.5%) | 1–2 days |
| UK High Street Bank | £5–£30 | 1.5–3% | £155–£330 (1.55–3.3%) | 2–4 days |
Rates are illustrative based on typical quotes. Compare live GBP to EUR rates →
Wise Business
Best overall for UK-Europe business payments. 0% markup on the mid-market rate. Wise routes via SEPA through their EU-licensed entity, so payments arrive same-day or next-day. EUR IBAN included for receiving European client payments. Batch payments, Xero/QuickBooks integration, and API access.
Revolut Business
UK-headquartered with an EU banking license in Lithuania. Multi-currency EUR account with full SEPA access. Competitive rates, team cards, expense management, and a free plan for small businesses. Particularly strong for UK businesses with regular EU transactions.
OFX
Best for large transfers (£10,000+). Forward contracts to lock GBP/EUR rates, dedicated dealers, and no transfer fees. Strong for importers and manufacturers with predictable European costs.
Payment Methods Compared
UK to Europe businesses have several payment options. Here's how they compare:
FX Platform via SEPA (Recommended)
Despite Brexit, UK businesses can still access SEPA through providers that hold EU licenses. Wise and Revolut convert GBP via Faster Payments and deliver EUR via SEPA Credit Transfer or SEPA Instant. The recipient sees a standard SEPA payment — no additional cost or delay on their end.
UK Faster Payments → SEPA
The fastest route: fund via Faster Payments (instant, free), convert, and deliver via SEPA (same-day or instant). Total time: hours or even seconds with SEPA Instant.
SWIFT
Still available but increasingly unnecessary for eurozone payments. Banks charge £5–£30 per transfer plus their FX markup. Post-Brexit, some UK banks have increased SWIFT fees to Europe. Avoid unless required by the recipient's bank.
International Direct Debit
SEPA Direct Debit allows European suppliers to pull funds from your EUR account (if you hold one via Wise or Revolut). Useful for recurring subscription payments to EU SaaS providers.
GBP/EUR Exchange Rate: What Drives It
GBP/EUR is one of the most important currency pairs for UK businesses. Key factors:
- Bank of England vs ECB policy — Interest rate differentials between the BoE and ECB drive the pair. Higher UK rates relative to Europe push GBP/EUR higher (fewer euros per pound).
- Post-Brexit trade dynamics — Ongoing UK-EU trade frictions, regulatory divergence, and any new trade deal developments affect the pair.
- UK economic data — UK GDP, inflation, and employment data move GBP. The pair is particularly sensitive to Bank of England rate decisions.
- European political risk — EU elections, fiscal policy disputes, and southern European debt concerns can weaken EUR.
GBP/EUR typically moves 5–10% annually. For a UK business spending £500,000/year on European suppliers, that's £25,000–£50,000 variance. FX hedging with forward contracts from OFX or XE is strongly recommended.
Compliance for UK to Europe Business Payments
The UK to Europe corridor has specific compliance considerations:
UK Requirements
- FCA regulation — All payment providers must be authorized by the Financial Conduct Authority
- UK VAT on EU purchases — Post-Brexit, UK businesses importing goods from the EU must pay UK import VAT (20%) and may need to deal with customs declarations. Services are generally handled via the reverse charge mechanism.
- Making Tax Digital (MTD) — Ensure your cross-border transactions are properly recorded in your MTD-compliant software
EU Requirements
- EU VAT — The reverse charge mechanism still applies for most B2B services between UK and EU businesses, meaning no VAT is charged on the invoice
- EORI numbers — Required for goods trade between the UK and EU post-Brexit
- Withholding tax — UK-EU tax treaties generally eliminate withholding on business service payments
For more on compliance, see our money transfer safety guide.
Sources & Methodology
Data in this article is based on real quotes collected from provider APIs and websites via automated scraping every 6 hours. Exchange rates and fees change frequently — use our UK to Europe comparison tool for the latest rates.
External sources include provider-published business fee schedules and regulatory filings with the FCA, FinCEN, and other relevant regulators.
