Great Britain Pound, or Pound Sterling, and Euro are the world’s most famous currencies. Billions and billions of Pounds and Euros stay in circulation all around the world. Like best pound to euro rate change day by day. The amazing fact about Euros is that it is not more than a couple of decades old still, it has earned a lot of popularity, but unfortunately, Pound Sterling has lost its market value since Brexit. If we analyze both currencies, the first thing to check is which countries use Pounds and Euros as their currencies.
A List of Countries That Use Pound Sterling
The pound is used in the following countries as their official currency.
- United Kingdom
- South Sandwich Islands
- South Georgia
- The Isle of Man
- British Antarctic Territory
- Tristan da Cunha
A List of Countries That Use Euro
The following countries use the Euro as their official currency.
- Vatican City
- San Marino
It is also accepted in Cuba, North Korea, and Zimbabwe, though it is not their official currency. Moreover, many countries around Africa use other currencies pegged to the Euro, but the Euro itself cannot be used there as a currency.
Highest and Lowest Pound to Euro Rates Ever
The pound touched its highest rate in March 2000 when it reached €1.752. While the lowest rate Pound has reached is €1.02 on 30th December 2008.
What Is Pound to Euro Exchange Rate and Why Do You Need to Know It?
When you buy any currency in exchange for the other one, you get an exchange rate between the two currencies. Similarly, when you exchange these two currencies, you get Pound to Euro exchange rate. You might be thinking that this rate is important for only traders, investors, and marketers, who play the game of currencies for the sake of their business. But this is not the case. These two currencies being the most popular globally, are important for many other people, including those who travel abroad, especially between the British and Europe. And when you buy a product that is made in Britain while you are living in Europe, you pay a Pound to Euro exchange rate.
What is Travel Money?
Have you ever heard about the word travel money? When you go somewhere to enjoy your holiday, you take some money with you to spend on your accommodation, food, shopping, traveling, etc. You either use cash to pay for these commodities or pay through your credit or debit cards. If you want to be as economical as possible regarding the currency exchange rate, you need to compare travel money exchange rates from a range of different places. The travel money you get in return for your payment is the exchange rate.
Getting Back to Pound and Euro Exchange Rate
If you compare travel money offers from different exchange companies, look for the highest Pound to Euro exchange rate. This rate tells you the number of Euros you will get in exchange for the Pounds you pay. For example, if the exchange rate is 1.1, it means you will get 0.9 Pounds for every Euro exchanged.
To be sure about the Euro exchange rates, you can use many comparison tables that are easily available online.
How Does the Exchange Rate Work?
As discussed earlier, the exchange rate tells us how much currency you get on exchanging it with other currencies. Hence, it can be simplified as the value of one currency compared to the other one. Exchanging rates always work in pairs such as GBP/EUR. In this case, you compare the number of Euros you get in exchange for the Pounds or vice versa.
Exchange rates are very volatile. They may change daily or even hourly. Let me give you a very beneficial tip here. If you want to get the best exchange rate, finds them online or away from the high street. The worst exchange rates you will get are from the airports. So, better avoid this mistake.
What Is Commission Fees?
Most exchanging companies charge you a fee for making the exchange. It is a flat fee of a few pounds, and it might be confusing for you. You will also find many companies offering commission free exchange, but they may not offer you great value. You need to do your Math to understand the hidden charges. Keep in mind that the exchange rate you are paying may include some other charges like handling fees, etc.