If you send money to Greece, this is the week to pay attention. The pound has just reached its strongest level since the Brexit referendum, so every pound you move now turns into more euros than it has for a long time. Here is what changed, what it means for Greeks and Cypriots in the UK, and who in the community can help before you press the button.
On Wednesday 4 November the Bank of England’s sterling index, which tracks the pound against a basket of major currencies, climbed to about 86.5. That is its highest reading since 23 June 2016, the day of the referendum. A day later the Bank lifted its base rate from 3.75% to 4%, the first rise in more than three years, as Secret London reported.
Against the euro the pound moved above 1.20 at the start of November, close to an 18 month high. A year ago one pound bought about 1.13 euros. On a 1,000 pound transfer that is roughly 65 euros extra arriving in Athens, Thessaloniki or Nicosia. On a 20,000 pound deposit for a flat it is more than 1,300 euros.
Nobody knows how long it lasts. Governor Andrew Bailey said the increase should not be read as the first of an inevitable long run of rises, and the next decision is due on 17 December. Exchange rates can turn quickly, so treat this as a window, not a promise.
The rate you see on the news is the mid market rate. Banks and transfer services add a margin on top, and sometimes a fee, so two providers can deliver very different amounts on the same day. Before you send money to Greece, ask each one a single question: how many euros will land in the Greek account after everything?
A transfer between your own accounts is not taxed just because it crosses a border. What matters is where the money came from and where you are tax resident. Greek banks can ask for the source of large incoming amounts, so before you send money to Greece in a big lump, keep the payslips, completion statements or bank statements that show the trail. Gifts to parents or children, rental income from a flat in Greece and money used to buy property each follow different rules in the two countries.
This is where a cross border accountant earns the fee. NP&US Accountants in New Barnet has provided tax advice in the UK for 18 years and works on cross border tax questions, from self assessment and rental income to tax planning.
Getting there: NP&US Accountants is at 4 Lytton Road, New Barnet EN5 5BY, open Monday to Friday, 9am to 5pm. New Barnet station has Great Northern trains from Moorgate and Finsbury Park.
Greek stop nearby: Source of Life Bakehouse at 258 East Barnet Road is a family bakery that opened in 2020. Fresh bread and a coffee after the meeting, when the numbers finally make sense.
A strong pound is often the push people need to buy the flat in Greece at last, help parents with a renovation or settle an inheritance. Those moves usually need more than a transfer: a power of attorney so a relative or lawyer can sign in Greece, a will that works in both countries, or advice on a contract.
Lemian and T Solicitors is a UK law practice that handles powers of attorney, wills, tax and cross border legal matters between Greece and the UK, alongside immigration, leases and family law. Sorting the paperwork before the money moves costs less than fixing it afterwards.
Getting there: Lemian and T Solicitors is at 167-169 Great Portland Street, W1W 5PF, by Great Portland Street station (Circle, Hammersmith & City and Metropolitan lines). The firm works remote first, so book before you travel.
Greek stop nearby: Opso at 10 Paddington Street in Marylebone, about 15 minutes on foot, serves modern Greek food a few doors from the Hellenic Centre.
The same rate helps anyone flying home for the holidays. Hotels, car hire, ferry tickets and the big family dinner are all priced in euros, so your pounds stretch further than last Christmas. When a card machine in Greece offers to charge you in pounds, choosing euros usually gives the better rate. And if you send money to Greece to cover a parent’s winter bills, December is when it is needed most.
One practical change for the trip: from Tuesday 10 November, Ryanair closes bag drop and check in desks 60 minutes before departure on flights from the UK, instead of 40. If you check in a suitcase full of presents, arrive earlier.
Book with a Greek travel agent: Vozis Travel in Milton Keynes arranges flights, ferry tickets, hotels, car rentals and travel insurance, and works with clients wherever they live, so you do not need to be nearby.
If your income arrives in euros, such as a Greek pension or rent from a flat in Athens, the strong pound works against you: the same euros buy fewer pounds. In that case there is no rush to bring money over.
Never send money to Greece through someone who contacts you first with a rate that looks too good, and never move savings because a message tells you to hurry.
Want an hour to compare quotes in peace? Chill House Coffee at 10 Shepherd Street in Mayfair, near Green Park, opens from 7am on weekdays and makes a proper freddo.
This guide is general information, not financial, tax or legal advice. For decisions about your own money, speak to a regulated professional.
While the pound is doing the work, go out. Our Greek events in London page is the most complete list of Greek events in the UK, and listing an event is free. In the next ten days:
The businesses featured in this guide are Greek List members. More than 100,000 Greeks and Cypriots in the UK read Greek List every month on the site, in the newsletter and in the Ellines sto Londino Facebook group, and Greek List listings rank first on Google for the searches your customers make. If you want Greeks in the UK to find you when they are deciding who to trust with their money, their papers or their dinner, this is the place.
Do you send money to Greece every month, or do you wait for a good rate? Tell us in the Facebook group Ellines sto Londino.
