Practise converting GBP to EUR, PLN, UAH and RON using realistic exchange rates.
You send £1,500 to Euro at a mid-market rate of 1 GBP = 1.17 EUR. How many EUR does the recipient get (before fees)?
Answers accepted within 1% tolerance
Currency conversion is a daily need for the millions of people in the UK who send money abroad, pay for foreign holidays, shop on overseas websites, or receive income in another currency. The UK has one of the most internationally diverse populations in Europe, and the corridors GBP–EUR, GBP–PLN, GBP–UAH and GBP–RON are among the most widely used.
This drill uses realistic mid-market rates and practises three types of question. The first is a straightforward GBP-to-foreign-currency conversion: multiply the sterling amount by the exchange rate. The second is the reverse: converting a foreign amount back to GBP by dividing by the rate. The third is a real-world transfer cost question: if a money transfer provider adds a margin of 1%–3% on top of the mid-market rate, how much does the recipient actually receive? This last type builds awareness of hidden fees — the difference between the headline rate and the rate after margin can amount to tens of pounds on a £500 transfer.
The mid-market rate is the midpoint between buy and sell prices quoted in the interbank market. Banks and transfer services almost always add a margin on top. Traditional high-street banks often charge 3%–5% above mid-market, while specialist services such as Wise, Revolut, or Monzo typically charge 0.5%–1.5% for the same transfer.
Note that exchange rates in this drill are approximate and fixed for practice purposes. Real rates fluctuate constantly. Before making a large transfer always compare rates from at least two providers and check whether any fixed fees apply on top of the margin.
For Ukrainian hryvnia (UAH), the NBU (National Bank of Ukraine) manages an administrative exchange rate. The mid-market rate for UAH reflects the managed float rather than a fully free-market rate, which is worth understanding if you are sending money to Ukraine.
The mid-market rate (or interbank rate) is the midpoint between the buy and sell price for a currency. Banks and transfer services add a margin on top — usually 0.5%–4%.
Multiply the GBP amount by the exchange rate. For example, at a rate of 1.17 EUR/GBP, £500 × 1.17 = €585.
Divide the foreign amount by the rate. At 1.17 EUR/GBP, €585 ÷ 1.17 = £500.
If the mid-market rate is 5.00 PLN/GBP and the provider charges a 2% margin, you receive 5.00 × 0.98 = 4.90 PLN per pound. On a £500 transfer that is 50 PLN less than the mid-market equivalent.
Euro (EUR), Polish Zloty (PLN), Ukrainian Hryvnia (UAH) and Romanian Leu (RON) — the four most commonly sent corridors from the UK based on the size of those diaspora communities.
The rates are realistic approximations for practice purposes but are not live rates. Always check a live rate source before making a real transfer.
Specialist transfer services (Wise, Remitly, Western Union) typically offer better rates and lower fees than high-street banks for GBP-to-UAH transfers. Compare rates and total cost including fixed fees.
Some providers charge a low (or zero) exchange-rate margin but add a fixed transfer fee. Others do the opposite. Total cost = fixed fee + (mid-market rate − provider rate) × amount. Always calculate total cost, not just one component.
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