Yes, the process is called reverse geocoding.
There are loads of paid for services out there - have a look at "Postcode Anywhere" we use them for GeoCoding and their data seems the most accurate.
If you want to do this for free, it's possible but you have to carefully read the terms and conditions of the services you use, for example it's easiest with the google API, but it violates their terms and conditions by not displaying the data on a map - you'd just be returning the data to Excel.
I believe the Bing Maps API does not have such a stipulation, but you will need to jump through a couple of hoops, first off you'll need a developer key, you can then use the below as a standard worksheet function:
Where:
A1 contains Lattitude
B1 contains Long
On the plus side, it appears to be faster than the google service, you might need to watch out for maximum request limits though - I'm not sure what they are.
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