When you’re buying property abroad, moving the money feels like the last thing to worry about. You’ve found the place, the offer is accepted, and your bank is right there.
But the exchange rate your bank applies to a transfer of this size can quietly cost you thousands. It’s one of the most significant financial decisions in the whole process, and most people give it less than ten minutes of thought.
What is a currency specialist?
A currency specialist helps individuals move money internationally, with a focus on exchange rates, timing and protecting the value of your transfer. Unlike a bank, where international payments are one of dozens of services, this is all they do.
In practice, that means a dedicated person who knows your transaction, understands the deadlines you’re working to, and can help you think through your options.
Currency specialists may be used by people who are:
- Buying or selling property abroad
- Receiving an inheritance from another country
- Receiving a pension or salary in a foreign currency
- Making regular international transfers
Why the rate matters
Most people look at fees first. They’re visible and easy to compare. But for a large transfer, the exchange rate is where the real difference lies.
If you’re transferring £200,000 to buy a property in Spain, a 1% difference in the exchange rate is roughly €2,000 more or less in your pocket. For buyers working to a fixed budget, that can affect whether the purchase works at all.
The information provided is hypothetical and intended for illustrative purposes only. Exchange rates referenced should not be used as an indication of past, current or future performance.
What a currency specialist can offer
If your offer is accepted in April but you don’t complete until July, exchange rates can move significantly in that window. A forward contract lets you fix the rate at the point you’re happy with it, so the cost of your property doesn’t change while the deal completes.
You’ll have one person who knows your situation throughout the process. Someone you can call when the completion date shifts, or when you’re not sure whether to move now or wait.
Rate alerts mean you don’t need to watch the market. If you have a target rate in mind, your specialist can set it up to trigger automatically when it becomes available.
If you’ll be paying an overseas mortgage, managing living costs abroad or receiving a foreign pension, regular payment plans let you automate transfers rather than dealing with each one manually.
How Lumon can help
Lumon has helped more than 70,000 clients send money internationally since 2000. Our specialists are on hand to walk you through your options, explain how exchange rates work in practice, and help you decide on the right approach for your timeline and budget. There’s no cost to speaking to someone and no obligation to proceed. Just a clearer picture of your options before you commit to one of the biggest purchases of your life.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Lumon or its subsidiaries, and it is not intended as a substitute for obtaining advice from the relevant professional services. We make no representations, warranties or guarantees, whether expressed or implied, that the content in this publication is accurate, complete or up to date.
