Currency & Exchange

When it comes to paying for your new property abroad, it’s advisable to plan in advance, especially if you’ll be paying in another currency to that of your country of residence.

Whilst using your personal bank might seem like the most obvious and easiest option, you will find that it is an expensive one. The reason for this is that banks use the exchange rate on the day of the transfer, which may be very unfavourable, plus you will be liable for bank charges, which are often higher than you may imagine.

Cost-Saving Alternative to Bank Transfers

The cost-saving alternative is using a currency exchange service. With these services you can plan your transfer in advance and take advantage of a better exchange rate, plus, if you know that you will need regular transfers after the property purchase, you’ll also save by using a currency exchange service for these as well.

 

About Lumon

When you’re planning to buy or sell an overseas property, one of the things to think about is how you’re going to transfer your required currency. Some people assume that your bank will be the best way to send overseas payments, when in fact you could find yourself paying more than you need to. The saving you could make by using a specialist provider can be significant, which is one of the reasons we recommend our customers to use Lumon for all their currency needs.

Not only can they offer competitive rates of exchange when compared to high street banks, they also understand the foreign property market. Having helped thousands of clients to buy abroad, they’re well placed to organise the transfer of your exchanged funds and can send payment directly to your solicitor.

Lumon has a number of options available to help you manage your overseas payment. For example, a forward contract, which is an agreement to purchase currency for a date in the future without having to pay for it all up-front. You can lock in an exchange rate for up to a year in advance, pay a small deposit to us and then draw down your money up to three months prior to the date you have booked your funds until.

Some of the reasons we recommend Lumon for our customers’ currency needs:

• Competitive exchange rates
• Dedicated Partner Managers with expert market knowledge
• Easy transfer of funds when you need them
• Long established reputation having traded since 2000
• Thousands of 5-star Feefo ratings from customers

When you work with Lumon, your dedicated Partner Manager will take the time to understand your needs and explain the options available to you in plain English. Their experienced team has extensive market knowledge to answer your questions about currency fluctuations and the best time to trade to get the most for your money.

Learn more about Lumon here: Lumon Website