Our recommended currency partner Lumon (was known as Foreign Currency Direct) can make you significant savings on currency transfers when compared to high street banks.
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.
If you would prefer a representative to give you a call, then let us know and we can arrange for you.