When buying a property from abroad, transferring large sums of money between countries can be one of the most stressful and unpredictable parts of the process.
Exchange rate fluctuations, bank fees and transfer delays can significantly affect how much finally arrives in your UK account, sometimes by thousands of pounds. And that’s before you have the stress of ensuring you’ve sent it to the right place.
This guide explains how to move money internationally for a UK property purchase safely, why timing matters and what other overseas buyers have done to protect themselves from currency volatility and unnecessary costs.
Disclaimer
The information in this article is for general guidance only and should not be relied upon as financial or investment advice. Always seek independent advice from a qualified currency specialist before transferring money internationally.
Why exchange rates matter when buying property
When purchasing a UK property from overseas, the exchange rate determines how much your savings or deposit are worth once converted to pounds. Even a small shift in the market can change the sterling value of your funds by thousands.
For example, if you’re transferring euros or dollars into sterling, a 1–2% movement in the rate between your offer and completion could mean paying significantly more (or less) in your local currency.
Planning ahead helps ensure that market movements don’t disrupt your purchase or leave you short on completion day.
The risks of relying on your high-street bank
Many overseas buyers automatically use their normal bank for international transfers, but this can be costly and inefficient.
High-street banks typically:
- Offer less competitive exchange rates
- Charge fees for sending or receiving funds
- Impose daily transfer limits
- Take longer to clear international payments
For time-sensitive transactions such as property purchases, these factors can cause last-minute stress or even delay completion.
Solicitors can only exchange or complete once cleared funds are in their client account which means that any delay can jeopardise the deal.
What other overseas buyers have done
Some buyers choose to work with a regulated currency specialist to reduce these risks.
For example, one family who were buying a home in the UK while living in Italy arranged to transfer their deposit through a specialist rather than their bank. They were able to lock in a favourable exchange rate in advance, avoiding the risk of the euro weakening before completion.
Their funds arrived quickly, securely and without transfer fees, saving them both time and money.
They even had someone on hand to give them the confidence the money was being sent to the right place.
While every situation is different, this kind of proactive planning is becoming increasingly common among expats and overseas buyers.
How currency specialists can help
Currency transfer specialists are designed to support people making large or frequent international transfers.
They provide:
- Competitive exchange rates (often better than retail banks)
- Dedicated support from a named Account Manager
- Forward contracts to lock in rates for up to 12 months
- Rate alerts so you can act quickly when markets move
- Secure, FCA-regulated systems for peace of mind
These services are particularly useful when your solicitor needs funds to arrive by a fixed date, or when you need to hold a rate while your property purchase progresses.
Forward contracts: fixing your exchange rate in advance
A forward contract allows you to agree an exchange rate for a future transfer, protecting the value of your funds against market volatility.
This can be useful if you’ve agreed a property price but completion is several weeks or months away. It gives you certainty and allows you to plan your finances more accurately.
Many buyers also use a mix of spot transfers (sending money at the current rate) and forward contracts to manage both short- and long-term payments.
Practical tips for transferring large sums from abroad
While buying or selling property involves transferring large sums, there are many other situations where you may need to transfer significant amounts of money. The following list is a checklist on how to minimise cost and stress, while using exchange rates to your benefit where possible.
- Plan ahead. Arrange your currency transfers early in the buying process.
- Compare rates. Even a small difference can have a large impact.
- Use a regulated specialist. Always check FCA registration.
- Coordinate with your solicitor. Let them know when to expect the funds.
- Keep records. Save proof of source of funds and transaction receipts.
- Avoid surprises. Ask about fees, timing, and exchange rate options in advance.
Frequently asked questions
What’s the safest way to transfer money internationally for a property purchase?
Use a regulated currency specialist rather than a high-street bank. Specialists offer competitive rates, no transfer fees and dedicated support to ensure your funds arrive securely and on time.
What is a forward contract?
A forward contract lets you lock in an exchange rate for a future transfer, protecting the value of your funds against currency fluctuations before completion.
Is there tax on money transferred from abroad?
Money transferred from overseas isn’t usually taxable if it’s savings or a genuine gift. However, large sums must be declared to your solicitor for anti-money-laundering checks, and you should retain proof of source of funds.
Why shouldn’t I just use my bank?
Banks often charge higher fees, use weaker exchange rates and take longer to clear international payments. Currency specialists are typically faster, cheaper and better equipped for large property-related transfers.
When should I arrange my international transfer?
Ideally as soon as your property purchase moves forward. Planning early allows you to lock in an exchange rate and ensure funds arrive in time for exchange or completion.
When to speak to and use a currency specialist
If you’re transferring savings, inheritance or a house deposit from abroad, it’s worth speaking to a regulated currency specialist before using your bank.
They can help you:
- Protect your rate in advance
- Avoid unnecessary fees
- Meet solicitor deadlines
- Transfer securely with full visibility
Experts for Expats partners with TorFX, a trusted international money transfer specialist that offers competitive exchange rates, no transfer fees and award-winning support.
Get a free quote from TorFX
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