The Property Buyer’s Guide to Currency

Currency when you buy a property abroad

Buying currency for a home abroad works much like buying travel money, but the sums are far larger, and so are the consequences of getting it wrong. Plan for exchange-rate movements from the first day, or your home can end up costing much more than you budgeted.

You cannot pay for a property in cash or by card. The money goes by bank transfer to the seller, usually through their lawyer or notary, either in one payment or in stages for a new build.

What sets property apart from other currency transfers is time. Weeks or months can pass between agreeing a price and completing, and exchange rates can move a long way in that time.

How the exchange works, step by step

• Get a live quote. Your own account manager at First Class Currency quotes a live exchange rate for your amount and your timing.
• Agree the rate. If you accept, the trade is confirmed and legally binding. You can buy for settlement now (a spot contract) or fix the rate for a later date (a forward contract).
• Send your funds. When it is time to pay, you transfer your pounds or other currency to the safeguarded client account of the regulated payment partner, with the details of the beneficiary, usually your lawyer abroad.
• The payment is made. Once your funds have cleared, the converted currency goes straight to the beneficiary’s account, and you receive a confirmation at every stage.

Protecting your budget from currency risk

Currency markets move every minute of every working day. Elections, interest-rate decisions, inflation figures and economic news all push rates around, and nobody can predict them. In the past decade alone, buyers paying in pounds were caught out by the Brexit referendum, Covid and sudden budget announcements.

In early November 2026 one pound bought about €1.20. The example below is illustrative and rounded, and rates can move in your favour too: with a forward contract, you do not benefit if they do.

Without protection

• You find a home for €250,000. At €1.20 to the pound it costs about £208,300.
• You sign and pay a deposit, which commits you to the purchase.
• By completion the rate has fallen to €1.13, and the same home now costs about £221,200: £12,900 more.
• If you cannot find the difference, you risk losing the home and your deposit.

With a forward contract

• The same €250,000 home, at the same rate of €1.20.
• You fix €1.20 with a forward contract for your completion date. A deposit, often around 10%, secures the rate for up to 12 months.
• The rate falls to €1.13, and your contract is not affected.
• You complete at about £208,300, as planned.

A forward contract locks in today’s rate for a payment you will make later, so you know exactly what your home will cost.

What happened in 2016

Picture a couple who agreed to buy a €385,000 farmhouse in June 2016. Before the EU referendum a pound bought about €1.30, so the home cost them around £296,000. After the result sterling fell sharply: by August 2016 a pound bought about €1.17, and the same home cost around £329,000, roughly £33,000 more.

With a forward contract agreed before the vote, their price in pounds would have stayed at about £296,000. (An illustration, with approximate historical rates.)

Your currency options

Every purchase is different, and the right tool depends on where you are in your buying journey.

What to use at each stage

• Just planning ahead: open your account and set your budget.
• Booking viewing trips: prefund your account, so you can move fast.
• Making an offer or paying a reservation deposit: a forward contract or a spot contract.
• Signing contracts: a forward contract or a spot contract.
• Completion: a forward contract or a spot contract.
• Regular payments abroad: a Regular Payments Plan.
• After the purchase (bills, fees, rental income): a Regular Payments Plan with a forward contract.

The tools, in short

• Prefunding your account. On a viewing trip, speed can decide who gets the property. With money already in your account, a reservation deposit, often €3,000 to €6,000, can go out at once, with no daily bank limits or transfer queues.
• Spot contract. For buyers who need to act now: a live rate, fixed for settlement, typically within two working days. Ideal close to completion.
• Forward contract. Fixes today’s rate for a payment up to 12 months ahead, usually secured with a deposit of around 10%.
• Regular Payments Plan. Automatic, on-time transfers for monthly mortgage payments, upkeep or rental income in another currency. Combined with a forward contract, your costs stay fixed.
• Limit orders. Name the rate you want and the trade goes through automatically if the market reaches it, or set a floor to protect yourself if it falls.

Why use a currency specialist

Your high-street bank will move the money, but rarely at the best rate, and with little help on timing or risk. Ten reasons to use a specialist instead:

• Property expertise. Property transfers are a core focus: the team knows the legal process, the timelines and the pressure points of buying abroad.
• A named account manager. A real person who knows your purchase and your priorities, available during business hours.
• Competitive rates. Banks often add wide margins to the exchange rate; a specialist rate can save thousands on a single property transfer.
• Budget protection. Forward contracts and limit orders shield you from market moves that could derail your purchase.
• FCA-authorised partners. Payments are provided by payment institutions authorised by the Financial Conduct Authority, so your transfer runs on regulated rails.
• Safeguarded funds. Client money is held in safeguarded accounts, separate from the providers’ own money, as UK rules require.
• Clear pricing. The rate and any fees are confirmed before you trade, so you know exactly what will arrive.
• Speed when it matters. With a prefunded account, a reservation deposit can go out within hours, which counts in a competitive market.
• More than 40 currencies. Euros, dirhams, baht, rupiah and more, wherever you are buying.
• Support after you buy. Help does not end at completion: mortgage payments, rental income and bills abroad are covered too.

Your next move

The earlier you open a currency account, the sooner you benefit from guidance on rates, timing and risk. Registering is quick, by phone or online, and free: your identity is verified with the standard anti-money-laundering checks that every money transfer provider must make by law, and a named account manager is assigned to you.

What to expect

• A call from your account manager to understand your plans and your timeframe.
• A live rate for your budget, with no obligation to trade.
• Clear guidance on spot contracts, forward contracts and limit orders.
• Rate alerts and market updates throughout your purchase.
• Help with transfers after you have bought, too.

Find your home with MiMove, pay for it with First Class Currency

On MiMove you can browse homes for sale from our partner agencies, with map search, virtual tours and alerts when new homes match your search. The WhatsApp, phone and e-mail buttons on every listing put you straight through to the agency.

Once you have found the one, First Class Currency helps you fix your rate and make your deposit and completion payments.