Agreeing the Price Is One Deal. Fixing What It Costs You Is Another.
Currency for overseas deposits, staged payments, completion and sale proceeds, planned around your dates.
When you agree a price in euros or dollars, your home-currency cost keeps moving until you pay. SummitFX helps you see your deadlines, understand your options and decide what to fix and when.
Feefo 5-star service- 3 datesdeposit, stage and completion shape the plan
- Either wayrates can move for or against you
- 1 deskpersonal FX specialist, with WhatsApp
The Price Is Fixed. Your Cost Is Not.
Say you agree to buy a villa for EUR 580,000. That figure stays the same in the contract. What you pay in pounds does not.
On the day you agreed, EUR 580,000 cost £500,000. If sterling weakens or strengthens before completion, the same house costs more or less. Nobody can tell you which way it will go.
A forward contract can fix the rate for a future payment, so the sterling cost of the part you cover is known in advance.
EUR 580,000 at different GBP/EUR rates
| Rate at payment | Sterling cost | Against £500,000 |
|---|---|---|
| 1.1000 | £527,272.73 | + £27,272.73 |
| 1.1600 | £500,000.00 | No change |
| 1.2200 | £475,409.84 | - £24,590.16 |
Hypothetical rates to show sensitivity, not a forecast or a quote. Before any fees or margin.
Deposit, Stage, Completion: Each Date Is a Currency Date
Most overseas purchases are paid in pieces. Each piece has its own deadline and its own exchange rate unless you plan otherwise.
Deposit: EUR 58,000
10% of the price, usually due within days. Often best handled with a prompt exchange, so it arrives on time.
Stage payment: EUR 116,000
20% for a build stage or option. The date is known, so it may suit a forward.
Completion: EUR 406,000
The remaining 70%. The biggest sum and the biggest exposure to rate movement.
Illustrative schedule: 58,000 + 116,000 + 406,000 = EUR 580,000. Your contract will differ. Delays are common, so tell us when dates change.
A Forward Can Settle the Budget Question
If your budget is tight, knowing the sterling cost in advance can matter more than chasing a better rate. A forward may suit amounts and dates you are confident about.
What it does
Fixes the rate for a future payment, so that part of the purchase cost no longer moves with the market.
What you give up
If the market moves in your favour, you do not benefit on the amount covered.
What it requires
An initial deposit, and possibly extra margin if the market moves against the contract.
What delays mean
If the purchase is delayed or cancelled, the FX commitment stays. It can be extended or closed, which may cost money.
A forward commits you to settle. It is not suitable for everyone, so we will talk through the amount, dates and risks first.
On £500,000, a Small Margin Is a Large Sum
A buyer sending £500,000 for a euro purchase could see a very different result depending on the margin built into the rate.
Hypothetical example: converting £500,000 into EUR
| Item | Standard Bank Example | SummitFX Example |
|---|---|---|
| GBP sent | £500,000 | £500,000 |
| Mid-market rate | 1.1600 | 1.1600 |
| Illustrative FX markup | 3% | 0.30% |
| Rate after markup | 1.12520 | 1.15652 |
| EUR received | EUR 562,600 | EUR 578,260 |
Illustrative difference: EUR 15,660 (about £13,500)
Hypothetical figures, not a live quote or a promise of savings. Assumes a mid-market GBP/EUR rate of 1.1600 and markups applied to that rate, before any separate transfer fees. Actual pricing varies by pair, amount and timing.
Sale Completed. Now Choose How to Bring It Home.
Once proceeds arrive in euros, dollars or another currency, you have choices. None is right for everyone, and none guarantees a better result.
Convert at once
Simple and certain. You know your figure the same day.
Hold, then convert
If your accounts allow, keep proceeds in the sale currency while you decide. The rate may move against you.
Convert in parts
Split the sum across dates to spread the timing risk.
Aim for a target
Use a rate alert or order for a level you pick. It may never be reached.
Before a sale completes, a forward may also help if you need a known sterling figure for your next purchase. Check Momentum for one view on market conditions.
Tax, capital gains and local fees are outside our service. Please speak to a qualified adviser.
Dates Move. Your Desk Moves With Them.
When a solicitor emails at 4pm asking for the stage payment, you should not need a call queue.
Eligible clients can request a quote, set a rate alert for the level they have in mind, and receive payment updates on WhatsApp.
One message. One clear answer.
Three Steps, One Specialist
Open your account
Register free and complete the identity and source-of-funds checks early, as they can take time.
Share your dates
Send amounts, currencies and deadlines. We suggest what to exchange now and what to consider fixing.
Pay on time
Send funds, then pay on the dates agreed. Share payment details and confirmations with your solicitor.
Rates, fees and settlement times vary by currency pair and amount, and are confirmed in your quote. We cannot guarantee arrival times.
A Property Exchange Can Earn Points Too
Through Summit Points, eligible clients can participate in the future success of our business.
We've allocated 20% of SummitFX's future exit value to participating clients, distributed according to their Points and the programme terms if a qualifying exit occurs.
Eligible property exchanges can contribute towards your potential future participation.
Subject to Points and programme terms, and only if a qualifying exit occurs.
Property Currency Exchange FAQs
What is the difference between agreeing the property price and fixing the cost?
The price is the figure in your contract, for example EUR 580,000. The cost is what that sum is worth in your home currency on the day you pay. Agreeing the first does not fix the second. A forward contract can fix the exchange rate for a future payment, subject to suitability and its terms.
Can markets move in my favour as well as against me?
Yes. Rates can move either way between contract and completion. A forward removes the risk of an adverse move on the amount covered, and it also removes the chance of a favourable one.
Does a forward commit me to settle?
Yes. A forward is a commitment to exchange the agreed amount at the agreed rate on the agreed date or within the agreed window. It may require an initial deposit and, if the market moves against the contract, additional margin.
What if my purchase is delayed or falls through?
The currency contract does not cancel automatically. You may be able to extend, amend or close it, but closing can result in a cost or a gain depending on where the market is. Tell us the moment dates change.
Should I fix the whole purchase price?
Not necessarily. Some buyers cover the amounts that are certain, such as the deposit and a stage payment, and leave an uncertain balance for later. Whether this is suitable depends on your circumstances, and we will talk it through with you.
I am selling abroad. Do I have to convert straight away?
Not always. Depending on your accounts, you may be able to hold proceeds in the sale currency, convert in parts, or use a rate alert or order for a level you choose. Waiting does not guarantee a better rate.
Can you work with my solicitor or agent?
We can provide payment details and trade confirmations for you to share, and talk through source-of-funds checks early. We do not give legal or tax advice, so please speak to a qualified adviser about those.
Can you guarantee the best rate or an arrival time?
No. Rates and fees vary by currency pair, amount and timing, and are confirmed in your quote. Arrival depends on the route, banks and checks. We will tell you what we know before you book.
How quickly can funds be released?
For eligible routes, onward payments can be released in under two minutes once funds have arrived and settlement requirements are met. Final arrival depends on the destination bank and any checks.
Your Dates Are Set. Plan the Currency Behind Them.
Tell us your amounts and deadlines, and we will help you understand your options before you commit.
Clear Dates. Clear Sums. Clear Choices.