FAQs that clients ask Lumon, international property currency specialists

1. What is a currency specialist, and how does Lumon assist with foreign exchange?

A currency specialist, such as Lumon,  specialises in helping individuals and businesses exchange currencies at favourable rates. Lumon leverages its expertise and market knowledge to provide you with quick, effortless and secure currency transfers as well as assisting you in navigating currency markets efficiently.

2. Why should I use a currency specialist like Lumon instead of my bank for currency exchange?

Currency specialists like Lumon offer several advantages over traditional banks:
·         Better exchange rates: Lumon can often offer more competitive rates than banks due to access to wholesale markets and specialised knowledge. Lumon exchanged in excess of €5bn last year for clients as a result of being able to provide a great service and price.
·         Personalised service: Lumon provides dedicated account managers who understand the intricacies of buying property abroad and guide you through the process of exchanging money to best suit your needs and budget. Many of the account manager at Lumon have over 10 years’ experience assisting clients buying property abroad.
·         Reduced fees: Currency specialists like Lumon typically provide a more cost effective way of moving money internationally when compared to the banks, saving you money on each transaction.
·         Expertise: Lumon's team of specialists closely monitor market trends, to help you make informed decisions as to when to convert your funds. As the exchange rate is constantly changing, having a currency specialist like Lumon act as your eyes and ears on the market means they can notify you should the exchange rate move in your favour. 

3. Is using a currency specialist safe?

Yes, reputable currency specialists, including Lumon, adhere to strict regulatory standards to ensure the security of your funds. They hold client funds in segregated accounts and follow established industry regulations to keep your funds secure.
 

4. How does Lumon determine exchange rates?

Lumon offers real-time access to interbank exchange rates, the rates at which large financial institutions trade currencies. They add a small margin to this rate, which is generally lower than what the banks offer, providing you with a more cost-effective option.

5. Can Lumon assist with large transactions, such as property purchases abroad?

Absolutely. Currency specialists like Lumon are experienced in handling large transactions and can assist with property purchases, international business transactions, and more. They can also provide market information to help you make an informed decision on when to place your transactions in an effort to to take advantage of favourable rates.

6. How do I get started with Lumon?

Getting started with Lumon is simple. Reach out to their team to open an account. You'll be assigned a dedicated account manager who will work closely with you to understand your needs, explain the process, and assist you throughout your currency exchange journey.
 

7. Can Lumon help with risk management and currency fluctuations?

Yes, Lumon can provide various risk management tools to help you mitigate the impact of currency fluctuations. They offer options like forward contracts, which allow you to lock in an exchange rate for a future date, providing you with certainty in uncertain markets.
 

8. Are there any hidden costs when using Lumon's services?

Lumon is transparent about fees and charges, ensuring you're fully informed before making any transactions. Lumon usually has lower fees compared to banks, making your currency exchange more cost-effective.

9. Are there any limits to the transfer volumes?

No, when you have an account with Lumon they can assist you for everything from the deposit, property purchase, renovation costs, pension transfers and even help you with the import of that classic car purchase and much more. These transfers can be arranged over the phone with your personal account manager or online via their great self service platform.
 

10. How can I contact Lumon for more information or assistance?

The best way to get in touch with Lumon is to complete the sign-up form here and one of their experienced professionals will be more than happy to answer your questions and provide tailored information. The form is also the best way to sign-up for regular reports on currency trends and to create a free account ready for when you’ve found ‘the one’.
Using a currency specialist like Lumon can offer you better rates, personalised service, and peace of mind, making your international currency exchange experience smoother and more advantageous compared to traditional bank services.

Please keep in mind that there are risks involved with all financial products. Kyero is acting as an introducer and is not associated with our partners in any other way. Kyero holds no responsibility for the services or knowledge offered by our partners. The content given doesn't constitute advice.

Lumon is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 902022) for the issuing of electronic money.