Bringing inheritance money into the UK: exchange rates could cost families nearly £9,000

By Douglas Patient ·

FAMILIES bringing inheritance money into the UK from Europe could receive almost £9,000 less depending on when they convert it, experts have warned.

Newspage analysis, sponsored by Cosmos Currency Exchange, found a €250,000 property sale was worth £220,965 at November 2025's exchange rate but just £212,080 by July 2026, a gap of £8,885, despite the sale price staying exactly the same.

The figures highlight the potential currency risk facing British expatriates returning to the UK and selling property abroad, such as European holiday homes or investments – and families disposing of properties inherited following a death, experts said.

The impact increases sharply with the size of the transaction. On proceeds of €500,000, the difference between the two exchange rates would have been approximately £17,770. On €1 million, it would have reached around £35,540.

Tony Redondo, Founder at Newquay-based Cosmos Currency Exchange, said the figures demonstrate why sellers should consider the currency implications of a property sale early in the process.

He commented: "Currency volatility can quietly gut a European property sale and when the proceeds come back into sterling, Brits can lose thousands. Treat foreign exchange as part of conveyancing, not an afterthought at the point of transfer. High-street banks routinely quote margins of up to 4% off the interbank rate, plus fees; on €250,000, that's serious money.

"A specialist broker with a local euro collection account lets notary proceeds land in Europe without being converted at whatever the spot rate happens to be that day and expensive post-Brexit transfer fees.

“Waiting for a better rate is just hoping with a nicer name and completion dates rarely line up with a good one. If the price is agreed, a forward contract fixes your rate for completion. If funds arrive in stages, convert in tranches. Set a limit order at your target and pair it with a stop-loss. Know your number early, especially with probate so you're not dumping euros in a panic.”

Jamie Elvin, Director at London-based Strive Mortgages, said anyone using the money to buy in the UK could end up with a smaller deposit.

He added: "The research shows how a property can sell for exactly the price you expected in euros, yet leave you with almost £9,000 less when you bring the money home. For someone using those proceeds to buy in the UK, that could mean a smaller deposit, a higher loan-to-value mortgage and potentially fewer rate options.

“I wouldn’t delay a house sale simply because I hoped the exchange rate might improve. That turns a property decision into a currency bet, and the rate could move further against you.

“Work out how many pounds you need, compare the rate and fees you’ll actually receive, and speak to a currency specialist about ways to manage the risk once a sale is agreed. If the proceeds will fund a UK purchase, build some exchange-rate movement into your budget before committing to the next property.”

Steven Greenall, Mortgage and Protection Advisor at Dunmow-based Protect & Lend, said you could lock in a rate with a foreign exchange contract.

He added: “Currency or exchange rate risk is an often unknown or underrated risk. Once the sale price is agreed you should look to lock in the exchange rate with a forward foreign exchange contract. 

"It is not a view on where exchange rates will be in the future but a calculation based on the difference between the two interest rates of the currencies involved in the transaction. It provides certainty amongst a volatile world, especially if you need to be sure of the exact amount you will receive for an onward purchase.”

Dave Huggett, Founder at Lucid Foreign Exchange, said no one can call the timing of currency.

He added: "A sale price agreed in euros is a fixed number but its value in pounds is not, and it moves the whole time the sale is going through. A shift of around 4% on a €250,000 sale is nearly £9,000, and nobody agrees to that as part of the price. Anyone selling property in Europe, or due to inherit it, should treat the conversion as part of the sale.

"Work out before you exchange contracts what the sale needs to bring back in pounds, and once it's agreed a forward contract lets you fix that rate while the legal work finishes, turning an unknown amount into a known one. On waiting for a better rate, nobody can call the timing and anyone claiming they can is essentially guessing.

“Waiting isn't neutral, and leaving it to chance on a market where you have no advantage costs more than it saves. Inheritance complicates this because probate can run for months and you don't control the sale date, so plan the currency side early and fix in stages rather than holding out for one day.”

How do I bring inheritance money into the UK without losing out on the exchange rate?

Work out how many pounds you need and compare the exchange rate, margin and fees you will actually receive rather than relying on the headline rate. A currency specialist may be able to hold the proceeds in a local euro account and discuss options such as fixing the rate with a forward contract or converting the money in stages.

A relative died abroad: how do I get the money back to the UK?

Speak to the solicitor handling the estate and plan the currency transfer early, as overseas probate can take months and you may have little control over when the property is sold. Arrange where the foreign-currency proceeds will be received and compare banks and specialist currency providers before instructing any conversion into pounds.

Should I wait for a better exchange rate or convert straight away?

Waiting is effectively a bet that the exchange rate will improve, and nobody can reliably predict when that will happen. If you need certainty, consider fixing a rate once the amount and payment date are known. Alternatively, converting in stages can reduce the risk of exchanging everything on an unfavourable day.

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The raw alert

The question we put to Newspage’s experts, and their answers.

Newspage Raw

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The currency risk that could cost Brits nearly £9,000 when selling homes in Europe

ended 29. September 2026

Brits selling homes in Europe could receive almost £9,000 less when bringing the proceeds back to the UK because of exchange-rate movements, new research has found.

Analysis by Newspage, sponsored by Cosmos Currency Exchange, examined how changes in the value of sterling against the euro affected the amount received from a €250,000 property sale.

On 14 November 2025, when £1 bought approximately €1.1314, converting €250,000 would have produced around £220,965.

By 16 July 2026, when the exchange rate had moved to approximately €1.1788, the same €250,000 would have been worth only £212,080.

That represents a difference of £8,885 in just eight months, despite the property’s euro sale price remaining exactly the same.

The figures demonstrate the potential currency risk facing British expatriates returning to the UK, people selling European holiday homes or investments and families disposing of properties inherited following a death.

The impact increases sharply with the size of the transaction. On proceeds of €500,000, the difference between the two exchange rates would have been approximately £17,770. On €1 million, it would have reached around £35,540.

  • What does the research show?
  • What is your advice to Brits with property in Europe, or are due to inherit property in Europe?
  • Should you wait and see if currencies move in your favour? Or should you just accept it fluctuates?

Responses by the end of the day.

10 responses from the Newspage community

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Tony RedondoVerified
Founder at Cosmos Currency Exchange
Currency volatility can quietly gut a European property sale and when the proceeds come back into Sterling, Brits can lose thousands. Treat FX as part of conveyancing, not an afterthought at the point of transfer. High-street banks routinely quote margins of up to 4% off the interbank rate, plus fees; on €250,000, that's serious money. A specialist broker with a local Euro collection account lets notary proceeds land in Europe without being converted at whatever the spot rate happens to be that day and expensive post-Brexit transfer fees. Waiting for a better rate is just hoping with a nicer name and completion dates rarely line up with a good one. If the price is agreed, a forward contract fixes your rate for completion. If funds arrive in stages, convert in tranches. Set a limit order at your target and pair it with a stop-loss. Know your number early, especially with probate so you're not dumping Euros in a panic.
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Pro
Jamie ElvinVerified
Director at Strive Mortgages
The research shows how a property can sell for exactly the price you expected in euros, yet leave you with almost £9,000 less when you bring the money home. For someone using those proceeds to buy in the UK, that could mean a smaller deposit, a higher loan-to-value mortgage and potentially fewer rate options. “I wouldn’t delay a house sale simply because I hoped the exchange rate might improve. That turns a property decision into a currency bet, and the rate could move further against you. Work out how many pounds you need, compare the rate and fees you’ll actually receive, and speak to a currency specialist about ways to manage the risk once a sale is agreed. If the proceeds will fund a UK purchase, build some exchange-rate movement into your budget before committing to the next property.
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Pro
Steven GreenallVerified
Mortgage and Protection Advisor at Protect & Lend
Currency or Exchange rate risk is an often unknown or underrated risk. Once the sale price is agreed you should look to lock in the exchange rate with a forward foreign exchange contract. It is not a view on where exchange rates will be in the future but a calculation based on the difference between the two interest rates of the currencies involved in the transaction.
It provides certainty amongst a volatile world, especially if you need to be sure of the exact amount you will receive for an onward purchase.
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Nouran MoustafaVerified
Practice Principal & IFA at Roxton Wealth
This research shows how someone can make exactly the same €250,000 property sale and still end up almost £9,000 poorer in sterling purely because of currency movements. At €1m, the swing becomes more than £35,000. That is real wealth, not background noise.

Anyone selling or inheriting property in Europe should think about FX before the money lands, not afterwards. Compare providers, understand the spread and fees, and consider whether converting in stages is appropriate rather than moving everything on one day.

What I would not do is turn currency into a casino and wait indefinitely for the “perfect” rate. Nobody knows where sterling or the euro goes next.

Set a rate or sterling amount you would be comfortable with, understand the downside if markets move against you, and make the decision around your financial plan, not a guess about tomorrow’s exchange rate.

Property price is only half the exit. Currency decides what actually reaches your bank.
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Dariusz KarpowiczVerified
Director at Albion Financial Advice
You cannot time the sale of a home abroad to get the best currency rate so stop trying. What you can control is who converts the money. High street banks routinely take up to 4% off the interbank rate, plus fees. On €250,000, that is close to £9,000 gone before any rate movement.

Do your research. Compare spreads rather than headline rates, ask exactly what the transfer fee is, and check whether a specialist offers a euro account so the proceeds are not converted on the notary's timetable. Decide the minimum sterling figure you need, then fix it. Waiting for a kinder rate is a bet, not a plan.
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Paul DenleyVerified
CEO at Oakham Wealth Management
This research really shows the impact of timing. Sterling has strengthened against the euro, so converting euros back into sterling now naturally generates less. But the pound could just as easily swing back before a sale completes, and anyone who converted at last November's rate benefited from the relative strength of the euro at the time.

Waiting for a better rate is speculation, not a plan. What you can control is how you exchange the money. Compare specialist currency providers and, for larger sums, consider a forward contract to fix the rate once the sale price is agreed, or convert in stages rather than staking everything on one day. The same applies to executors selling an inherited property.

And if you expect to spend the money in euros, there may be no need to convert it at all. The objective shouldn't be to pick the perfect exchange rate, but to manage the risk as far as possible.
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Harvey DhillonVerified
Founder & CEO at Zmartly
The Newspage research is a fair warning, but its headline figure is the worst case of the past year. On Bank of England figures, it compares the pound's weakest and strongest days against the euro in that time, so it isn't what a seller faces today. If you're UK resident, the gain is taxed here and worked out in pounds, so if the pound has fallen since you bought, part of that gain is just the currency moving. If you're UK resident and sell a home you inherit, your starting value is the home's worth at the date of death, turned into pounds at that day's rate. Keep a record of the rate on the day you agreed your purchase contract, and if you inherit, get a written valuation as at the date of death. Once the sale contract is made, a UK resident's taxable gain usually uses the exchange rate on that day, not the day you change the money, so holding off on converting changes the pounds you get but not the gain. I'd accept that it moves, because nobody knows where it goes next.
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Anita WrightVerified
Chartered Financial Planner at Ribble Wealth Management
The pound and the euro are both paper currencies that lose purchasing power every year. This research just catches one falling a little more slowly than the other over eight months. The £9,000 is easy to see. What's harder to see is that cash in either currency is quietly eaten away by inflation, and over a decade that loss can easily be bigger. Sterling's recent strength also sits on top of heavy government borrowing, and markets can lose confidence quickly. So the better question isn't 'when should I convert? but 'what is this money for? If it's funding a home, a pension or a business, put it to work promptly. Don't leave a lump sum sitting idle in a bank account, in any currency, waiting for a better day. Exchange rates grab the headlines, but inflation is the slower thief.
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Dave HuggettVerified
Founder at Lucid Foreign Exchange
A sale price agreed in euros is a fixed number but its value in pounds is not, and it moves the whole time the sale is going through. A shift of around 4% on a €250,000 sale is nearly £9,000, and nobody agrees to that as part of the price.

Anyone selling property in Europe, or due to inherit it, should treat the conversion as part of the sale. Work out before you exchange contracts what the sale needs to bring back in pounds, and once it's agreed a forward contract lets you fix that rate while the legal work finishes, turning an unknown amount into a known one.

On waiting for a better rate, nobody can call the timing and anyone claiming they can is essentially guessing. Waiting isn't neutral, and leaving it to chance on a market where you have no advantage costs more than it saves.

Inheritance complicates this because probate can run for months and you don't control the sale date, so plan the currency side early and fix in stages rather than holding out for one day.

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Prem RajaVerified
Head of Trading Floor at Currencies 4 You
The research shows how exchange-rate movements can materially change the sterling value of a European property sale, even when the euro sale price is unchanged. Sterling has generally been stronger against the euro this year, and that trend could continue, particularly with uncertainty surrounding the European outlook.

Anyone selling or inheriting property in Europe should consider their currency position early. Once the sale price is agreed, leaving all the proceeds in euros means effectively taking a view on the market. Sellers could fix a rate with a forward contract, convert in stages, or use market orders to target a better level while protecting against further adverse movement.

They should also consider the opportunity cost of waiting. Exchange-rate gains are uncertain, whereas the interest available once the money is converted into sterling may be more predictable. Rather than trying to pick the perfect day, establish the minimum sterling amount required and protect it.