Lumon Pay Customer Reviews

Since using Lumon to buy a house in France, I had always received good rates from them. My periodic checking of their rates against the market always left me assured I was in good hands.

But…this is no longer the case. I just agreed a trade today on their assurances that it was very competitive and, as always, not wanting to bother with my own searching around, I agreed.

Then a quick google search found far better rates and just going into the top result, I saw I’d have received £63 pounds more with Wise, after their fees!!

I called Lumon to share my thoughts on the face that 10 seconds on google showed me I’d have been £63 better off with Wise after their fee!

Here is what I was told

1. The trade has already gone through. (I know)

2. Wise have fees (I just told you that).

3. That they have overheads that Wise don’t have. (I don’t care)

4. That their service is ‘different’ than Wise. (Again, don’t care – just want the best rate)

I’m very disappointed that Lumon has gone this way. I’ve been with them for years now, but it seems Loyalty is meaningless nowadays – every transaction will need a thorough look into the market for the best deal.

Shame.

Am afraid I find all the positive reviews about lumon difficult to believe. Even their appeals process appears to be broken

My 78-year-old father was recently misled by a representative at Lumon Pay into completing a foreign exchange transaction with a commission more than five times the industry standard. On a spot transfer of £75,000 GBP to AUD, Lumon Pay profited over £3,500, where typical commission would have been just a few hundred pounds with reputable providers like OFX, who disclose their margin clearly.

The only reason I recommended Lumon Pay to my father was because I had personally used them in the past and received a very fair rate (e.g. 40 pips or 0.0040 difference from market mid-rate). However, that employee has since left and the business appears to have changed hands or rebranded. In a formal complaint that included supplying email evidence of the rates I was previously offered, that were the basis upon which my father made the trade with them, Lumon Pay declined my request for the excess commission to be refunded, and replied “The exchange rate applied reflected a spread consistent with our standard framework.”. Therefore, are they suggesting that charging five times the industry standard is common place when transacting with their firm?! CONSUMERS BEWARE!

My father, who is hard of hearing and unfamiliar with FX processes, acted under the belief that he was getting a good deal, based on my previous experiences with them. I believe he taken advantage of during the transaction. When I tried to get clarity immediately after learning of the completed trade, the Lumon Pay representative was evasive and avoided giving direct answers. He kept talking about transparency, while at the same time providing none!

Based on this experience, I cannot recommend this company to anyone