Acting in your Client's best interest
Some law firms may only deal with a handful of probate cases with beneficiaries based in foreign jurisdictions each year, so the issue of exchange rates can often be easily overlooked when dealing with the administration of the estate.
However, the rate at which currencies are converted can have a considerable impact on the overall amount of the estate that is preserved.
Exchange rates are one of the ways that high street banks make large profits and there have been UK instances of client complaints due to unfavourable exchange rates used to convert currency, particularly involving conveyancing and probate cases. While there is no SRA protocol on the process for making international currency transfers, practitioners may wish to exercise SRA principle 4 to act in the best interest of each client by using a currency specialist to convert and transfer funds rather than a high street bank.