These are the top tips, as discussed in the recent FrenchEntrée seminar:
Plan in advance
One of the most recurrent questions in our talks are always around timings. When do I need to start looking at the rate? I haven’t found a property yet, How far in advance can I open an account with you.
It is never too early. At moneycorp, you will get assistance through the whole journey, from the moment you start looking for a property, plan your viewing trips to the time where you secure a property and have to pay for deposit and plan for completion.
Getting familiar with the exchange rates will help you setting up your budget prior to putting an offer. Getting in contact with a foreign exchange specialist will help you –at no cost- understand your options and protect your budget from negative fluctuations.
Use a foreign exchange specialist to minimise transfer fees and get a competitive rate of exchange
If you’re using a high street bank in the UK, you may not be offered the best available exchange rate. A currency specialist can offer great rates and particularly on larger payments, even a fraction of a percentage point can make a big difference.
Check the transfer fees, as those also add to the cost, particularly if you have several payments to make.
Get some expert guidance
You have enough on your plate choosing between a rural chateau along the northern coastline, such as Brittany and Normandy, or maybe you’re more of a French Riviera fan? The current pandemic has had a massive impact on the currency markets and it has never been more crucial to rely on the guidance of an expert who has years of experience in trading currencies and processing countless customer transactions.
A specialist can provide guidance on currency market movements and tools that help you plan the best way to make your transfer. Furthermore, at moneycorp every client gets assigned to a personal dealer who will discuss with you your personal circumstances, budget, timelines and your options taking into account all the market information at the moment.
A quick chat with a currency specialist could help to save you money, at no extra cost.
Know your options, find out the currency tools available
A foreign exchange specialist offers you a range of currency tools to suit your circumstances.
So you can fix the rate of exchange in advance of a payment via a forward contract. Forward contracts allow you to fix the full price of the property by locking the exchange rate and they are very popular among those buyers who want to have a certainty on costs or/and to take advantage of a positive movement on the exchange rate.
And if you think that the rate might improve in the time you have to make the payment, you can you can try to achieve that improve rate via ma market order.
You can also ask moneycorp to watch the market for you and notify you of any relevant fluctuations to your transaction or sign up to receive daily updates and rate alerts to make sure you don’t miss any opportunity. All of this is in addition to being able to trade online 24/7 either via the moneycorp app or using the online platform.
Enjoy the journey and don’t forget why you are buying in France!
It’s not often you get to make such a big and exciting life changing decision to buy your dream overseas property. No matter what the markets are like, try not to obsess over the rates.
Try to enjoy the journey and remember why you’re doing it in the first place. And with currency experts guiding you through the process, buying your French home could be less stressful and more enjoyable because you can let the specialists help and focus on the benefits. BEST OF LUCK!
With a Platinum Trusted Service Award 2020 from independent review site Feefo and 40 years of experience in the industry, FrenchEntree has been recommending moneycorp for more than 15 years. During this time they have helped thousands of client planning the best way to pay for their property as well as supporting them afterwards with any further payment from paying bills, mortgages to repatriating UK pension payments for those who have retired to France.
Furthermore, we have worked with the same person at moneycorp for more than a decade! You might be familiar with her as she often writes for our FrenchEntree magazine. She has 13 years’ experience in foreign exchange, and is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through these difficult times
Opening an account is really easy and free of cost. You can register online or over the phone in a couple of minutes and for FrenchEntree there are no transfer fees in any payment.
Lead photo credit : Currency exchange (C) Ibrahim Boran, Unsplash
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