Whether you’re paying a €100 electricity bill or putting down a €20,000 deposit, everyone wants to get the best exchange rate for their money transfers to France. When you’re dealing with large payment amounts or regular monthly payments, this is even more crucial.
Transferring your money at a time when exchange rates are working against you could add thousands to the price of a property purchase. It could even mean the difference between being able to afford that dream French house or not.
If you’ve read our Beginner’s Guide to French Currency Exchange, you’ll already know how to understand currency rates and calculate the actual price of your property rates. Now let’s look at 5 options to help you secure the best exchange rates.
1. Track the currency exchange rate
The Forex market operates 24 hours a day, five days a week, and key currency pairs such as the EUR/USD or GBP/EUR are constantly changing. Keeping an eye on the exchange rates and staying up-to-date with the market trends and developments will allow you to get an idea of what the most favourable rates are (check out the regular currency reports and FAQs in our Currency Zone). If you have an account with a currency exchange specialist such as Moneycorp you can also set up rate tracking alerts via SMS or email to let you know of any upturns in the market.
2. Set up a market order
Rates can move quickly and timing is everything if you want to make the most of a good deal. If you know the rate you’re after and have the funds ready, setting up a market order will make sure you don’t miss out. Once the exchange rate reaches your desired rate, your money will be automatically transferred for you.
3. Lock in the exchange rate
Locking in the exchange rate with a forward contract is a great way to benefit from a great rate even if you don’t have the funds immediately available or aren’t quite ready to make your purchase. If you’re moving forward with a property sale, this also a smart way to protect against the exchange rate dropping. Forward contracts can fix the exchange rate for up to two years and can also be applied to regular payment plans.
4. Listen to the experts
The Forex market is notoriously unpredictable, but currency specialists are better equipped than anyone to advise on market trends. Most importantly, they have dealt with thousands of property buyers and owners in similar situations, and they will take into account your budget and timeline, along with the market conditions. The best rate for you is not necessarily the best rate for someone else—after all, there’s no point taking a risk with your money if it means potentially missing out on your perfect property.
5. Negotiate low transfer fees
Don’t just consider the exchange rate when you calculate the cost of your Euro transfer—banks and brokers typically add transaction fees or additional charges. With some banks these can be up to £40 or US$45 per transaction. Better exchange rates and lower transfer fees are the main reason so many buyers opt to transfer using a currency exchange specialist.
FrenchEntrée’s trusted partners at Moneycorp have more than 40 years’ experience helping customers get the best value on their international transfers. If you sign up through FrenchEntrée, you can benefit from our exclusive offer including free international money transfers for life.
Ready to Send Money to France?
Whether you’re searching for your dream French property or planning a move to France, it’s never too early to start thinking about currency exchange. Visit our Currency Zone for the latest news and currency reports, then use our French Currency Exchange checklist to ensure you are fully prepared for your French property purchase.
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