Whether you’re purchasing a French property, own a second home in France, or live in France with income, pensions, or assets overseas—there are many occasions when you will need to transfer money into Euros. Here’s why you should consider using a specialist French currency broker.
Save money by using a French Currency Broker
You might be used to exchanging your holiday cash at the local Bureau de Change or making international payments using your Mastercard, but if you’re purchasing a French property or managing cross-country finances, it pays to use a currency exchange specialist.
Securing the best currency rate on a large purchase amount could make a difference of thousands, and fees and charges can quickly add up.
Better exchange rates
Specialist currency brokers can offer an average of 3-4% savings against high-street banks. As brokers purchase large amounts of foreign currency and benefit from the interbank rates (the market price only offered to a select few traders and banks), they can pass these savings on to the customer, i.e. you.
Lower fees and charges
International money transfers can cost up to £40 or US$45 per transaction through a high-street bank. A high rate of commission is often charged on currency exchange transactions and sometimes extra fees and charges can be hidden away in the small print.
Using a French currency broker often means lower or fixed fees, and there are no hidden extras, so you’ll always know exactly what you’re paying. You could even benefit from free transaction fees for life if you sign up through FrenchEntrée (more about that in a minute!).
Benefit from Greater Flexibility on Currency Exchange Options
Currency exchange specialists have a number of different transfer options available to meet your needs.
Fix the exchange rate for greater peace of mind
Forward contracts let you ‘lock in’ a favourable exchange rate for up to two years. Perhaps you want to benefit from a historically high exchange rate but aren’t ready to buy yet, or you want to fix the rate on a regular payment plan to pay your French mortgage. Or, if you’ve signed the Compromis de Vente on your French property, it could be a smart move to fix the exchange rate and protect against currency fluctuations while the sale goes through.
Read more in our article Transferring money to France- Spot and Forward Contracts
Seize the moment with rate tracking
Set up currency alerts so that you’re first to know when exchange rates swift in your favour and seize the opportunity with a spot contract. You can also track a particular exchange rate or set up a market order to make an automatic transfer once your desired exchange rate is reached.
Take control of your finances
High-speed transfers and 24/7 online services mean you have complete control of your finances. You can make last-minute transfers at the click of a button, make changes to your long-term payment plans, or take advantage of a great exchange rate by making an on-the-spot transfer. If you prefer a more personal touch or need advice, advisors are just a phone call away.
Enjoy a personalised service and insider advice
Currency exchange specialists tend to offer a much more personalised service than banks, and being as their area of expertise is currency exchange, they are well placed to offer the best advice.
Receive personalised advice from currency experts
Opening an account with a currency exchange specialist means you’ll have access to expert help and advice that is tailored to your unique needs and situation. Advisors know the market inside out and have likely dealt with many foreign buyers, expats, and second-home owners in a similar position to you. As a long-term client, it’s in their interest to ensure you make the best decisions on when to buy, when to wait, and how best to plan for future transactions.
Know that your money is in safe hands
Currency brokers have years of experience handling financial transactions and should be regulated by a governing body such as the Financial Conduct Authority (FCA) in the UK. This means they are required to safeguard customer funds held overnight (or longer) into segregated client accounts.
Ready to Set Up Your Foreign Currency Account?
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. Read our Beginner’s Guide to Currency Exchange, visit our Currency Zone for the latest news and currency reports, and use our French Currency Exchange checklist to ensure you are fully prepared for your French property purchase.
FrenchEntrée’s trusted partners at Moneycorp have more than 40 years’ experience helping customers get the best value on their international transfers. Best of all, if you sign up through FrenchEntrée, you can benefit from our exclusive offer including free international money transfers for life.
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