Why Is Foreign Exchange so Important When Buying Overseas?
Advice
If you need to pay for your property in France but you are not holding euros it is very important to consider how are you going to exchange your funds. The final price you will end up paying for the property will be determined by the rate applied at the time of exchanging the funds.
The risk here is that it is likely that the exchange rate changes during the course of the transaction, from the initial offer to the compromise de vente and deposit to the final completion usually a couple of months later.
These fluctuations can sometimes be quite aggressive, last year we saw the GBP-EUR dropping from levels of 1.20 in February to 1.05 at the pick of the pandemic. And even if this year the pound has been more stable, we have seen the exchange rate against the Euro going from 1.10 on January to 1.18 three months later which for someone buying a property for €250,000 will represent a difference of about €18,000.
What can you do to avoid the impact of negative exchange on your property budget?
Getting familiar with the rates at the early stages of your search will help you understand how they fluctuate. Registering with a foreign exchange specialist does not involve any cost or obligation, plus you will receive free guidance on the markets and have access to different tools to control that volatility. From receiving market updates to fixing a rate in advance or try to target a specific rate that suits your budget.
At moneycorp we believe the circumstances of each client are unique and with this in mind each client is assigned a dedicated currency specialist to guide you through the entire transaction. All our currency specialists have extensive experience in international property purchases and are here to support you from start to finish.
What to do next?
Opening a currency payments account is really easy and free of cost or obligation. You can register online or over the phone in a couple of minutes and for FrenchEntree there are no transfer fees for any payments.
Why moneycorp?
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.
Contact moneycorp at 020 3773 6355 or send your enquires here.
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