Mar Bonnin-Palmer makes sure you don’t get caught out by post-Brexit swings in the currency market
How come using a currency specialist costs less than a bank?
Exchanging funds is a currency specialist’s primary activity; while a High Street bank will oﬀ er a broad range of services. This focus on currency and access to a whole range of providers means that currency specialists can oﬀ er customers the best available rates. Having the beneﬁt of expert guidance and support means that you’ll be able to make the most of your money overseas. A currency expert will help you decide on the best strategy to maximise your budget. While a High Street bank may only oﬀ er a one-size-ﬁts-all approach, a currency specialist like moneycorp will provide tailored support through the purchase process and help you target or even ﬁx a rate of exchange in advance of your payment. Plus, if you use moneycorp and quote FrenchEntrée, we’ll waive transfer fees.
A friend told us that, as we’re planning to spend the next two months house-hunting in France, we were better oﬀ getting a Red Explorer Card to make payments. How does it work exactly?
When you open an international payments account with moneycorp, you can also apply for a Red Explorer Mastercard® – a prepaid card designed to work seamlessly with your moneycorp account. You can load the card with euros before travelling and use it to pay for anything in shops and restaurants. You’ll be able to lock in a great rate, keep track of all your costs using the accompanying app and avoid the usual ATM fees incurred when you use your debit card abroad. It’s a convenient way to manage the cost of your trip – and make savings along the way – allowing you to focus on ﬁnding the property of your dreams. Every little helps when you’re planning such a major investment.
We didn’t know that using a currency broker was the way to go so we ended up paying more than expected for our deposit. We’re due to pay for the rest of the house in the next few weeks and don’t want to end up out of pocket. Is it too late to use a broker?
It’s not. You can initiate urgent payments through a broker in a matter of days, if required. As the deadline is still a few weeks away, you could also beneﬁt from expert guidance and support throughout the ﬁnal stages of the process – as well as great rates. Obviously, brokers can’t control currency ﬂuctuations or the impact of Brexit, but they can help you make the most of your money with great-value service and specialist tools.
I’ll be working freelance when we move to France and all payments will be coming from the UK and paid into my French account. How can I make sure I don’t lose out in the conversion from pounds to euros?
Using your international payments account, you can exchange your income into euros and pay this into your French bank account. If you receive regular, standard sums you can automate those transfers. It is possible to set up a direct debit to collect your wage in pounds, convert into euros and send the money to France on a set schedule. You can choose to ﬁx the amount of pounds collected, the amount of euros received, or both if you choose to ﬁx the rate. This way you’ll be able to manage your budget. If the payments vary in size and are paid at diﬀerent times, you could sign up for alerts via text or email on speciﬁc rates and move the funds when your reach your ideal rate. If you need the money as soon as possible, you can make urgent transfers over the phone and online as soon as the money has reached your UK account.