With the possibility of travelling to France again, visiting trips to complete transactions or find a property are back on track. If you’ve read our previous articles you will have seen that exchange rates have been in flux during this time with oil prices, political tensions, economic uncertainties and the returning talk of Brexit. If we specifically take a look at Sterling Euro, a month before lockdown £1 was equivalent to £1.20 (18 February) whereas now £1 gives you only £1.11 (6 July). If you were looking to buy a property in France with a €250,000 budget, it will now cost you an extra £17,000!
By law, all property transactions in France have to take place in euros – even if it happens to be a British client buying from a British seller, which we have seen many times. So if you are buying in France and you are holding funds in any currency other than the euro, it is essential that you check the exchange rates before travelling to France to avoid any last minute surprises. Furthermore once you find that property you need to keep an eye on the rates until completion, as a lot can happen during the typical 3 month window between exchange and completion.
So what can you do?
If you haven’t done so yet, you should get in touch with a foreign exchange specialist like moneycorp. They are experts in their field and their guidance from the moment you start your search to the day you sign your Deeds can save you thousands of pounds.
The main advantages of using moneycorp :
- Obtaining a better rate of exchange. A foreign exchange specialist offers more competitive rates than the banks – potentially saving you thousands.
- The ability to fix a rate in advance or target a rate – You will have access to a range of products from forward contracts to market orders to help you protect your budget or even take advantage of rate movements. You can trade online or get free guidance from expert dealers.
Opening an 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 charges in any payment.
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 plus she is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through this difficult times.