Being aware of the costs when selling a property is important. Aspects such as agent’s fees and legal costs should be checked out. Tax implications could also be relevant and should be discussed with a specialist.
Importantly, if you are in the process of selling your property in France, then it’s important to keep an eye on exchange rate movements. The pound fell dramatically in value following the vote for Brexit in June 2016 and continues to remain under pressure with less than a year to go before Britain officially leaves the EU. Therefore, anyone looking to sell their French property, and make a euros to pounds transfer, needs to be fully aware of the exchange rate – as due to the sheer fact that the rate fluctuates constantly, this will affect the overall amount received in pounds.
Fluctuations in the exchange rate can pose a risk to your transaction but they can also represent an opportunity. In 2018, the euro to pound rate has moved around considerably – back in April this year the rate to sell euros reached 1.16, whilst in July it had dropped to 1.11 – on a French property valued at €100,000 that means you’d receive approximately £3,000 more than earlier in the year.
How moneycorp can help
The core benefit of using a specialist such as Moneycorp is the ability to receive an improved exchange rate, with savings of up to 2% when compared to high street banks. Plus with moneycorp you can lock the rate of exchange in advance –up to two years- via a forward contract or track a rate via a market order (forward contracts may require a deposit). You can discuss your options with your personal dealer at moneycorp which will be assigned to you when you open your account.
Should you want to receive more information about rates and how to make the most of your international payments you can register for free with moneycorp or send them an enquiry. Plus with FrenchEntrée you are entitled to FREE transfer fees on all your payments. Should you want to learn more about Moneycorp visit our currency page.