A currency specialist can not only get you the best exchange rates, but also help with the whole buying process, writes Mar Bonnin-Palmer
If you’re looking to buy a property in France, you may have some concerns about how to exchange your funds into Euros to make the purchase. You may be tempted to contact your bank as a convenient option, but a currency specialist may be able to offer better value, and provide guidance on the ever fluctuating foreign exchange.
Finding the right exchange rate takes time, and such a level of service may not be available from your bank. Though rates are influenced by external factors, different providers will offer different rates depending on the value of each transaction. The high volume of transactions that a currency broker undertakes enables them to achieve better rates than any high street bank may offer.
GREAT RATES, NO FEES
As a currency specialist, moneycorp can offer great rates, and also ensure that you’re not losing money on fees and charges for international money transfers. Bank transfer fees typically range from £20 to £40 but, in partnership with moneycorp, FrenchEntrée readers will have no transfer fees on currency transactions. The difference this makes could be significant: as well as transfers for a deposit and a property payment, there will be lawyers, taxes and other bills to pay, and those can soon add up.
A currency specialist can also offer tools such as a forward contract, which allows you to fix a rate of exchange for a set period of time, meaning you can plan ahead and be certain that any required payments will be paid in full. Exchange rates fluctuate, and this can substantially impact on costs. Forward contracts offer a way of managing your exposure. (Please note that a forward contract may require a deposit.)
A specialist also provides guidance and support on the process of making an exchange, the state of the market and the tools that suit your needs. You can accept the prevailing spot rate on the day you make a transaction, or perhaps set up a forward contract to aid budget planning.
Another solution a currency specialist can offer is a market order. This is equivalent to a safety net placed in the market 24/7 that guarantees a minimum exchange rate but lets you take advantage of a better rate if the market moves in your favour. This may sound like a complex procedure, but a specialist can advise you on whether this approach will work for you, and how to set it up.
Although some people believe that, despite these advantages, it may be simpler to use their high street bank, this may not be the case. A currency specialist will have experience in guiding people like you through the currency implications of a property purchase and will be set up to provide expert support to make the process as simple as possible. You can speak with moneycorp dealers over the phone if you prefer the personal touch, but you’ll also be given an online international payments account and a supporting mobile app which will let you set up and track payments and exchange currency. This means you have expert support when you need it, and access to everything you need to manage payments yourself.
A currency specialist can provide you with both an expert service and a measure of choice in how you manage your funds to ensure that you can buy the home of your dreams in France.
FrenchEntrée has been working with foreign exchange specialist Moneycorp for over ten years and helped thousands of clients with their transactions to and from France. Opening an account with them is free and doesn’t involve any obligation. In addition, all enquiries received through FrenchEntree will receive free transfer fees on all your payments. Call Moneycorp on +44 (0)20 3773 6355 for more information or to discuss your currency transfer requirements or use the link below to open a free account today.
Moneycorp is a trading name of TTT Moneycorp Limited which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Moneycorp is Authorised and regulated by the Financial Conduct Authority for the provision of payment services, all customer funds are safeguarded in segregated client accounts.