Mar Bonnin-Palmer makes sure you don’t get caught out by post-Brexit swings in the currency market – and secure a competitive exchange rate
Q What is the difference between a foreign exchange specialist and a high-street bank?
A. If you need expertise, you go to an expert. While popping to a high-street bank might seem easy, it could end up costing you down the line. Foreign exchange specialists can get you competitive rates, up to 4% better than a typical high-street bank. There are also additional service options available, unlike a standard bank, which could help you secure preferred rates. An expert will also have lower transfer fees, up to £25 cheaper than most banks.
Q Should I start thinking about exchange rates before looking at properties in France?
A. Yes. Bear in mind that once you have found a property, you might be asked to sign a contract and pay a deposit so you want to make sure you are ready. It is also important to understand that many weeks, and even months, can pass between putting in an offer and completing the purchase. These long time frames could impact your property deal by pushing prices up or down, depending on the currency fluctuations. Unpredictable currency markets mean that exchange rates can change by the second, so transacting when rates are in your favour can make a big difference. This is why timing and planning are both so crucial. With a foreign exchange specialist, you’re able to lock in rates for a period of time, target a rate not yet available on the market and even track rates by email or SMS to receive an alert when a currency reaches your desired rate.
Q How do I ward off potentially disastrous currency fluctuations in the wake of Brexit?
A. When planning a move overseas, a bad deal has the potential to leave you seriously out of pocket, and ruin your budget. Making transfers with a currency specialist gives you the option of a forward contract, which locks in a preferred exchange rate for up to two years (please note a forward contract may require a deposit). Helping you potentially avoid unpleasant market fluctuations, this type of forward thinking is great for budgeting, assisting you in finding the money to fund moving arrangements or home improvements.
Q Can I rely on a currency expert’s help through the buying process?
A. Absolutely. We know that as prospective buyers, you have enough on your plate, what with narrowing down your search area and choosing between a château, farmhouse or sprawling villa on the French Riviera.
Before the exit polls were released on UK election night, a French property bought for €300,000 would have cost around £260,000. Less than an hour later, as polls showed a lower chance of the Conservative Party winning a majority, the same property would have cost around £264,000 – or £4,000 more due to negative movements in the Pound to Euro rate. It’s hard to keep up with Brexit news, so at a time when every penny counts, it has never been more crucial to enlist the guidance of an expert who has years of experience in trading currencies and processing countless customer transactions.
It’s not often you get to make such a big and exciting life-changing decision to buy your dream overseas property. No matter what the markets are like, it’s important to relax during the process and remember why you’re doing it in the first place. And with currency experts guiding you through the process, buying your French home could be less stressful and more enjoyable. You‘ll get to focus on the benefits and let the specialists worry about exchange rates…
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. Plus with FrenchEntrée you are entitled to FREE transfer fees on all your currency payments.
Mar Bonnin-Palmer is a Senior Key Account Manager at Moneycorp, a foreign exchange expert and a specialist in currency transfers for overseas property. For more information, please visit the FrenchEntrée Currency Page or call +0044 (0) 20 3773 6355.