The CV19 crisis has left thousands of overseas property transactions in standby. Notaires and Estate agents are closed or working only in specific and urgent transactions. You might have found the property of your dreams in France but now you are now confronted not knowing when you would be able to finalise the purchase.
This uncertainty is also affecting the exchange rates and therefore the final price you might for that property.
What can you do to make sure the volatility of the exchange rate and the general uncertainty of the market don’t end of running your chances of completing your purchase?
If you haven’t done so yet, you should get in touch with a foreign exchange specialist like moneycorp. Opening an account for them is really easy and free of cost or obligation. Once registered you would have access to a variety of tools to help you planning the best way to exchange your funds for your purchase:
Currency updates– with moneycorp you can sign up to receive daily updates on the rates and even rate alerts to make sure you don’t miss any opportunity.
Watch order– We could watch the markets for you and notify you of any relevant fluctuations to your transaction.
Market order- you could target a rate of exchange and if the rate moves that level we could buy the funds for you automatically. With the same principle we can set up a limit order to protect your transaction in case the rate falls below certain level.
Forward contract- This allows you to fix a rate of exchange in advance of a payment –up to 2 years. This tool is very popular among property buyers as allows them to fix the whole price of the property ahead of completion giving them the peace of mind and the certainty of how much they are going to pay for the property. But it is also a great way to take advantage of a positive rate movement.
But you might be overwhelmed about the situation and need to have some guidance and what is the best solution for you. At moneycorp we believe the circumstances of each client are unique and with this in mind each account is assigned to a personal dealer who will guide you through all the transaction. All our dealers are duly qualified and have an extensive experience with overseas transactions so it is always worth it to have an initial conversation with them.
Moneycorp also has an online platform which allows you to book and manage any payment 24/7.
Opening an account for them is really easy and free of cost or obligation and with FrenchEntree there is no transfer fees on your payments.