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Money transfers to France
If you are buying a holiday home, emigrating across the Channel or buying investment property in France, the timing of your currency transaction is crucial. With currency markets constantly fluctuating, trading at the right time will mean your pounds go a lot further.
Sextant Properties has selected Foreign Currency Direct plc (FCD) as their preferred currency partner as they know FCD can save their clients’ money on any currency transfer all with no commissions. Not only are they leaders when it comes to the rates of exchange they offer their team of knowledgeable currency brokers pride themselves on giving professional and helpful service to make moving money to France stress-free.
Exchange rate fluctuations
Change in exchange can have a huge impact on the sterling value of a euro-based property. For example, if you were buying a French property worth €250,000, transferring your pounds on the dates specified below, the property would have cost you:
- 19 April 2011: £219,159
- 5 May 2011: £225,715
That's a difference of £6,556 in just over two weeks!
So, what can you do about it?
Planning ahead can save you significant sums of money. If you leave payments to the last minute, you will have to accept the rate that the markets offer that day, whatever that may be.
While high street banks are often the first port of call for most international property payments, foreign exchange specialists like Foreign Currency Direct plc can offer homebuyers superior rates of exchange, in addition to a more comprehensive range of services that will help protect them from adverse currency movements.
They can tailor their services to suit your needs to make sure you trade when exchange rates are in your favour. The same applies if you choose to sell your overseas property and repatriate the funds back to the UK.
When you have an offer accepted on a French property it is not until you have fixed your rate of exchange that you will know exactly how much it will cost you in Sterling. Foreign Currency Direct plc can offer Sextant Properties clients a forward contract to negate this risk. With this currency tool you can fix your rate of exchange for a period in the future so you know exactly how much the property will cost you in Pounds Sterling perfect to help take the risk out of the market and let you budget.
A forward contract is just one of the services Foreign Currency Direct plc provides to clients making international money transfers. Below is a brief outline of the other currency tools that Foreign Currency Direct plc can offer:
Spot contracts
Buy or sell a currency for immediate delivery. Spot contracts are suitable if you want to receive your currency quickly and efficiently.
Stop loss orders
Set a minimum level at which you will buy/sell your currency. Your order will be fulfilled automatically if this rate is reached in the markets. Effectively, this guarantees a minimum rate at which your currency will be exchanged.
Limit orders
Set a higher target exchange rate at which you will buy/sell your currency. Your order will be fulfilled automatically if this rate is reached in the markets. Effectively, this guarantees a maximum rate at which your currency will be exchanged.
If you run a limit order in parallel with a stop loss order, the exchange rate at which you trade is guaranteed within a given range – which means you can plan ahead more effectively.
Regular Payments
Once you have made all your overseas payments to purchase your property in France, you may still need to make monthly overseas mortgage payments or pay regular maintenance costs.
Foreign Currency Direct plc can also help you with these transfers. The Regular Payment Plan (RPP) allows clients to convert funds on a monthly basis at commercial rates of exchange with no transfer costs or commissions. Once set up you will have the peace of mind knowing that your money will land in your account every month without delay and without any costs or commissions.
About Foreign Currency Direct plc
Foreign Currency Direct plc have been trading for over 11 years and are regulated by the FSA under the Payment Service Regulations for the provision of payment services. With awards from the Sunday Times and the Telegraph for their rates of exchange and as finalists in the National Business Awards for customer service FCD are a leading UK based currency broker.
In order to get preferential rates do not forget to quote "Sextant" on +44 (0)1494 725353 or 0800 328 5884 from 8:30am - 6pm (UK Time) Monday to Thursday and 8:30am - 5pm (UK Time) on Friday's.
