It cannot be highlighted enough how important it is to consider currency exchange and the impact that this could have on your French property purchase.
Unless you already have enough euros to cover the price of your purchase in France, the rate of exchange you receive when you transfer your pounds into euros will have a direct impact on the end cost of your property. You can either save or lose a lot of money through this often-overlooked process.
The price of currency fluctuates second by second as it gets traded on the live currency market. The exchange rate you achieve in the morning will be different by the afternoon, and over the course of days, weeks and months, this can change drastically.
The most common exchange rate process for most buyers in France will be to find their dream property, find out the day’s exchange rate, and base their decision to purchase on that rate. However, exchange rates change by the second – meaning that by the time they come around to completing the purchase, the price of the property could be vastly different.
One of the best ways to combat this is by using a currency exchange specialist, and taking advantage of the tools they offer – such as an option to ‘fix’ the exchange rate, effectively ‘fixing’ the purchase price of your French property in sterling.
As soon as you know you are going to purchase a property in France, we recommend signing up with currency exchange specialist like Smart Currency Exchange. Not only can they offer you better exchange rates than your local bank (saving you up to £4,000 on every £100,000 that you transfer), but they can also help you to fix the price of your property in pounds.
As soon as you sign up with Smart Currency Exchange, they will allocate you a personal trader who will be able to monitor the market for you based on your requirements- and discuss the best time to book your transfer. This will enable you to ensure you receive the best rate possible on your purchase – and mean you can fix your rate in advance of completion.
To find out how much you can save (and how to save it!), call Smart Currency on UK: 020 7898 0541 or click here to get a free quote