Why use Smart Currency Exchange when buying property in France?
By using Smart Currency Exchange to transfer your funds to France instead of a bank, you could avoid losing thousands of pounds.
It cannot be emphasised strongly enough how important it is to consider where currency exchange factors into your French property purchase, and to be aware of the considerable impact that this could have on the buying process. Your budget is critical in the buying process – starting out with the wrong budget could make or break your chance to buy your dream property in France. 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 lose a lot of money through this often overlooked process.
The live currency market
The price of currency fluctuates by the second as it gets traded on the live currency market. This means the price of the property you are purchasing in France in sterling will also fluctuate second by second – so, over the course of days, weeks and months, this price could change dramatically.
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.
For example, if you agreed to purchase a €300,000 property when the rate hit an eight year high of 1.40, the price in sterling would be £214,286; however, if you completed on the property a few days later, when the rate had sunk to 1.36, the price in sterling would have moved to £220,588 – a loss of over £6,000. The most common exchange rate process for most buyers in France will be to find their ideal property, find out the day’s exchange rate, and base their decision to purchase on that rate. However, by the time they get around to completing the purchase, the price of the property could be vastly different, as a result of the exchange rate fluctuations.
Use a currency exchange specialist
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 using a Forward Contract to set the exchange rate, effectively ‘fixing’ the purchase price of your French property in sterling. This way, you know exactly how much it will cost in pounds, as well as euros, and it will not be subject to any further rate fluctuations.[SmartWidget charttype=”highcharts” source=”forward-widget” options=”data”]
Why use Smart Currency Exchange?
As soon as you know you are going to purchase a property in France, we recommend signing up with Smart Currency Exchange – ideally, at least six months before you plan to buy – to give them time to assess your needs and work out a personal currency strategy on your behalf. In addition to setting the price of your property in pounds, Smart Currency Exchange can also offer you better exchange rates of up to 4% better than your local bank, thanks to their live connection to the trading floor of an international bank. This means that by transferring with a local bank, you could lose up to £4,000 on a £100,000 transfer – and that’s before you take into account the additional fees the bank will charge you on every exchange. This is another unnecessary loss that can be avoided – Smart Currency Exchange does not charge any fees on transfers more than £3,000. Once you are signed up with Smart Currency Exchange, you will be allocated one of their expert traders, who can advise you on the effects of fluctuating currency rates, monitor and assess the market for you and the different ways you can transfer currency abroad – so you can minimise risks and maximise your savings. As experts in property, as well as currency, they can offer assistance at every stage of your France buying journey – and point you in the direction of useful resources, regular forecasts, currency news, reports and updates to keep you in the know, as well as tailored guides and educational programmes to explain currency markets. Smart Currency Exchange is the only currency specialist focused on the overseas property market, making them perfectly placed to assist with your transfers. They can also assist you with repatriating funds to the UK, or making regular payments between the UK and France (such as your pension or mortgage payments).
Smart Currency Exchange is the only currency specialist focused specifically on the overseas property market, making them perfectly placed to assist with your transfers.
About Smart Currency Exchange
Smart Currency Exchange was set up in 2004 to help clients effectively and efficiently send and receive payments internationally, and since then has become an expert in the overseas property market, working as a trusted partner of other overseas specialists such as Property Guides, Rightmove, and A Place in the Sun. Smart Currency Exchange can make international transfers in over 20 currencies, to or from anywhere in the world – in payments from £100 to many thousands. Smart Currency Exchange is proud of its customer service focus – putting their clients at the forefront of everything that they do. Smart Currency Exchange traders are not remunerated on commission, meaning they can offer you impartial guidance on the best choices for you. Smart Currency Exchange’s account opening and payment transfer system is safe, fast and easy. All client funds are held separately in segregated client accounts with the Bank of Ireland in the United Kingdom, with whom Smart Currency Exchange has worked closely with since 2004.
Benefits of Smart Currency Exchange
Smart Currency Exchange customers benefit from the following:
- Bank beating exchange rates
- Quick and easy transfers
- Safe and secure transactions
- Dedicated Personal Trader
- No transfer fees or commissions
- Authorised by the FCA
To find out how much you can save (and how to save it!), call Smart Currency on 020 7898 0541 or get a free quote here.
Save money when buying overseas
Get the best foreign exchange rates with Smart Currency Exchange. You can save up to 4% compared to your bank!
Whether you are buying a property abroad, making regular payments, sending money overseas or back in to the UK, you want the most cost-effective, safe and easy way to transfer your money.
That’s where Smart Currency Exchange can help. As the one of the UK’s fastest-growing currency exchange specialists, we save our clients thousands of pounds every day by offering the best currency exchange rates, along with your own dedicated personal trader.