subject: Why You Should Use A Currency Specialist When Buying French Property [print this page] When you are transferring money from the UK to France to buy a French property, you will be moving large amounts of money through different currencies. You could choose to use a conventional high street bank for this transaction, or you could enlist the services of a currency specialist that offers international currency exchange services. The chances are that you will find the second option will bring you a much better rate.
Although the difference in the exchange rates between a currency specialist and a high street bank might be only a few percentage points, this small difference can add up to a lot of money when applied to large sums such as the down payment on a French property. If you are converting your pounds into Euros at a bad rate, you can end up missing out on thousands of your hard earned pounds as they are lost in the exchange.
Disadvantages of Using the Bank to Exchange Currency
Using the high street bank to make your currency transfer will not only mean that you are charged an uncompetitive rate of exchange, it also means that you will likely have to pay a transaction charge as well. You can end up spending a large chunk of money just making the exchange, not to mention the cash that you will use out on by making the exchange at a bad rate. You dont want that money to go to waste, when you could be spending it on your beautiful French property
How Do Currency Exchange Specialists Offer Better Rates?
You might be wondering how currency exchange specialists can afford to offer such low rates on currency while still making a profit
The reason why currency specialists are able to offer such competitive rates on exchanging your pounds to Euros for buying your French property is that they purchase their currency in incredibly large amounts. In the same way that a discount wholesale warehouse is able to buy stock at lower prices and pass the savings on to their customers, currency specialists do the same with money.
They are usually able to offer competitive rates that are much better than the banks could afford to offer. Another advantage is that most currency specialists dont charge a fee for making the transaction.
Buying Currency in Advance
If you are buying a French property off plan, you might want to consider buying your Euros in advance of the completion date. Most banks will not allow you to do this, but some currency specialists will offer you this option.
This will let you know exactly how many pounds you will be spending in advance, and you will be protected from any unexpected fluctuations in the currency which could end up costing you thousands.
These are just a few reasons why using a currency specialist when buying French property can save you a lot of money!
Are you transferring a large sum of money to France to buy a French property? Consider using a currency specialist instead of a high street bank for a better rate.
