Currencies and the foreign exchange market fluctuate daily in response to a range of political, social, and economic factors and data releases. For instance a general election, budget announcement, inflation rate change, interest rate change can all impact the currency rate. There are ways to ensure that you maximise the best rates to help your hard-earned money go further. We’ve put together some top tips for how to save money on your French property purchase.
Transferring money
Using a high street bank to transfer money abroad will potentially lose you money because banks typically charge 3-5% more than currency specialists in unfavourable exchange rates in commission fees. Plus bank charges which can be as much as £30. And some French banks also deduct charges on receiving funds.
But there are ways to save money and avoid those unfavourable bank rates and charges.
The best option for transferring your money is to use a transfer specialist like Currencies Direct who are one of Europe’s leading non-bank providers of Currency Exchange and international payment services.
You can set the level of your currency exchange rate before your move if you want, so you are not at the mercy of day-to-day currency fluctuations, which can save you a lot if currency rates work against you. 2022 saw the pound-to-euro rate fluctuate by 6% around, £4200 per £100,00. If you had transferred £100,000 into euros in July 2023 when GBP/EUR hit 1.160 you would have got €116,00. To get that same amount on 2 January 2024 you’d need to have paid £700 more than six months before.
There are no transfer fees – and you get the best available rates, unlike with a bank.
It’s easy to set up a free account. You can do it all online, and there’s always a real person to speak to on the phone, not a chat bot. 24/7.
Speak to an expert
Currency experts can you help you control your budget and understand any risk. They’ll help to manage your payments for you to maximise your return and there are several ways to do this. For instance, you can lock in a rate – called a forward contract. As an example – if you’re buying a house and know you’ll have to pay out a large sum in a few months’ time, and you think the rate is good today, you can lock that rate in, regardless of whether the rate falls, before your transfer is due. That way you’ll know exactly what you’re getting.
Or you can book a market order – an instruction that when the market hits a certain rate, Currencies. Direct will exchange your currency.
You can also make regular payments too. Simply schedule them for when they’re needed so that nothing is forgotten.
Multi-currency Card
Another way to save money is with a Currencies Direct multi-currency card which allows you to pay in several currencies including £, US$ and Euros. You can withdraw money from ATMS and use it anywhere a Mastercard® is accepted. There are no monthly card fees. No recurring fees. No upfront fees. And you get the same competitive exchange rate you’d get if you were doing a currency transfer – not the usual (less favourable) ATM rate. This works whether you’re a home owner in France (and several other countries) or enjoying a holiday there.
Security
You want to know your money is safe, so always check the rating and reputation of a currency transfer company. Currencies Direct have the highest credit rating from Dun & Bradstreet who provide trusted commercial data about business globally. Currencies Direct have won multiple awards for Best Currency Broker and Best Money Transfer Provider. Their Trust Pilot reviews are overwhelmingly 5* – and with a client base of 325,000 users, that’s seriously impressive.
There are real people you can talk to by phone, LiveChat and email 24/7. And they have more than 25 offices on 4 continents.
They work hard to provide stress-free, worry-free, safe, and secure payment at the best price for you.
Find out more, speak to an expert, open an account: currenciesdirect.com
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