CURRENCY
PROPERTY in FRANCE
BUYING a
The ultimate guide to foreign exchange
WHY IS FOREIGN EXCHANGE IMPORTANT WHEN BUYING A PROPERTY IN FRANCE? If you are planning to buy a property in France you will need to pay for your property in euros. If you are holding a diff erent currency, it is important to ensure that you are aware of the impact that the exchange rate can have on the price you pay and the ways you have to protect – or even maximise – your budget. Exchange rates are constantly fl uctuating.
This means that when you decide to buy a property abroad, the real-terms cost of your purchase can change with the rates. Imagine getting to the point of buying your dream property, and the price is diff erent from when you made the off er. That’s the reality of the foreign exchange market – small changes make BIG diff erences when you exchange a large amount of money. As an example, In 2022, the GBP/EUR rate
fl uctuated between 1.2188 and 1.0843. To put this in perspective, the diff erence in price at these rates on a €250,000 property would be more than £25,000. That’s why it’s essential to plan ahead and secure a reliable, experienced foreign exchange company to exchange your money right from the beginning – so you don’t get any nasty surprises.
18 l Expert Guide
HOW CAN YOU MANAGE THE IMPACT OF THE EXCHANGE RATES ON YOUR PURCHASE? While using your bank for currency exchange might feel secure and familiar, it oſt en isn’t the most cost-eff ective option and lacks specialised expertise.
Here are the key benefi ts of using a currency specialist company:
currency expert
Mar Bonnin-Palmer is Head of Partnerships – Private and Corporate Clients at Moneycorp
Telephone: 020 7828 7000
Email: frenchcurrencyguide@
moneycorp.com
Website:
moneycorp.com
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Planning and expert guidance Currency specialists, particularly those with extensive experience in the private client market, off er tailored guidance and support. They assist buyers through every stage of their purchase and beyond. By assessing your situation, timeframe, and budget, they help you plan your payments and provide complete transparency over market behaviour.
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Competitive exchange rates Specialist companies focus solely on currency exchange and have access to a
panel of liquidity providers. This allows them to off er competitive rates, oſt en better than those provided by banks. As a result, you can save money on your exchanges, regardless of market conditions.
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