I want to transfer money to my son in France
My son lives in France and I want to transfer him around £30,000. Is it best to make the transfer in one go or to do it in several smaller amounts? R.S.
Breaking the transfer down into smaller payments may not be the right move. Generally speaking, currency providers will offer you a more competitive exchange rate on larger amounts.
The only reason you might want to break your transfer down is if you believe the exchange rate may strengthen in the future but you want to hedge your bets against a possible drop by moving some of the money earlier.
If you are not sure how exchange rates are likely to move, get in touch with a leading currency transfer provider and ask them to keep you updated with the latest rate fluctuations.
While there can be restrictions on the amount that can be moved between certain countries (South Africa, for example) there are currently no restrictions regarding size of transfers to and from Europe.
While the UK’s exit from the EU might have an impact in the future, so far nothing definitive has been mentioned regarding personal transfers. It is also hoped that the eventual Brexit deal will involve the maintenance of close financial ties.
However, there is really no telling what impact a no-deal Brexit could have on currency transfers between the UK and EU and it will likely depend on whether the UK government seeks to remain in the European Economic Area and maintain regulatory alignment.
If you are worried about the potential ramifications of Brexit, it is a good idea to talk through your requirements with a currency specialist as soon as possible.
While Britain’s future outside of the EU and the impact on transfers remains unclear, with the support of the right currency provider you can maximise your returns and make sure your son gets more euros for your pounds.
Question answered by Shaun Dash of Currencies Direct. For more information on international money transfers with Currencies Direct see www.currenciesdirect.com/france or call +33 (0)4 22 32 62 40
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