Sending money to French bank account cheaply?
I live in France and am going to receive inheritance money from the UK. How can I send the money to my French bank account cheaply? Is a currency transfer specialist the right way to go?
When moving your inheritance overseas, the last thing you want is to lose part of it through transfer fees or a poor exchange rate.
When you are looking to move a single lump sum from the UK to France, even a small difference in the exchange rate can have a significant impact on the funds that reach you.
With the GBP/EUR exchange rate expected to see some major volatility in the near future as the UK moves to exit the EU, protecting your funds from volatility is key.
For example, if you are not ready to move your money yet but you are worried the exchange rate may weaken in the near future, you may want to use a forward contract.
Taking out a forward contract allows you to fix the current exchange rate for up to a year in advance of making your transfer, saving you from losing out if the market shifts.
All you need to do is provide a small deposit to secure the exchange rate and you can rest assured that the value of your inheritance in euros won’t change.
As the pound recently hit a 21-month high against the euro, it could be time to lock in an exchange rate for later down the road. While you would miss out if the exchange rate strengthened further, you would be protected against a sudden downtrend.
While the current market volatility can seem intimidating, there is a lot you can do to maximise the value of your currency transfer. You can open an account with a currency exchange specialist in minutes, online or over the phone.
As soon as you have registered, you’ll be able to take advantage of expert guidance and services such as rate alerts and forward contracts.
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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