There are various ways in which you could transfer your funds to France but one of the most cost-effective methods is to use a specialist currency broker, avoiding the transfer fees charged by banks while also securing a more competitive exchange rate.
As even a slight discrepancy in the exchange rate you secure can mean a difference of thousands on large transfers, achieving the best rate is essential if you want to get the maximum return.
On top of this, leading currency brokers also offer a range of transfer options to help you make the most of positive rate movements and plan your transfers for the right time.
One particular service that may be of interest to you is a forward contract. Any transaction involving property – whether you are buying or selling – can be fraught with delays and it can take time for everything to be finalised. The exchange rate could weaken, which in the era of Brexit is an all too real possibility. However, with a forward contract you can freeze a rate for up to a year.
While this means you would miss out if the rate suddenly strengthened, it should provide you with time to hunt for your dream home, knowing exactly how much the proceeds from the sale of your UK one will be worth when transferred.
You could also use a rate alert service to target a particular rate. Tell your provider what exchange rate you want to achieve and they will let you know if the market moves to that level.
While Britain’s future outside of the EU remains unclear, the right currency provider can help you navigate these uncertain times and ensure you maximise the returns of your pounds to euro transfer.
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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