Using a currency specialist

A currency transfer specialist is a regulated foreign exchange provider that helps clients move large sums internationally at competitive rates and fees, typically lower than those offered by banks (between 2-4% depending on the provider(s)). They also offer tools to manage risk of exposure to exchange rate fluctuations, such as forward contracts, which allow you to fix an exchange rate in advance for a future payment.

For those buying a property, moving funds for a purchase is not the only consideration. Regular transfers may also be needed for living costs, pensions or savings once resident in France. Planning how and when to convert money can help stabilize your budget and reduce uncertainty.

Checking credentials 

Currency exchange transfer providers in the US should be registered with FinCEN (the Financial Crimes Enforcement Network), which enforces federal anti-money-laundering (AML) and counter-terrorist-financing rules. In addition to FinCEN registration, providers usually need money transmitter licenses in each US state where they do business. You should also check how your money is held, and whether exchange rates are fixed or variable.

Transfer speed, cut-off times and customer support are particularly important for time-sensitive payments. The headline fee alone is not a useful comparison, as providers often build their profit into the exchange rate. A better measure is how the offered rate compares with the mid-market rate, and how much the recipient ultimately receives. 

There are a number of independent comparison sites that publish expert evaluations, testing fees, exchange rates, speed, transparency and regulatory status, including moneytransfercomparison.com, mymoneytransfers.com, and bestexchangerates.com among others. 

How do currency transfer specialists set their rates?

Exchange rates shown online and in promotional material are often based on interbank, or mid-market, rates – the rates at which banks trade currencies with one another. While these provide a useful benchmark, retail customers are rarely able to access them directly, and the actual rate applied will usually include a margin.

Payment services

Forward contracts

A forward contract is an agreement to exchange currency at a fixed rate on a future date. It allows protection against adverse exchange rate movements by freezing an exchange rate for up to 12 months, though some specialist providers may extend this to 18 or 24 months, usually for larger sums and subject to conditions such as deposits and periodic settlement requirements. 

While this means you would miss out if the rate suddenly strengthened, it can be useful knowing exactly how much you have, in the instance of a property search budget for example. 

Market orders / spot transfers

An instruction to exchange money immediately at the best available rate at that moment. The transaction is executed as soon as the order is placed, meaning the final rate reflects current market conditions and may move slightly until the trade is completed.

Scheduled transfers

A method of moving funds in stages rather than in a single transaction. It is often used for large sums, allowing money to be transferred gradually as required, helping manage timing, cash flow and exchange rate exposure while reducing operational or settlement risk.

Currency wallets

An account that allows you to hold, receive and manage funds in one or more foreign currencies without immediately converting them. It enables you to exchange money when rates are favorable and make payments later, reducing the need for repeated conversions. 

For example, if you know you are going to go to the US in a few months’ time and you are worried the exchange rate might weaken, you could buy spending money now and keep it in your wallet until required.