Your Dream Home in France - Moving Money to France (Part 3)
Copyright 2005 Oliver Phillips. May be freely reproduced "as-is"
for private and commercial use.
In Part 3 of this series, Oliver Phillips of PFS France (http://www.propert
yforsalefrance.co.uk/) looks at an alternative way to move
money abroad.
If you already live in France, or intend to finance your
property purchase from equity in your UK home, chances are
you'll want to move some money abroad.
Transfering money from the UK to France requires someone to
handle the transfer on your behalf and usually your bank will be
happy to assist you but beware, though convenient and familiar,
your transfer might cost you more than it needs to.
Instead you may be better contacting a currency house, a company
which exists specifically for the purpose of moving money; both
large single amounts for your property purchase, and lower
regular amounts such as a monthly pension.
Transferring money via a currency house is often cheaper than
using your bank for two reasons; firstly their charges may be
lower than your banks, but more importantly the exchange rate
you receive is likely to be more attactive than the rate offered
by your bank which is typically a tourist exchange rate and
signifcantly lower than the rate you see published in the
financial press.
Better yet, both spot and forward methods are available. The
former converts your money at the prevailing exchange rate when
the money transfer is made and is the method most of us use
unknowingly, whereas the forward method allows you to fix the
exchange rate up to 24 months is advance of the transfer, useful
if you believe the exchange rate will fall by the time you
actually make your transfer.
This article only provides a general appreciation of the topic
and it is not advice. Guidance should be sought from a
specialist who is qualified to advise in your specific
circumstances.