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Currency Exchangee

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As with Property Finance, we have excellent working relations with the leading foreign exchange brokers, and can secure you a number of competitive quotes. This service is only available to our clients, and we make no charge to buyers for this service.

 

Sterling vs Euro - the Outlook

The period Feb '08 to Feb '09 has proved to be a torrid time for UK investors looking to purchase property in France as the value of Sterling has plunged over 30 % and at its lowest point touched near parity with the Euro. However all is not lost and canny buyers can still use this drop to their advantage. By March '09 the Sterling Euro rate had settled down, and the view is we should move higher and trade around € 1.20 by the summer. How can you make the Currency Markets work for you?

  • Look to offset any currency drop with a reduction in the purchase price
  • Open a Euro bank account
  • Set a target zone and look to buy Euros when the market moves their.
  • Example, Market € 1.10 target zone  € 1.15/€ 1.20
  • Divide your purchase cost by four, and look to purchase in lots as the currency market moves into your target zone. This way you will hedge your exposure if the market moves dramatically lower.
  • Use a Currency Broker as they can guide you on the above.

 

Currency Broker V Bank

  • Banks will look to take a margin of  3 % as they set a day rate that is sent to branches
  • Banks will charge up to £ 40 for each international transfer.
  • No dedicated point of contact, if anything goes wrong who do you call ?
  • Currency Brokers will look to get you the best rate  saving over 2 % on total cost compared to a bank
  • Dedicated point of contact that will discuss your requirements and track your transaction from start to finish.
  • Currency brokers can offer services banks cannot, examples being
    • Forward Contracts. The ability to purchase all you Currency requirements today for delivery on a date you require in the future.
    • Market watch. Currency Brokers only deal in currency and can watch the markets 24hours a day for you, your Bank will not.

 

Which Currency Broker?

  • Do your research
  • Look for a 10 year track record
  • What coverage do they have in France
  • Ask to see company accounts
  • If you are not happy move on - there are many companies
  • Don’t just go for the “best rate”, the key is to ensure your funds appear on time.
  • In 5 years time you will not remember the rate you achived, but you will not forget if your funds arrived 2 weeks late and the property fell through!

As mentioned, we can help steer you in the right direction - it's all part of the service!

 


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