Oct 302017
 

Guarantee exchange rateWhen you are buying a property in France there are a number of things you need to consider, one of which is currency exchange. Here at 1st for French Property we have teamed up with the currency experts at Foreign Currency Direct to assist our clients with their currency exchange.

Their service is secure, easy to use and could save you thousands compared to using a high street bank. There are no hidden fees or commissions and they offer a range of contract options that can help you fix your exchange rate and get the most for your money.

If you are in the process of searching for a property in France then it is a good idea to register for a free no obligation account with them.

Learn more about the contract options available below:

Forward contract

When buying a property overseas you do not know how much you are paying for the property in Pounds until you have actually purchased your currency. A forward contract helps you to remove the uncertainty and avoid any nasty surprises should the Pound take a turn for the worst.

A forward contract allows you to book a rate for anything up to a year in advance with just a small deposit. You then settle the rest of the money in full anytime on or before an agreed date and your currency is sent to your chosen beneficiary at the original exchange rate you agreed.

Limit order

A limit order is a handy option if there is a particular rate you wish to achieve but the market is not quite there yet. You can place an order to buy currency at a specific rate of exchange and this order will be live for you 24 hours a day 7 days a week unless you say otherwise. As soon as the level you have requested becomes available your currency will be purchased, settlement will then be due in a pre-agreed timeframe.

These market orders are particularly handy if you do not have time to keep an eye on the market yet have a price you have budgeted on.

Spot contract

The spot contract is the most common option when purchasing currency. This is for when you have your funds available and would like to perform a trade at the live price. Once you have placed your order you will have up to 5 working days to transfer the funds to our account and then we will be able to release your funds once they’ve been received.

If you are in the process of searching for a property in France then it is a good idea to register for a free no obligation account with them.

One of their highly experienced currency brokers will then contact you to explain how they can help you every step of the way to your dream purchase.

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