When buying a property in France, there are various reasons why you might need to send money overseas.
They might include:
· Paying a deposit
· Paying lawyer fees
· Organising removals
· Utility connections
· Visa and residency fees
· Making final property payment
· … the list goes on.
It’s in these instances it can be extremely helpful to use the services of a currency specialist.
What is a currency specialist?
A currency specialist, in essence, is a foreign exchange service that specialises in large overseas transactions and therefore is well-versed in helping clients manage their exposure to the moving markets, also known as “currency risk”.
Our currency partner, Smart Currency Exchange, is known as the trusted voice in high-value international payments and have helped clients transfer over £12 billion over its last 20 years in business.
What contract is right for you?
There are two key currency tools that can prove useful for international property buyers. They are forward contracts and spot contracts.
Forward contract
A forward contract is a currency planning tool that allows you to ‘lock in’ a favorable rate for up to 12 months. This is a legally binding contract and allows you to secure a specific exchange rate for the duration of your property buying process.
Read a real review from a Smart Currency client:
“The exchange rate we booked in June was good - we especially found it useful to know how much was required down to the last penny, (and euro) - and as that rate does not change you are less anxious overall.” – Jacqueline via Trustpilot, September 2024
Spot contract
A spot contract is a currency tool that allows you to make a single transfer ‘on the spot’, using the day’s exchange rate. This is typically best suited to those needing to make immediate payments, such as for a property deposit or reservation fee.
See for yourself how Smart Currency clients used a spot contract:
“The exchange rate offered was far superior to what I had experienced with the previous currency company and the speed of the transfer into my account was probably unbeatable.” – Ian via Trustpilot, October 2024
Other options
Alternatively, if you’re looking to target a rate above what’s currently available, that is possible with an Order to Buy, also known as a market order.
Why choose Smart Currency?
Smart Currency Exchange has 20 years of experience assisting international property buyers purchase and secure homes abroad safely and securely.
The business is rated “Excellent” on independent review site, Trustpilot, from over 1,800 reviews, where it scores 4.8/5 stars.
Each client of Smart Currency Exchange is assigned a dedicated account manager who is their point of contact for all their currency requirements, however big or small.
What’s more, they’re London-based and available five days a week via telephone to handle your enquiries.
For more guidance on managing your currency risk, speak to your account manager at Smart Currency Exchange today on 0808 163 0102 or register today to get started.
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