Get the Best Foreign Exchange Rates

The currency market plays a huge part in the price you pay for your French property and yet is one of the easiest areas where you can make big savings.

Most people now recognise that their high street bank or building society will not give them as good a deal on Euros as they could get from a specialist currency dealer. This is especially true if the sum is large, such as a mortgage deposit, or if the payments are regularly recurring, such as with Euro mortgage repayments.

It is all too easy to become bewildered by the proliferation of currency exchange bureaux advertising their services: when we checked our search software found 53,100,000 references to foreign exchange on the internet!

To save you having to do the research yourself, we decided to select a foreign exchange partner that would give our clients an exemplary foreign exchange service and the best possible foreign exchange deal.

And, exactly as you would expect from Best French Mortgage, foreign exchange with no broking commission charges.

The advantages of a FX Currency Trading Account

• All Client funds are sent via SWIFT payment from secure Client accounts, giving you peace of mind that your payment will arrive at its destination swiftly and securely

• Best foreign exchange rates in the market

• No commission charges (banks charge up to 2% commission)

• No transfer fees (banks charge up to £45 per transaction)

• Secure online access with visibility of your currency trade via an online FX payments system

• Forward Contracts to fix your rate and cut your risk

• UK and International payments sent same day with no hidden costs - guaranteed!

• Your FX can be charged to your credit card or funded from a bank account

• A French-based representative available to help you if needed.

Best Rates, No Commission Charges, No Transfer Fees

Let's look at a recent actual client transaction where one of our clients compared their own high street bank with an FX specialist. Though the rates are historic, the saving will be just as big today.

Our client was transferring a €200,000 to their notaire in France. Their high street bank quoted an exchange rate of €1.2310 to the £, so if our client had used their bank to complete the transaction they would have had to pay £162,469 in order to buy €200,000. The bank would also have charged a commission of 1.5% (with some banks this is up to 2%) and a transfer fee of £45 to send the funds to France.

Using their new FX trading account, our client achieved a much better exchange rate of €1.2505 to the £, so the €200,000 only cost you £159,936 (a saving of £2,533). They were not charged any commission nor were they charged any transfer fees to send the funds to France

By using an FX specialist our client saved £5,015 on the transaction.

	Typical Bank	FX Specialist
FX Cost	£162,469	£159,936
Commission	£2,437	£0
Transfer Fees	£45	£0
Total Cost	£164,951	£159,936
Total Saving	-	£5,015

Save More by Avoiding Future Currency Movements

Everyone knows how volatile currency markets can be. Though future market movements are always uncertain FX currency specialists can help you minimise the risk of being caught out by an adverse currency movement. This is particularly important in the 2-4 month period between your offer being accepted and you having to fund the difference between your mortgage and the purchase price on purchase completion.

Again let's look the actual example from the previous tab. Our client's offer to buy their French property was accepted in May and the compromis signed. The acte (completion) was agreed for November when the property would be finished and ready for our client to move into.

Our client was concerned that if they waited until November to purchase the Euros the exchange rate could move against them. To avoid this risk our client used their FX trading account to buy the Euros on a ‘forward contract’. This contract ‘fixed’ the rate of exchange at 1.2505 (the rate in May) but allowed for their payment to be deferred until November. This is because, that with a forward contract you only need to pay a 10% deposit at the time of the trade in May to secure the funds in November at the agreed rate.

In the event the rate worsened from €1.2505 in May to €1.2129 in November thus this client saved £4,958.03 by buying using a forward contract.

Don't leave your currency planning till the last minute, act now to find out about a FX foreign currency trading account.

Act Now

To obtain no obligation details of the foreign exchange services provided by our FX partner click on the Apply Now button below, complete your contact details and remember to tick the foreign exchange button at the bottom of the form. If you have an existing French mortgage and would also like a no obligation illustration showing whether you could save money by refinancing your existing French mortgage just complete the form in full and remember to choose Refinancing as the Purpose of Loan.