Save thousands on your French property thanks to historic USD/EUR exchange rates
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Loading... - Pauline Roussel
- 03 Nov 2022
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Buying a property in France exposes you to multiple payments, from paying the deposit and notaire’s fees to maintenance and mortgage payments. With residence and your funds in another country, paying these aren’t as straight forward due to the added element of currency exchange. However, managed well foreign exchange can maximise your property budget!
A property in France with a price tag of €500,000 last year -2nd October- would have cost you $581,395. A year later the cost has dropped to $494.560, a saving of nearly $87,000! The reason behind this difference? The exchange rate for USD-EUR which reached 1.0428 in September this year, the highest in the history of both currencies!
What can you do to manage the foreign exchange element when buying in France?
High street banks and online only platforms often miss an important element which is key on the process of exchanging your funds – timing. Having access to the right guidance on the market and the tools to help plan your purchase is vital. This is one of the main advantages of using a foreign exchange specialist such as Moneycorp.
Moneycorp treats each customer as a unique individual and with this in mind each account is assigned to a personal dealer who will discuss the specific circumstances with the client (budget, timeline, personal situations…) in order to guide them on the time and best way to exchange the funds from the deposit to the completion, and even post-purchase.
With a foreign exchange specialist you would have instant access to a variety of tools to help you plan to make the most of your money. So you could potentially lock the rate of exchange ahead of a future payment via a forward contract or even target an improve rate via a market order.
As we have mentioned above, the USD has clearly gained a position of strength against the EUR which makes a forward contract a very attractive tool for property buyers. Read More...
