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Transferring money to France

Buying overseas property will usually mean you need to send money overseas to pay for your deposit, stage payments, and/or completion in a foreign currency.

In France, this will usually mean sending Euros to a notaire for your 10% deposit and some time later your 90% completion.

There are 2 elements to think about when transferring money abroad. These are (1) when to secure your exchange rate and (2) who to buy your currency from.
Timing is important, specially with volatile times in the financial markets. It pays to have a simple understanding of what is moving exchange rates, so that you don’t end up buying at the wrong time. For example, is there an anticipated change in European interest rates which might make the Euro cheaper? Is there some inflation data out in the UK which could affect the Pound?

Most buyers of overseas property are not experts in the financial markets – thankfully there are currency brokers who exist purely to help you through the process. They will be able to explain in simple terms what is happening and help you make an educated decision on when to buy.
In addition, usually your bank will not offer the best possible exchange rate on any given day. By using a currency broker, you can save up to 4% compared to your high street bank, or £4,000 on a £100,000 purchase sending Euros to France.

Currency brokers will also be able to offer fixed exchange rates up to 2 years in advance, so if rates are preferable you can lock in – without having all your funds available – and potentially save significant amounts compared to waiting until the last minute to buy your Euros.