If you’re buying a holiday home or investment property overseas, or just need to transfer from one currency to another to repay your mortgage or cover your living expenses, the cost of making that trade can be greatly reduced by working with currency specialists instead of relying on your bank to make the transfer.
Exchange rate fluctuations
In addition, the euro exchange rate is constantly fluctuating, so trading at the right moment will mean your money goes a lot further. Adrian Leeds Group, LLC is working together with several currency exchange specialists to ensure you make the most of your American, Canadian or Australian Dollar or British Sterling when buying a property in France (or any other currency for that matter!).The shocking result of the UK referendum held on 23rd June, 2016 with the British public voting to exit the European Union has seen unprecedented fluctuations across all major currencies. We saw the USD/EUR exchange rate move by just under 5% in that one day and GBP/EUR by over 8%. This completely wiped all records of what was previously considered to be a massive fluctuation of 3.5% following the 2008 economic crash! Obviously decisions like this don’t happen every day but it just goes to show the impact the exchange rate can have on the dollar value of a euro-based property which is why we so strongly recommend you talk to a specialist like Moneycorp before making any valuable transactions.
USD/EUR currency fluctuation example:
On the 2nd December 2015, a €250,000 property in France would have cost you $265,195. On 3rd May 2016 this same property would have cost you $287,500 – over $22,000 more. Do not despair though – looking back to January 2013 this would have cost a whopping $329,000 so you are still in better shape! Fixing an exchange rate with Moneycorp at the right time can save you a lot of money.
GBP/EUR currency fluctuation example:
On the 1st of December 2012, a €250,000 property would have cost you £203,252, but on the 1st of March 2013, you would have had to pay £215,517, thus having to pay an additional £12,265.
Getting more for your money
If you leave payments until the last minute, you will have to accept the rate that the markets offer at the time of transfer. Making transfers with companies specializing in currency exchange is faster, more convenient and more cost-effective than using your bank. Whether you’re making regular transfers, or need to make a one-off payment, they don’t charge commission and guarantee no receiving bank charges. They also offer free information and guidance on the currency markets, helping you decide on the best time to buy.
Flexible service to suit your needs
As an example of how currency exchange specialists can help, they offer a ‘forward contract’, which allows you to fix an exchange rate at which you buy/sell currency for delivery at a later date (up to two years ahead). Forward contracts protect against adverse currency movements and can be used to lock into favourable exchange rates.
The Adrian Leeds Group, LLC works with three currency exchange specialists: Moneycorp, World First and USForex.
SPECIAL NOTE: America is making it difficult to move money from one currency to another for foreign or 'off shore' traders. 'Thanks to' strict U.S. regulations, currency exchange specialists that are based outside the U.S. are forced to acquire licenses on a state-by-state basis in order to service U.S. clients. We have listed the states serviced by each of our currency specialists.
Moneycorp is a foreign exchange and international currency specialist based in London, with an office in Nice, France.. We have chosen to work with them as they provide excellent exchange rates and will support you during your property purchase in France to help secure the best rate possible within your given timeframe. Every client is assigned a personal contact who you can speak to whenever you want to get all the information you need on the exchange rate relevant to you, giving you more control over your finances.Using Moneycorp – The main benefits:
• Expert guidance from your own dedicated Account Manager.
• Highly competitive exchange rates.
• Ability to fix exchange rates for a set time period, protecting you from adverse currency movements.
• No commission or receiving bank charges.
• No cost and no obligation in opening a Trading Facility.
• Safeguarded customer funds.
• Opening hours: 7:30 a.m. – 9:00 p.m. Monday to Friday, 9:00 a.m. – 1:00 p.m. Saturday (GMT).
Moneycorp is a trading name of TTT Moneycorp Limited. The company was established in 1962 and has been dealing in foreign exchange since 1979. Since that time, Moneycorp has been providing clients with an exceptional level of service – as well as value for money. Last year alone they traded more than £22.7 billion in currencies through over 8.1 million customer transactions.
Recent regulations introduced by FinCEN (Financial Crimes Enforcement Network in the US) have made it compulsory for foreign brokers to apply for a license per US State. Moneycorp can currently help any client resident in the following list of states:In addition to this, they are now accepting funds from a U.S. resident’s non-U.S. located account (such as your French bank account) and return counter currency to the same U.S. resident’s U.S. based account. To be clear, in this scenario funds must not originate either from a third party or from the client’s U.S. based account and funds must only be paid to the client’s U.S. based account.
To inquire with Moneycorp
Contact: Bruno Gruat, Country Manager – France
Tel: +33 9 83 79 49 46, Cell: +33 6 46 02 59 20
Or Christelle Colairo, Account Manager – France & Belgium
Tel: +44 (0) 203 823 0210, France Office: +33 (0) 9 83 79 49 46
Main Office: +44 20 7828 7000
Fax: +44 207 235 4250
In the event Bruno or Christelle is out of the office, please ask to speak to any member of the French team, quoting Adrian Leeds as your introduction source.
We have also formed a second partnership with the currency specialist World First.
A recent change to US regulations has meant that currency companies have to acquire state-by-state licenses in order to service US residents. World First have an office in New York and are working hard to expand their US permissions to make the process of sending your US Dollars to France as painless as possible.:
World First can currently make currency transfers to and from those resident in the following states:
California · District of Columbia · Florida · Georgia · Indiana · Maryland · Montana · New Mexico · Ohio · New Jersey · New York · North Carolina · Rhode Island · South Carolina · Texas · Virginia · Washington · WisconsinWorld First can also make currency transfers between a client's own accounts (or to and from a Notaire's escrow account) for another two dozen states. This list of states is subject to change.
Contact: Russell Gous
Tel: +44 207 095 0747
Whether buying a vacation home abroad, moving overseas or running a business, OFX has your international money transfers covered. Services include basic money transfer, limit orders, recurring transfers and forward contracts.
• Extremely competitive foreign exchange rates(savings of up to 5%)
• Online access 24/7
• Access to a dedicated Dealer by phone 24-hours a day, 5 days a week
• Offices in San Francisco, Sydney , Canada, UK, New Zealand and Hong Kong
• Multi-currency local accounts for receiving international payments
• No receiving bank fees in majority of countries
• Risk management tools through Limit Orders and Forward Exchange Contracts for up to a year
• Complete pricing transparency
OFX also has the ability to offer extremely competitive ACH Direct Debit payments – Ideal for sending a monthly mortgage payment or property rental from the U.S.!
OFX can currently make currency transfers to and from those residents in the following states:
State by State Chart for All Three:
|District of Columbia||X||X||X