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. The Adrian Leeds Group 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!)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 works with two currency exchange specialists: Moneycorp 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. In addition to this, they are now accepting funds from a U.S. resident’s non-U.S. located 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
Tanya Uniacke, Account Manager
Main Office London: +33 6 46 02 59 20
Or Bruno Gruat, Account Manager – France
+33 6 46 02 59 20
In the event Tanya or Bruno are out of the office, please ask to speak to any member of the French team, quoting Adrian Leeds as your introduction source.
- Global provider of international payment services for individuals and businesses
- Offices in US, UK, Australia, New Zealand, Hong Kong and Singapore
- Personal, proactive approach helping clients access competitive rates of exchange and no OFX fees
- Better exchange rates than high-street banks, save up to 4% with OFX
- Global currency experts available 24/7 to help with your transfer
- Fast, highly secure payments for your peace of mind
- Risk management tools through Limit Orders and Forward Exchange Contracts for up to one year
- Fully licenced as per each jurisdiction and is regulated by the Financial Conduct Authority (FRN: 521566) for the provision of payment services
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 US!