Moneycorp is a foreign exchange and international currency specialist based in London. 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. They have a great regular transfer product which is ideal if you are transferring a pension, paying a mortgage or simply funding your general living costs in France.
Exchange rate fluctuations
At the end of 2008 and the beginning of 2009, global exchange rates went through their most volatile period ever. On one memorable (and rather unsettling) occasion for example, the pound fell 3.5% against the euro. Fluctuations like this can have a huge impact on the Dollar value of a euro-based property.
USD/EUR currency fluctuation example:
On the 1st of July 2012, a €250,000 property would have cost you $316,455, whereas the same property would have set you back $328,947 on the 1st of January 2013. By fixing the rate on the 1st of July with a forward contract, you would have saved $12,492 on the purchase price.
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.
From currency markets to contract options, Moneycorp’s experts will ensure you get to grips with foreign exchange. They will provide a personal, tailored service, guiding you through the transfer process and helping you plan your trades.
Making transfers with Moneycorp 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 Moneycorp 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.
To ensure you take advantage of positive exchange rate movements – and avoid negative ones – your Account Manager will also be proactive, and call or email you if there is a move in the currency market.
There are also a whole range of other contracts which may suit your needs – your Account Manager will help you to understand which suits your needs best.
Using Moneycorp – The main benefits:
•Expert guidance from your own dedicated Account Manager.
•Highly competitive exchange rates.
•Free use of their secure credit and debit card payment gateway to pay your reservation deposit.
•Ability to fix exchange rates for a set time period, protecting from adverse currency movements.
•No commission or receiving bank charges.
•No cost and no obligation in opening a Trading Facility.
•Opening hours: 7:30 a.m. – 9:00 p.m. Monday to Friday, 9:00 a.m. – 1:00 p.m. Saturday (GMT).
The Moneycorp MasterCard Prepaid Card
The Moneycorp MasterCard Prepaid card can be loaded with euros or US dollars, by the main cardholder using a debit or credit card.
There is no line of credit with the card so you can only spend what you have loaded - helping you to stay in control of your money.
You can use your Moneycorp Prepaid Card to make purchases wherever the MasterCard Acceptance Mark is displayed– that’s over 26 million locations including 1.2 million ATMs worldwide.
It’s easy to manage your money with the Moneycorp Prepaid Card and eccount.
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 £11 billion in currencies.
America is making it difficult to move money from one currency to another for foreign or 'off shore' traders. We have been working with Moneycorp for several years, who have, until now, been able to service U.S. clients in their currency trading activities. 'Thanks to' strict U.S. regulations, Moneycorp, as are all the others that are based outside the U.S., is forced to acquire licenses on a state-by-state basis in order to service U.S. clients.
At present, Moneycorp is able to make all trades from residents of the following states (incoming and outgoing): · Florida · Indiana · New Mexico · Wisconsin · South Carolina
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.
Therefore, subject to the above restrictions, they are now able to allow trades for residents of the following States (incoming from France to U.S.):
· California · Colorado · Connecticut · Georgia · Louisiana · Maryland · Massachusetts · Michigan · New Jersey · New York · North Carolina · Oregon · Rhode Island · Tennessee · Washington DC____________________________________
Currency Update with Moneycorp
If you’re buying a holiday home or investment property overseas, when you trade your currency is crucial. The euro exchange rate is constantly fluctuating, so trading at the right time will mean your money goes a lot further. Adrian Leeds Group LLC and Moneycorp are working together to ensure you make the most of your Dollar or Sterling when buying a property in France.
Contact: Carole Jaskarzec
Phone: +44(0)20 7828 7000
Fax: +44(0)20 7589 1010
In the event Carole 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:
· Florida · Indiana · Montana · New Mexico· New York · Rhode Island · South Carolina · Texas · 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 so please contact Tanya Uniacke at +44 (0)20 7801 2371, or email Tanya.email@example.com confirmation, specifying which state you currently reside in and they will do their best to help.
· New Mexico
· South Carolina