Articles

Your Dream Home in France Moving Money to France Part

Copyright 2005 Oliver Phillips. May be freely reproduced "as-is" for private and commercial use. In Part 3 of this series, Oliver Phillips of PFS France (http://www.propert yforsalefrance.

co.uk/) looks at an alternative way to move money abroad. If you already live in France, or intend to finance your property purchase from equity in your UK home, chances are you'll want to move some money abroad.

Transfering money from the UK to France requires someone to handle the transfer on your behalf and usually your bank will be happy to assist you but beware, though convenient and familiar, your transfer might cost you more than it needs to. Instead you may be better contacting a currency house, a company which exists specifically for the purpose of moving money; both large single amounts for your property purchase, and lower regular amounts such as a monthly pension. Transferring money via a currency house is often cheaper than using your bank for two reasons; firstly their charges may be lower than your banks, but more importantly the exchange rate you receive is likely to be more attactive than the rate offered by your bank which is typically a tourist exchange rate and signifcantly lower than the rate you see published in the financial press. Better yet, both spot and forward methods are available. The former converts your money at the prevailing exchange rate when the money transfer is made and is the method most of us use unknowingly, whereas the forward method allows you to fix the exchange rate up to 24 months is advance of the transfer, useful if you believe the exchange rate will fall by the time you actually make your transfer.

This article only provides a general appreciation of the topic and it is not advice. Guidance should be sought from a specialist who is qualified to advise in your specific circumstances. .

By: Oliver Phillips



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