How to easily make international money transfers to France
PUBLISHED: 14:30 18 December 2018 | UPDATED: 12:32 07 July 2020
Moving abroad to France? Currencies Direct can help you make the most of your money when transferring currency
Get expert currency advice
It's tempting to turn to your high-street bank to transfer currency from the UK to France but international bank transfer fees added to volatile exchange rates create extra costs that can quickly add up, potentially making a French property purchase quite a bit more expensive than you might have budgeted for. Without expert advice, it's also very difficult to know when to make your international bank transfer.
Currencies Direct have been helping people make international money transfers since 1996. "We're one of the oldest, established currency brokers in Europe," says Shaun Dash, Head of Sales France at Currencies Direct.
As opposed to banks where foreign currency transfers are only one of various services, a currency provider is able to offer expert insight on the currency market and exchange rate. "We employ dedicated account managers who are able to support clients through every stage of the transfer and keep them updated with all the latest market news and information," Shaun explains. "We can provide guidance and all the insights they need to make an informed decision about timing their transfer effectively."
Open an account in minutes
Registering and opening an account can be done online or over the phone in minutes. You might need to provide proof of residence and identity, but not always. Once clients are registered, they are passed on to a dedicated account manager at Currencies Direct who will look after them for the rest of their time with the company.
"We like to be as flexible as possible," adds Shaun. "People can contact us on their terms, as and when it suits them. They can get in contact with their account manager via email or over the phone but they also have the option to manage their transfers online, without having to contact anybody at all."
Free currency transfers
One of Currencies Direct's key selling points is their fee-free transfers making their service a cheap way to move money abroad. Some other providers and banks charge a flat fee for every international transfer. "Typically with banks, it's between £10-£40 per transfer," Shaun explains. "It doesn't sound like a huge amount but if you're doing a couple of transfers per month over the course of the year, it can add up."
If you're in a rush to get the money over to France, a spot transfer sees the trade made then and there, based on the conversion rate available on that day.
If you're buying a French house but are worried about adverse movements in the exchange rate, a forward contract allows you to fix the conversion rate at the current level for up to a year.
This means that when you make the transfer, you know exactly how much money you will receive. "It's quite useful for budgeting for a property purchase, especially at the moment with things being temperamental with Brexit," Shaun adds. It's also useful for transferring your pension over regularly.
While fixing the rate does mean you will miss out if the exchange rate suddenly strengthens, conversely, you would be protected if the rate drops dramatically.
3. Rate alerts
If you aren't in a hurry and would prefer to wait for the best exchange rate for you, you can set up a rate alert. This service lets you know when the exchange rate reaches your desired level by text, email or a phone call from your account manager. You can then decide whether to make the transfer, or to wait and create a new alert.
4. Limit orders
What about currency converter calculators?
Online currency converter calculators only show the interbank rate - only financial institutions, banks and currency brokers have access to this. The interbank rate is not available to everyday people. If a website has one, they have to specify that it's the interbank rate.
If, however, you have an account with Currencies Direct, you can log in to their online service and check what conversion rate you could actually achieve for your transfer.
If you'd like to find out more about the services Currencies Direct offer, get in touch with them at firstname.lastname@example.org or give them a call on +44 (0) 20 7847 9400.