For those living in or moving to France, a simple and secure way to make foreign currency transfers is to use a regulated company with experience of the country such as Currencies Direct.
Whether you are making personal or business transfers, it is vital to be in the right hands, says France-based Calum Harkiss, business development manager at Currencies Direct for almost 10 years now.
How do currency companies work?
All we do is currency exchange and we work directly with both private clients and businesses with a requirement for currency exchange, including those who might have second homes in France (or intend to buy one). We charge no fee for doing this and can save clients between 3-5% compared to their high street bank.
How do I transfer Euros?
Once registered, your designated senior dealer will discuss your requirements. Buying a property in France can take three to five months, so if the exchange rate is very strong, we might suggest a forward contract, where we buy the money in advance for you and hold the rate for up to 12 months.
Where can I get the best exchange rate?
If you go to the bank, you get a “spot rate” to buy the money at that point. In general, we can beat that by between about three and five per cent and we won’t charge a fee. We also have something called a “limit order” where the client has a desired exchange rate they want to achieve; the funds go on account with us and, once that rate is achieved, we convert.
What is the safest way to transfer money?
The safest way is to ensure that whoever you use are fully regulated and authorised and that your funds are held in a segregated client account. We are fully regulated in the UK by the FCA and registered with the ACPR here in France. We hold funds in segregated client accounts in accordance with our e-money licence and have a level 1 credit rating with Dun & Bradstreet, which is the highest possible level.
What makes it simple?
Our clients can trade 24/7 online up to 25,000 (£s, €s or $s) without even speaking to a dealer. We have over 400,000 clients and 500 employees throughout the world. Being a global company, we have offices throughout the world giving our clients access to a professional team not just in UK working hours.
How much money can you transfer at once?
The minimum currency conversion with us is £100, €100 or US$100, but there is no ceiling. We have clients who transfer millions to pay for a chateau or hundreds to pay a builder or utility bill.
What other services can you offer?
We are a very ethical company and we work with many trusted partners including investment companies, banks, insurance etc. Our aim is to make sure that when people come over here, they have everything they require and are able to enjoy the experience of being in France. We are only as good as our last customer so customer service is paramount to us and we have 5 stars on Trustpilot and Feefo.