Six top tips for sending your money abroad
If you’re thinking of buying a house in France, there are many things you can do to help you get the most euros for your pound. Charles Murray gives his insider tips and advice
USE A FORWARD CONTRACT
A forward contract allows you to book and fix currency at today’s exchange rate, for a delivery date in the future. Forward rates can be fixed up to two years in the future.
This works well if you have a fixed budget or a value in mind that you do not wish to exceed. Budgeting with a forward contract gives you peace of mind, knowing that your property’s cost will remain the same even if markets move.
The standard deposit is 10%, and you can arrange to draw down in increments from the full amount if you require your funds in stages, incurring no extra costs. This is useful for regular payments such as pensions and mortgage transfers.
ALLOW TIME TO MAKE YOUR PAYMENT
One of the pitfalls clients can fall foul of is not leaving enough time for the transfer of funds to reach a foreign account. We urge clients to work within a week’s time frame for a payment to be made to a foreign account. In reality, the transfer of currency will only take 24 hours,