Living France - - The Essentials -

Don’t leave it un­til the last minute. Rates can fluc­tu­ate enor­mously so give your­self enough time to dis­cuss your cur­rency ex­change needs and se­cure the best ex­change rate.

Sign up for regular ex­change rate up­dates as soon as you de­cide to buy a prop­erty so that you can keep track of how the mar­kets are per­form­ing and get an idea of how far your bud­get will go.

Set a re­al­is­tic bud­get based on the cur­rent mar­ket and stick to it.

Some sites will show the In­ter­bank rate – the rate at which banks trade – but this is not the rate that you will re­ceive.

A for­ward con­tract re­moves the risk of cur­rency fluc­tu­a­tions by al­low­ing you to fix an ex­change rate at a spe­cific value for a set pe­riod of time. Once you agree the for­ward con­tract ex­change rate, you will know ex­actly how much you’ll pay for the prop­erty.

A stop-loss or­der al­lows you to pro­tect your losses if the ex­change rate works against you. You can set a limit of the min­i­mum and max­i­mum rate you re­quire to make the trans­ac­tion.

A regular pay­ment plan is suit­able for mak­ing regular trans­fers, such as pay­ing an over­seas mort­gage or mov­ing UK pen­sion pay­ments abroad. The ex­change rate can be fixed for two years.

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