If you’re reading this article I’m guessing that you’re in the process of selling a property in France. For many of my clients over the years this has been a stressful experience caused by delays and bureaucracy and often takes a lot longer than first expected.
One thing that is often overlooked is the exchange rate between when the property was first agreed to be sold to the date of completion. Often this can be large movements over the period. In order to protect the adverse potential movements it is important to make contact with an experienced currency broker who can help you with your currency requirement.
Your currency broker will explain the benefits of using a Forward Contract which allows you to fix exchange rates for a date in the future. You pay a small deposit up front and the balance upon completion on the contract up to 12 months in the future if required. During January 2013 the markets moved by 8% of the difference of £14,000 on a €200,000 currency transfer so it goes to show that by securing your exhcnage rate this can make a huge difference to how much money you will end up once the property is sold.
Of course this doesn’t always work but it does allow you to have the peace of mind which to many is more important as it is one less thing to worry about.
For further information about the process or if you would like a free quote which is better than using a bank then get in touch Tom Holian [email protected]