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Currency special 13
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July 2012
Connexion helpguides INFORMATION YOU CAN TRUST ON LIFE IN FRANCE
When buying a home, consider the purchase as well as ad hoc payments, such as for maintenance
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We can afford to offer a better exchange rate and include all the fees withing that because currency is all we do Mark Bodega
Director at HiFX currency specialists Forward contracts This is a “buy now, pay later” agreement, allowing you to lock in a rate for a one-off payment that you plan to make in the future. Buying a house When using a currency transfer specialist to help you with buying a house, the deposit money can be sent over to whichever bank account you want, whether your own, an estate agent’s or a notaire’s. Regular mortgage payments can be arranged so they go either to your bank account or directly to the mortgage provider. Moneycorp’s Christina Weis says the option of fixing exchange rates for future transactions up to two years ahead is especially useful in the case of buying a house. “It gives risk protection, as regardless of exchange rate fluctuation, your currency will be secured. “If you don’t secure the rate, you agree on a purchase date and start signing paperwork and by the time the notaire has processed everything you need to pay the
balance. By that point, the exchange rates might have changed and you might have to pay more than you budgeted for.” A trader from another large firm, Baydonhill FX, Regis Grant, says: “Your broker can tell you how the markets operate and you can ask them to keep you informed of major market movements. That way you can make informed decisions about whether it is a good time to fix a rate.” He adds that you should never leave an important transaction to the last minute. “If the market takes a bad turn just ahead of your completion, you have no time to recoup your losses.” Picking a currency firm You should do your own research before making a decision. Among checks you will want to make on British ones are looking to see if they are FSA registered. See www.fsa.gov.uk/register/psdFirmSearchForm.do Larger providers are called an “authorised payment institution” and smaller ones are listed as a “small payment institution”. The larger ones must safeguard your money – that is, they must keep it separate from their own funds, so that if the firm went bankrupt your money would be safe. Small payment institutions may also choose to safeguard customers’ funds. Being authorised as either kind of body means the firm has agreed to abide by an EU directive on their terms of business. Individual firms may also stress other matters as proof of seriousness and security – for example, one major currency exchange firm points out that it is stock-exchange listed, which means its accounts get regular and public scrutiny.
Currency exchange helpguide – newly updated The Connexion newspaper has a helpguide to currency exchange that covers topics such as using your UK bank to make a transfer, understanding fees and rates, how to have your UK pension paid directly into your French bank account, and using a currency exchange specialist. The above article is extracted from it.
Download a copy for €5 at www.connexionfrance.com or call 0800 91 77 56 for a printed version to be sent to you
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Explains how France’s healthcare system works and gives a breakdown of the reimbursement system covering doctors, dentists, opticians and mental health specialists. Explains how to register with a GP and other practical information including pregnancy, cancer screening, disabilities and pharmacies. Especially written for Britons living in France. Published July 1, 2012
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