Print Posted By Lost in France on 2 Nov 2006 in Living in France - Banking, Taxes and Finance

Moving Money To France

In Part 3 of this series, Oliver Phillips of PFS France takes a look at moving money to France.

If you already live in France, or intend to finance your property purchase from equity in your UK home, chances are you'll want to move some money abroad.

{loadposition contentad}Transferring money from the UK to France requires someone to handle the transfer on your behalf and usually your bank will be happy to assist you but beware, though convenient and familiar, your transfer might cost you more than it needs to.

Instead you may be better contacting a currency house, a company which exists specifically for the purpose of moving money; both large single amounts for your property purchase, and lower regular amounts such as a monthly pension.

Transferring money via a currency house is often cheaper than using your bank for two reasons; firstly their charges may be lower than your banks, but more importantly the exchange rate you receive is likely to be more attractive than the rate offered by your bank which is typically a tourist exchange rate and significantly lower than the rate you see published in the financial press.

Better yet, both spot and forward methods are available. The former converts your money at the prevailing exchange rate when the money transfer is made and is the method most of us use unknowingly, whereas the forward method allows you to fix the exchange rate up to 24 months is advance of the transfer, useful if you believe the exchange rate will fall by the time you actually make your transfer.

This article only provides a general appreciation of the topic and it is not advice. Guidance should be sought from a specialist who is qualified to advise in your specific circumstances.

 

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