Buying French Riviera real estate is an exciting process. You’re searching the Internet for that perfect house. Many houses look alike and are with different agencies. This isn’t very clear, but with the help of the best French Riviera buyer adviser, you can get a realistic overview of what’s available in the South of France and Paris.
You go from a long list to a short list, followed by several visits, and then BOOM, you fall in love with a property. This is the magical ‘Buying a house in 17 seconds’ moment.
Your advisor negotiates a good deal, and if you need a mortgage, you will already have preapproval from a bank. You can move forward to the ‘compromis de vente’ and the final sales deed. Meanwhile, you need to pay a deposit of 10% of the purchase price. Or less if agreed upon by the seller and buyer.
If you’re living outside the Eurozone, you can save some extra money on the Foreign Exchange. For every transfer from Krones, Rubbles, Dollars or Renminbi to Euros, your local bank will charge you a hefty additional fee for currency exchange.
Foreign Exchange Money Saver for your home in France
Why is currency exchange a vital factor to save money? Because exchange rates are fluid, they change/update every minute, and rate movements can make a massive difference to the final cost of your property.
Let’s take the most common pairings as examples – GBP to EUR and USD to EUR over a typical period of searching for a property through to completion, 6 months. During that period, the Sterling has ranged from a low of €1.16 to a high of €1.21. This means that at its lowest point, a purchase of €500,000 would have cost around £431,035. At its peak, the same transfer would have cost only £413,220 – a difference of over £17,000!
You could save enough to cover your moving costs or fund a new kitchen or swimming pool by booking your transfer at the right time!
Likewise, if you are transferring money from the USA, there has been some movement in recent months. Over six months, $1 has ranged from €0.853 to €0.92—that’s a significant difference over a period of time.
How can our partner FX broker service help?
Better exchange rates
As a dedicated FX broker that deals only in foreign exchange, they have a considerable turnover; this allows them to sell currency at a much tighter margin than the banks. The exchange rates can often be around 3% better than those offered by your local high street bank. Think of it as the difference between buying groceries at a local shop with limited stock and a small customer base or a large, high-turnover supermarket.
Personal manager
The FX broker has products and services that help you track live exchange rates and book or hold at a point that is good for you. They’re not magicians, and unfortunately, they have no crystal ball to show you what will happen in the future. The FX broker cannot advise you on the best time to transfer (following stringent compliance procedures). However, as a client of ‘Living on the Côte d’Azur’, you’ll have your FX broker that acts as your personal Account Manager.
The FX broker has their finger on the pulse of what is happening in the markets and gives you all the information you need to help make an informed choice. What’s happening in the Eurozone, potential bank interest rate increases, etc. All of these can have a bearing on the strength of your currency, and you can plan around that accordingly.
Together with our partner, we offer a more personal, flexible, and money-saving way of changing currency and moving money overseas. Contact us to get an introduction and the brochure.
