Buying Rural or Urban, Don’t Forget the FX Factor

 

Whether you’re bound for the bustling boulevards of Paris or a sleepy provincial village planning your foreign exchange requirements can make the move much easier and leave you much better off.

When the British think of living in France we tend to think of the pristine honey sun dappled countryside of the Dordogne or the snowy slopes of the alps. However according to figures from the French statistical office (INSEE) the most popular single department for British expats is the area around Paris, the Ile de France, with over 20,000 British inhabitants.

Predictably, house prices around Paris are considerably more expensive than in rural regions. FNAIM, the federation of French estate agents estimates that the average two-room apartment costs around €170,000 in the Parisian region and €109,000 elsewhere. A house with four rooms costs on average €170,000; in the Parisian region it would be €250,000.

Whilst these are substantial price differences, buying property either in the countryside or city will require transferring hundreds of thousands of pounds into euros to buy outright, or tens of thousands to pay for a deposit.

So, it is well worth watching exchange rates and working with a foreign exchange specialist to achieve the best rates, because when exchanging sums of money this large even a small change in rates could leave you better or worse off to the tune of thousands. With Moneycorp you’ll get exchange rates that yield typical savings of over £3,000 on a transfer of £100,000 into euros, compared to the average rates offered by leading high street banks. The transfer fees are also much lower, as little as £5 against the typical £40 bank transfer fee. Which could go to much better use making your move a easier, instead of going to a bank.

You can also benefit from the expert help on offer; all Moneycorp customers are assigned a personal account manager. They can help you target a favourable rate to maximise value on a bulk transfer, or even fix a rate for a future transfer. Many Moneycorp account managers have already helped hundreds of French Entree readers looking to purchase property in France, so they understand the market and they speak English or French, not technical jargon.

However, after you’ve purchased your Parisian pad or provincial property there are still living costs to consider.

The main draw for British people to Paris is often to work. So income will likely be coming in euros in the form of a French salary. Though, until that pay starts coming through you will need to make sure you have transferred enough savings from sterling to euros to support yourself and cover costs for the first few months in the city.

The countryside is more popular among those looking for a holiday home or a place to retire in the sun. As such, many owners support themselves with income from the UK either through pensions, salaries or savings. A ‘Regular Payment Plan’ with Moneycorp can make moving regular payments, such as pensions or salaries, to France from the UK much less hassle. This can automatically transfer money at regular intervals to your French bank account and even fix an exchange rate on transfers for up to two years.

Moneycorp offers secure online access so you can make payments 24/7 at your convenience, whether you’re in rainy England at midnight, sunny Provence on a Tuesday afternoon, or sipping coffee at 11am in a Parisian cafe.*

Wherever you’re going, setting up a free account with Moneycorp can be useful, it’s easier to send large one-off, regular or ad-hoc payments at exchange rates much more favourable than a bank’s.

As a limited offer Moneycorp offers free transfer fees for life to French Entrée clients that open a trading facility. To register with Moneycorp please click here. This does not involve any cost or obligation plus the account can be cancelled at any time with no hassle and cost.

Should you want to receive more information about the services of Moneycorp you can contact them on 020 3773 6355 , please remember to mention French Entrée to benefit of the above offer. Alternatively you can click here and submit an enquiry.

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This article was originally published in FrenchEntrée Magazine