WorldFirst

Save thousands on Foreign Exchange

Using a Foreign Exchange broker when buying in France could save you thousands…

Buying a property abroad, retiring or emigrating is a wonderful chance to build a new life. For many people it is the realisation of a dream, and is often the result of years of thought and planning. Yet many people do not plan or even realise the effect of exchanging large amounts of their savings. Thanks to foreign exchange companies such as World First, people can now benefit from favourable exchange rates and reliable currency transfers.

When transferring funds abroad people should consider the exchange rate, the costs involved in transferring large amounts of money and the personal service that foreign exchange companies like World First are able to give.

Currency fluctuations can affect a house purchase, savings or regular payments, and every year many people lose money through lack of knowledge or good advice.

There are a number of currency exchange services that World First offer to help clients move money abroad.

1. The main advantages are the competitive exchange rates offered by World First who guarantee to give unbeatable exchange rates for currency transfers. 2. World First offers ‘forward contracts’, enabling clients to fix the exchange rate for a future date. 3. Clients can set up a ‘regular transfer scheme’ – fixing the exchange rate for future transfers or taking the prevailing exchange rate. 4. World First operates a ‘rate watch service’ whereby clients are alerted to exchange rate movements.

The first mistake most people make is assuming their bank is the best option for transferring large sums of money. However, most banks charge hefty transfer fees and offer poor exchange rates. Savings can be between 0.5 per cent and 3 per cent of the amount being transferred.

This can mean that on a one-off transfer of €150,000, a bank may cost up to £2,000 more than World First. Here is an example on €150,000:

	World First	Bank
Exchange Rate	1.4810	1.4514
Transfer Fee	£0	£30
Total Cost	£101,283	£103,378
Total Saving	£2,095

Caroline Nolder bought her first property in France seven years ago. She used her bank at first before she was aware of World First. “I realised I was being conned out of a lot of money as the exchange rate was terrible and the bank charges high.”

Banks also do not offer many currency services needed by those moving abroad, such as ‘forward contracts’.

When buying a property abroad, although the price of the property may be known, the full cost is never realised until all the local currency has been bought. This is where ‘forward contracts’ come in. A ‘forward contract’ enables you to buy the currency now and pay for it later. It effectively guarantees the exchange rate for a future date, irrespective of exchange rate movements.

Specialist currency exchange firms like World First are geared towards these transactions and can offer their clients a much more personalised service than the large banks.

World First 0800 783 6022
www.worldfirst.com

Elisabeth Dobson, Foreign Exchange Consultant at World