Foreign currency transfers without risk

Possible impacts of the exchange rate on your property

GE Money Bank proposes foreign currency transfers without risk! Ignoring currency exchange rates can cost you thousands of pounds when buying a property in France. Exchange rates are constantly fluctuating, so trading at the right time will mean your money goes a lot further.

For example, a property in France worth €250,000 would have cost £212,567 on 27th of September 2010, but by the 1st of October 2010, it would have cost £218,017. That’s a difference of £5,450 in just four days – all because of exchange rate movements!

A lot of examples can be found for many other popular currency pairs such as US Dollar v. Euro. We have seen spectacular fluctuations when analysing Canadian, Australian and New Zealand Dollars against Euro.

To benefit from situations like this, you can use a ‘forward contract’, which allows you to fix an exchange rate for up to two years ahead. Forward contracts can be used to lock into favourable rates, or simply to protect you against adverse currency movements.