Are Currency Exchange Firms safe and secure?
Yes but you must use a firm authorised by the FCA (Financial Conduct Authority). The FCA monitor authorised firms to safeguard your money.
All the currency firms recommended by Total Buying Abroad are authorised by the FCA.
How do currency specialists make their money?
Just like the banks, currency specialists make a profit in the difference between the amount they buy currency for and the amount they sell it for (this is called the ‘Spread’ see Jargon Buster for further details).
Big financial organisations, including banks and currency companies, can buy currency at lower rates that individuals and other businesses can not access.
The difference between currency specialists and the banks is that currency specialist have much lower overheads than the banks and do not seek to make as much of a profit margin.
Put simply, this means that Currency exchange specialists pass more of the savings that they benefit from on to you.
What are the benefits of using a recommended currency exchange specialist when buying a property in France?
- Currency Specialists provide superior exchange rates than high street banks, saving considerable amount of money on the purchase price.
- Currency specialists are able to provide a range of options to help reduce the risk of adverse currency fluctuations that could make the cost of the property more than you intended.
- Currency specialists can help save you money on any regular payments from your home currency to euros allowing you to receive more euros for your money. This is a great service often used for transferring monthly pension payments, mortgage payments or money to cover standing orders for utility bills etc.
- Currency specialists review the world economic market to anticipate trends in the currency market. This helps them advise you when might be a good time to arrange your transfer.
- Currency specialists can arrange the transfer of the funds very quickly, in most cases much quicker than the bank transfers.