Currency Exchange for Sending Money to France
- Regulatory Framework
- Spot and Forward Contracts
- Negotiating the Rate
- Fees and Charges
- Setting up an Account
5. Setting up an Currency Exchange Account
As will have been evident from this guide, we consider currency brokers offer a better deal to consumers than banks for the transfer of money to France.
We do so not only because we consider they offer better rates, but they generally offer a more cost-effective and personal service. Currency exchange is their business so you would expect them to be pretty good at it.
While banks will normally set an exchange rate in the morning and quote it for the rest of the day, currency brokers quote their exchange rates in real time.
They are able to guide you through the market, discuss locking in a rate for you and offer their specialist market insight into the best times to trade. Speaking with a broker and understanding the market will help you make more informed foreign exchange decisions so that you can get more currency for your money.
Bank rates are also generally inferior to those offered by currency brokers, if only because banks rely on their (once!) trusted status to get away with offering a lower rate.
However, getting the best rate is also partly a question of size, as those who deal in large volumes can get the best rates. So making sure you choose an established broker is also important.
In order to exchange currency with a broker you will need to register with them.
As part of this process you may be required to provide proper identification, such as a passport number.
Once you have done so, you may be provided with the option of dealing via telephone with them, or using an on-line system which they may offer.
You will also need to ensure the broker is supplied with funds to complete the exchange. These can be electronically transferred from your bank account to the broker and should arrive in the relevant account within a day or so.
Brokers can deal with regular monthly payments, such as your pension, but most only deal in minimum exchange amounts (as is the case with some banks), which may be as low as £250, but may be as high as £5,000.
One of the optional services that will often be provided by an exchange specialist will be regular updates on the currency market, in order to assist you in the decision making process.
You can contact and open an account with our own preferred currency broker partner at Foreign Currency Direct.
Back: Fees and Charges
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