If you are planning to buy or rent property here in Paris, the time will come to look at Euro currency exchange rates.
At 56Paris, we recommend using the services of a currency exchange service. With rates fluctuating daily, plus commission and other charges to think about, they can help you get more Euros for your Dollars or other currency.
As specialists, they can help you reduce charges you will pay when using your bank. Better still, currency exchange services invariably offer more interesting rates than banks do.
We take a look at the experience of a couple who bought recently, and see how they maximized their purchasing power.
Getting the best exchange rates from USD to EUR
Moneycorp is a currency exchange service which has assisted many 56Paris clients.
They are the money experts used by Bruce and Robin when relocating to the French capital last year. The aim was to maximize their money and get the best rate in all USD to EUR transactions.
Bruce says, “We’d dreamed of owning a Paris apartment since 2001 when we made our first visit to the city. After many years of looking, 56Paris helped make that dream a reality in 2019. We love our apartment and are renovating. It was the perfect size and location for us.
“What we didn’t know was that when bidding on a property, the amount in dollars could change, as the exchange rate would fluctuate daily.”
The solution is to use Moneycorp’s ‘rate watch’ program. This means an account manager keeps a constant eye on the exchange rates. Then, when the rate is where you want it, they contact you to make the trade ASAP. This blocks your exchange at a preferred rate.
Bruce continues “Moneycorp helped by letting us be able to see what the exchange rate was on any given day. It helped our buying experience”.
The benefits of using a specialist currency service
You may still be asking yourself, why not simply check the exchange rates for yourself? Or, can’t I simply use my bank?
There are many benefits of using a specialist currency service. This includes help with international transfers, so you can save both time and money on each transaction. Fees are likely to be less compared to you bank too, plus, you are almost sure to be surprised by the better exchange rates on offer.
Also, according to Bruce and Robin, “being able to log on to the Moneycorp site and see the status of all our transactions and to immediately see that money has been sent and received” was a true benefit.
The company also managed over one million payments in 2019, solidifying their expertise.
World events and Euro currency exchange rates
The rate of the dollar can vary, depending on world events. It's a topic previously covered in this blog.
Currently, we are of course dealing with a property market during a global pandemic. That said, the currency markets have seen both upwards and downwards movements on the dollar over the last few weeks.
So despite the unavoidable impact of coronavirus, the net change against the major currencies is minimal at present.
However, recent world events such as Brexit and even the upcoming US election, all have the potential to affect currency exchange rates.
This is why we would always suggest our clients consider working with a currency exchange specialist. Especially right now, with movements expected through the remainder of this year.
It is peace of mind that clients will be trading their dollars at the right time, maximizing their budget.
56Paris are your property experts
For any queries about relocating and buying real estate in Paris, or the local rental market, we are here to help. Don’t hesitate to contact the experts at 56Paris today, and we will be happy to assist.