Buying Currency with a Forward Contract
Originally posted on & updated on 11th October, 2024
Why should anyone consider buying foreign currency using a forward contract? What is it, how does it work and what are the benefits for using it for money transfers? Purchasing an existing French property with completion due several months later exposes you to the risk that your property will end up costing you more that you originally anticipated, due to adverse exchange rate movements.
Buying Euros with a Forward Contract
By using a forward contract you can secure a rate now, or when you sign the initial contract, thus fixing your property price and protecting you from unbudgeted foreign exchange costs. Our dedicated brokers will liaise with you, understand your unique currency requirements and provide you with guidance in selecting the currency tools that will best suit your needs.
They will also ensure that your funds are sent via priority telegraphic transfer arriving at the destination of your choice within your timescale. In other words, they ensure that the right amount of money, gets to the right place at the right time, (and that we can assure you does not always happen when people use their own banks, it’s a similar tale for insurance).
We are able to offer a personalised currency transfer service, where our clients are guaranteed the same account handler from the start to the very end. Do you realise that a small difference in exchange rates obtained of €0.01 to the £ would mean a difference of €2,500 on £250,000!
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