Currency exchange gains importance for expats in France
Planned changes to the French healthcare system mean many Britons will be moving back to the UK – prompting an unplanned search for the best currency exchange rates
Hundreds of British expats who retired to France may be forced to move back to the UK – and finding the best currency exchange rates will suddenly gain in importance as they aim to safeguard their retirement assets.
Small variations between banks and other organisations exchanging euros for pounds make little difference to holiday makers. But when converting a large amount –the proceeds from the sale of a property on the French south coast, for example – getting the best currency exchange deal can save thousands.
British currency exchanged for French healthcare
According to the Daily Telegraph, Nicolas Sarkozy, the new French president, is withdrawing access to the country's state health service to foreign residents under normal retirement age. Early retirees were previously allowed access to the service – France's equivalent of the NHS – if they paid 8 per cent of their income into it (an amount that would vary each time depending on currency exchange rates).
Families needing to return to the UK as a result of the changes – the Telegraph mentions a couple coming back rather than pay £2,500 a month one of them needs for cancer treatment will have to re-plan their financial affairs, which will see many having to sell a property they hoped to live in for a long retirement. And the price they get in pounds sterling will change depending on what rate of currency exchange they can find.
Currency exchange rates affect sale success
An average two-bedroom property in the Languedoc-Rousillon department – on France's Mediterranean coast, but a long way from the millionaire's playground of the Côte D'Azur might sell for around €200,000 before your currency is exchanged.
A brief comparison of four different online currency exchange companies shows that this could be converted into £148,104. But another company (one of the ‘big four' high-street banks, no less) would only give you £143,256 for the same amount – a difference of nearly £5,000.
The same property in the Alpes-Maritime district of Provence might fetch three times as much, meaning the seller could lose £15,000 by letting a company with a poor currency exchange rate convert their money.
Get the best currency exchange deal
Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money by getting a better currency exchange rate than your bank.
The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0) 20 7989 0000 or email info@fcexchange.co.uk