For higher value transfers, the actual exchange rate, fees and charges can make a significant difference to the real price of buying a property.

Rates vary considerably for smaller sums depending on the method used for the transfer. Paying for items by credit card usually results in savings compared with changing cash at an airport change kiosk. For a transaction of Euro 100 the actual cost can vary by as much as 10%.

With larger transfers, the % difference may be lower, but the total cost can vary by thousands of Euro. A difference of 2% on a Euro 400,000 transfer amounts to Euro 8,000. High transfer costs and varying charges from different banks, can lower the effective exchange rate.

Traditionally, large currency transfers were handled by high street banks. Small branches lacked the expertise, major city branches focussed on corporate clients. The resulting transfers for individuals were often at a poor exchange rate and charges were high.

Over the last 30 years, companies specialising in currency exchange have succesfully entered the market. They have succeeded by specialising in only one aspect of banking. Developments in communications have allowed them to operate centrally, and reduce overheads.

These specialist companies can now offer the service that was previously only available to favoured corporate clients.

AFEX is a long established company specialising in individual exchange currency transactions. They can advise on exchange rate movements and handle spot transactions, forward purchase, and monthly transfers. More information about AFEX.

CURRENCIES DIRECT is a leading independent currency exchange specialist supplying similar services. They are growing rapidly because they provide competitive rates and have exceptional customer service. They provide an online currency converter. More information about CURRENCIES DIRECT.

It is also important to review the receiving banks terms and conditions. Some French banks charge for receiving transfers. This could be important if you are transferring money from several sources or need monthly transfers.

There has been a series of global agreements aimed at reducing money laundering and terrorist fund raising. Be prepared to give evidence of the source of funds being transferred.