THE FRENCH and Greek elections happening this weekend may not
seem like they have any impact on you, but if you own a property
overseas, or want to own one in the near future, then think
again.
Finding the right time to get the most out of your currency
exchange is not easy, and with all of the political and economic
instability in Europe at present, it is becoming even harder to
know when it is the right time to maximise your exchange rate.
Helpfully, the DIVA International Money Transfer Service,
provided by Moneycorp, offers you the chance to have an account
manager, who will work with you and make sure you are getting the
right deal at the right time. The service will offer you a better
exchange rate compared with your high street bank and also enable
you to transfer your money when exchange rates are in your
favour.
For example, a new socialist government in France over the
weekend could see many wealthy people start to move their money out
of the country for fear of higher taxes, said David Kerns, private
client dealing manager of Moneycorp.
He added: "We are already seeing some nationals trickling their
money out of France, and moving away from an area where there may
be a collapse in the currency."
It is likely, in the short term, that the pound will strengthen
from its current level at 1.23 to the euro to around 1.24 or even
1.25 in the coming weeks, but without any major changes in Europe,
that could be the extend of its growth.
However, a new Greek administration could potentially attempt to
renegotiate the existing austerity agreements that were part of its
second bailout conditions. If it went further and left the euro
altogether, we could see it rise much higher, said Mr Kerns.
Of course, Spain is also currently in dire straits with half of
the 16-24 year olds in the country unemployed, and fears increasing
that it will need a bailout too - which would stretch the rescue
fund to its limit. Any move here would add fuel to the fire,
potentially pushing the euro still higher against the pound.
The bottom line is that unless you have the time - and the
inclination - to keep a close eye on all of the goings on abroad,
you are likely to need some help to make the right currency
decisions.
To receive bank beating exchange rates, and get the best value
for your money, check out the DIVA International Money
Transfer Service online or call our dedicated
service line on 0800 9101 845. Your first transfer is free, and
costs just £15 after that, plus you get up to a 4% better exchange
rate than your bank would offer.
