Euro to Sterling Exchange Rate and Why It's Important
Originally posted on & updated on 25th January, 2024
Moving to France, or even investing in a holiday home in France means that you’ll be venturing into a whole new world. In that new world, the vast majority of people you meet will speak a different language, they have different cultural values and habits and they even spend a different kind of money. Put this way, you’d be forgiven for wondering why anyone would venture into such an arrangement, but lovers of everything French just bristle with excitement at the thought and we fully understand that excitement.
We know that even if you’re buying a low budget house as a place to lay your head for a few weeks a year, the whole prospect is thrilling. But one thing that people often forget to take seriously is the impact of the exchange rate on both their property purchase and their lives once they’re in France.
If your current life is run in US dollars or GB pounds, the number of euro that you can buy with either of these currencies will have a huge impact on the real cost of your property and how much life costs you once you’re in France. Add into this equation, if you estimate that you need at least €3,000 euros per month to live the life you want in France, by funding this in sterling, the difference in the exchange rates would have meant that in the good days, this would have cost you only £2000 and in the bad days almost £2950. In some ways this is even scarier but the scariest thing of all is that people often don’t think about this when they’re making their decisions.
At my-french-house.com, we like people to go into their new lives with their eyes wide open, which is why we encourage everyone to consider the impact that the exchange rate will and could have on their lives.
While none of us can change the exchange rates, we can all plan our lives so that we are prepared for fluctuations. Knowing the impact that a change in exchange rate is likely to have on either the real cost of your new French house or the cost of your lifestyle when you are in France will not only put you in a position of power, it will also give you more peace of mind. At my-french-house, we offer competitive euro rates that comes with great service and sound advice.
We do this because we want you to be able to plan your currency exchanges with confidence and freedom. In order to trade any currency with complete confidence, you’d really need a crystal ball and even then, it wouldn’t come with any guarantees. As a result, we recommend that you have a professional on side who can tell you what the short and longer term views are for the currency.
Our Top Currency Tips
Here are our top tips for making sure you ride the currency wave and come out without drowning:
- Find yourself a trusted advice source that you have confidence in. Talk to the English speaking experts at FCG or XE.
- Make multiple transfers during uncertain times, unless there are good reasons to buy in bulk (eg. a higher exchange rate).
- Calculate the worst and best case scenarios and be prepared for the worst.
If you follow these guidelines, the chances are you shouldn’t go far wrong and will save money.
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