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Transfer money out of US for property purchase

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Julie M72

Hi, buying an apartment in France of €300K +. Wanted to know if anyone has experience in hedging the foreign currency exchange risk, such as buying forward contract etc. Lately EUR is gaining momentum, I am worried that in 45 days when paying for the apartment, the exchange rate would be worse, hence the question.


Thanks

boatman1940

I had this problem, so I opened an investment account for buying euros, bought low and sold high, and found that I could wire the Euros from My US account to my French Account. You have to talk to both banks and make them feel safe. You will pay low transfer fees at both ends, but you can control the cost of the Euros. If they think you will get them in trouble, they will run or turn you in. I did not figure this out until after. I bought the house, which needed a lot of work. I started slowly investing and trading euros until I was ahead enough to cover the purchase cost with dollars. Wiring the dollars is possible, but you must be straight with the seller's lawyer and bank and your lawyer and bank.  After that part, I bought the euros first, stored them in the investment account, and started sending one Bank to the Other with small amounts to not run out of money to work on the house and I have been doing it for 8 years.     

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