Money transfer france
France is one of most popular places to buy a second home, holiday property or investment property for overseas buyers especially from the UK. Buying , renting or selling a property in France will mean using a money transfer service. We guide you thru the process of transferring money safely, securely and at the best cost.
How to send money to France
The best way to send or receive money from France will usually depend on how quickly you need to conduct the transaction. Transfers, online access to services, making a business or private transfer and the sum of money involved will all play their part in the speed required.
When considering money transfers to France, there are various alternatives available. These alternatives include banks, online transfer agents and foreign exchange brokers.
Before you perform any transaction, perhaps the most important thing to note are the fees you will be required to pay the foreign exchange agent for the service. Be wary of companies that promise “no charges” or “free” because they have likely transferred the costs elsewhere.
- Transaction Fees
The bank or broker will charge you a commission. Sometimes they will let you know from the start. Say, a bank in your country may charge you a flat of £20 (or whatever currency) to make an international transfer to another bank in France. This type of fee is common with international funds transfer.
- Exchange Rate Margin
Every service provider makes a profit from the ‘mark-up’ they add to the real currency rate. This is often called the ‘hidden charge’, and is where most foreign exchange companies make their biggest profits from. If you are using a non-bank foreign exchange provider, you will observe- for obvious reasons –that their margins appear to be closer than those of conventional banks.
Making Minor Transfers to Friends and Family
There are many ways you can send money to France. If it is an urgent transfer to a family member, and convenience is your priority, you may find Western Union to be an ideal solution. A product like their ‘Money in Minutes’ is most suitable for such transactions. Note, though, that the service comes with a fee.
CurrencyFair and Transferwise are new players in the transfer market that use peer to peer technology. They give offer great service options for transferring small sums of money abroad, including France. Every month, they add new currencies to their service.
Before you begin any transaction, it is advisable to use to compare or calculate forex rates in real time.
Money transfers between different banks
money transfers international
Making Large Money Transfers
For this service, you should be aware of the real cost of your transfer to France. There are two main alternatives; a bank or a non-bank forex company.
If you are making a significant purchase such as a property in Nice, or importation of a car from Paris, banks may charge you a 3% - 5% variance in forex mark-ups while specialist agents may charge 1% or more. The fees can be substantial at times, so it is advisable to conduct proper comparisons before making your choice.
Non-bank Foreign Exchange Services
You can save more money when you use a non-bank forex broker to send huge sums of money to France. They generally offer attractive exchange rates with smaller margins, and little or no transaction charges. Due to the large number of foreign exchange deals they make every day, they can afford to keep their margins small and be competitive.
When selecting a non-bank forex company, please make sure that they are approved and regulated, and that they use separate customer funds to secure your transfer.