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Sending money to French bank account from England

Posted by premiergirl - Created: 5 years ago
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6 replies (Showing replies: 1 to 6)

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Posted by quiet apartment, near Monte Carlo - 5 years ago

Deposits in UK banks are covered by the FSA to £85,000.  This means if the bank folds, your deposit with them up to £85,000 is guaranteed. Clearly, if you want to be 100% safe, and if you need to send £170,000 to France, do it via two banks, eg. Barclays and NatWest.

A firm can apply to be FSA regulated, but that does not mean that if it folds, your money up to £85,000 will be reimbursed by the UK deposit guarantee scheme.

The relevant question to ask is, how much is the guarantee from the taxpayer if the firm decides to go into liquidation?  To be FSA regulated, many firms just need to fill a form to show that their staff are "fit and proper" to do business. There is no taxpayer guarantee. It is like travel agents who are ABTA regulated. If the travel agent folds, you've lost your money. You can't get your holiday cost reimbursed by the taxpayer.

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Posted by chris.sargent - 5 years ago

Hmm... I think describing them as 'some startup' is doing them a bit of an injustice. Firstly, they are FSA regulated. Secondly, they are backed by one of the biggest VC firms in Europe as well as by investment funds headed two of the founders of Paypal.

The way they actually work is really very clever too and means that the (in my opinion, ever-greedy and stingey) banks are kept out of the loop because the money actually never goes through the FX..

I suspect many regarded Paypal as 'not safe' in the early days... just like the same people did with internet banking... and credit cards.... and cheques....

But if you're happier and feel safer paying higher exchange rates and transfer fees to retail banks who then still need bail-outs to stay in business, then so-be-it. For me, I'd prefer to do business with brighter companies.

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Posted by mgvarley-249578 - 5 years ago

I use these guys and they are excellent http://www.smartcurrencyexchange.com/

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Posted by quiet apartment, near Monte Carlo - 5 years ago

I send money to Barclays in France too, and found NatWest charges only £10 and their rates are slightly better than Barclays.

Readers of the supplements in the Sunday papers will remember a few years ago the scandal of the money transfer company that "went into liquidation" with around £300 millions of client money. To close a company, all you have to do is email Companies House in Cardiff, which just takes a few seconds.

For this reason, I'd prefer to trust a known brand that is regulated by the FSA, where you will be 100% confident your money will be there the other end, and you know the rate in advance. NatWest was saved with £20 billions of taxpayers' money (after its folly in buying ABNAmro), but there is no taxpayer bailout likely for some start-up.

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Posted by chris.sargent - 5 years ago

Hi, try https://transferwise.com.

It's a fairly new company created by the founders of Paypal. Very good rates, easy to sign up and easy to do transfers too. By far the easiest and best rates I've tried so far.

Chris

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Posted by fvo-205381 - 5 years ago

Hi, i use Foremost currency, their rates are excellent and they are very approachable and explain everything in easy to follow terms, plus no pushiness.

Ask to speak to Adam or email amb@fcgworld.co.uk. I wish I'd trusted my money to them sooner!