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Bank charges on transfering money from UK

Posted by James Morgan - Created: 16 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by Rob-180901 - 16 years ago

I bank with HSBC in the UK and CCF here. There is a system within HSBC called Global access, which means free transfers (or sometimes just cheap transfers, depending on what they are) between the two. This gives the same service as Citibank, but HSBC has many more branches, especially in France (although there are another 90 countries to choose from).  when I make a transfer my statement reads "exonération liée à la convention Elysees...€0.00", which seems very reasonable. There are six CCFs in Nice alone, but if you do not have one of those look for SMC or Banque Chaix, who are also HSBC group and will work the same way.

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Posted by JJnice - 16 years ago

Try Money bookers.com they do transfers its a hassles to set up initially you need to set the accounts up right to do the £ to euros exchange but the rate is usually much better and the fees are minimal. Down side is the funds have to clear before withdrawing them.

I paid a pittance something like 3.50 euros to transfer funds I used to pay £20 for, and it took 5 days. You can set up regular payments too.



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Posted by Shanwick - 16 years ago

Further to my previous posting.  You can open a Citibank account in the UK even if you are resident in France.  They have both Sterling and Euro accounts and the exchange rate between the two is quite reasonable. Transfers to your Citibank account in Paris are instantaneous when you hit "Enter."  There are neither charges to send or receive funds.

I personally use a commercial currency trader every month to exchange my salary into Euros and then send it back to my Citibank Euro account. Their rate is usually only 1% different from the interbank rate. Once registered with them you do the deal by telephone and either send them a cheque or do a BACS transfer from your UK account.

The Citibank account in France operates as a normal current account with chequebook and debit card and is without any fees as long as there is a balance of 7600E or greater.  For lower balances they charge 13E a month.

Hope this helps.  If you need any more information please e-mail me.

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Posted by James Morgan - 16 years ago

Thanks for the advice,  its IBAN, Barclays and Citibank I am off to then.



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Posted by tovefan - 16 years ago

As far as I can tell, PayPal charges for transferring currency from the UK to France are 3.4% + 0.5% cross border fee. That's £97 for a £2500 transfer like the one I'm currently making. And you would have to set up two PayPal accounts (one in sterling, one in euros).

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Posted by Ghene - 16 years ago

I know that SG charges a lot for transfers and takes 10 days for a certified cheque from another country. I can suggest paypal.com or western union. Western union is a bit expensive for if i send 800 to Asia they charge me 40€ I do not know how much they charge for an EU country transfer. And as for paypal, they charge you 1.95$ to expand your payment, transfer and reception capabilities. And you can have your money in your bank account. You just have to sign up and give your bank details as well as you credit card number.


The Sexy Little Mushroom

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Posted by riffa - 16 years ago

If you're transferring euros you should ask the UK bank to quote the IBAN number of the receiving (French) bank.  Under recent legislation which came into force on 1 or 31 July, the receiving bank is not permitted to charge for receipt of funds if a valid iban number is quoted.  Your bank should have put its iban number on your statement, if not then just ask for it.

So in fact you shouldn't be asked by the paying bank if you want to cover receiving bank charges. They should instead ask you for the iban number.

I was told all this by First Direct and sure enough Soc Gen did not charge to receive.  So it was the flat GBP20 fee.  Time? Up to four days I think. 

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Posted by Phil Champ - 16 years ago

You'd be lucky to receive the funds the next day even after paying the £30 charge. Wire transfers normally take 3-4 days. Mind you, that's a significant improvement on the 30 days it took SG to clear a sterling cheque (including 10 days after the funds had been debited from my British bank).

I recently signed up with XEtrade hoping I might be able to do it all on-line, but you still have to fax an instruction to your bank and you still get charged the wire transfer fee. Doh!

The only solution seems to be either find a bank with branches in both France and the UK (as another poster suggests) or use a bank like Barclays with a "linked" bank in France. You're still gonna get clobbered for the currency conversion, though.

Of course, if Britain had decided to join the euro, none of us Brits would have this *&%$! problem...


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Posted by Leis - 16 years ago

Open an account with Citibank in the UK and another with Citibank in Paris.  All transfers between the two are free.

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Posted by old_nice_room - 16 years ago

hi i just transferred a reasonable amount with the HSBC, for a 48 hours service they offered a 20 pounds flat rate...

then as i made the transfer, they offered that for a other 10 pounds they would ensure my french bank would not bill me any more...i took it as i think some banks charge up to 25 euros for incoming transfers.,

well it has been 48 hours now and still no sign of the money...