Being a member of the single currency eurozone, France does not apply currency controls and is completely open to foreign exchange. The single European currency, the euro (EUR), is the second most traded currency globally after the US dollar. Sending money to France or transferring money from France is not restricted.
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In the 1970s, France maintained strict foreign exchange restrictions in an effort to protect the French franc. As the country’s economic situation improved in the 1980s, the government dismantled its foreign exchange controls over six years, ending with a decree in December 1989 to abolish all remaining restrictions, a decade before the advent of the single currency in 1999.
In an effort to combat money laundering and terrorism financing, the EU requires individuals transferring amounts over EUR10,000 in or out of the zone to declare it to the European authorities. In France, the transfer of EUR10,000 to or from a non-EU country must be declared to the national authorities.
Sending money to France and within Europe has been vastly simplified in the last two decades. The introduction of the single currency in 1999 has made the transfer of money between the 18 member countries cheap and fast as the zone has created a single payments system. This single payment system extends to Iceland, Liechtenstein and Norway, despite their retaining independent currencies.
The value of the euro faltered with the 2008 global financial crisis and the resulting economic downturn in the eurozone, which affected countries such as Greece, Italy and Spain more heavily than the anchor economies, France and Germany. Nonetheless, the euro is one of the world’s most successful currency unions, and it serves as the peg for two common currencies in francophone Africa, the Central African CFA franc (XAF) and the West African CFA franc (XOF).
The euro is one of the most frequently traded currencies in the world. While the GBP has been traded in large volumes since the introduction of the euro, the current Brexit situation means that there is a degree of uncertainty about whether this will continue to be the case.
The creation of the monetary union resulted in the adoption of a single monetary policy set by the European Central Bank (ECB). France’s central bank, the Banque de France, ensures the stability of the French financial sector and oversees payment systems. The French Prudential Control and Resolution Authority (Autorité de Contrôle Prudentiel et de Résolution (ACPR)), an independent agency under the umbrella of the central bank, is responsible for monitoring the banking and insurance markets. All financial service providers, including bureaux de change, are required to register with the ACPR.
France remains open to foreign investment, though like many countries in the eurozone, it has a relatively high tax burden. Since 2012, the government has increased tax requirements in high turnover areas, both corporate and individual, as part of its plan to reinject public spending into the economy. In August 2012, it was the first country in the eurozone to introduce a 0.2% Financial Transaction Tax (FTT) on the purchase of stocks in publicly traded French companies with a market capitalisation of at least EUR1bn. Any resident or non-resident who sources their income in France, or via French companies, will be liable to pay tax. The lowest tax bracket is 0% and the highest tax bracket is 45% for residents. Non-residents will pay a minimum of 30% tax on their income. The property tax on any profits made on property sales for non-residents is 19% for EU citizens and 33.33% for all other non-residents. This will obviously make property sales for UK residents a bone of contention over the coming years, depending on whether the UK stays in the EU or not.
At the same time, a handful of new measures were introduced to stimulate property investment. The 2014 budget includes a one-year 25% exemption for capital gains realised on real estate when the buyer intends to build residential premises. Starting in January 2014, France reduced the period during which real estate owners must pay income tax on their land value from 30 years to 22 years.
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The euro is made up of 100 cents. Euro banknotes are printed in denominations of 5, 10, 20, 50, 100, 200 and 500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and 1 and 2. Each member country’s central bank issues its own banknotes and coins. The latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.
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The UK exported $31.36bn worth of goods and services to France in 2019, making it the third most important export destination for the UK.
All of the money transfer companies and services listed above are fully safe to use. Each of the above are authorised and regulated by the relevant financial authorities in each jurisdiction and are licensed to provide transfer services.
The length of time it takes to fully complete a money transfer will depend entirely on the service used and what currency you want to transfer. Transfers sent using banks — such as bank to bank transfers — will typically be quite quick, often taking between 1–2 working days. For more precise estimates, you should always check the estimated time with the relevant provider. Debit card and credit card payments might also take less time.
To use FXCompared to make a money transfer from UK to USA, the first step is to use the above table to compare the rates from the various providers. To find the best provider to transfer GBP to USD, consider factors including price, speed and its overall rating. Once you have made a decision, simply click the green button to get taken through to the provider’s website. From there, you will be able to sign-up and register for an account. Once the verification process is complete, you can initiate the transfer.
The majority of transfers overseas will be made using a bank to bank transfer, although there are a number of other methods available. This includes cash, debit and credit card, as well as digital wallets. The methods available to you will depend on what provider you chose to make the transfer with.
Although the prices shown above are generally accurate with market rates in real time, there may be some slight differences when you finalise your order. Exchange rates will fluctuate over the course of the trading day based on real-time market data. As such, when you are looking to transfer money to UK from US, for example, there may sometimes be a delay in how they are reported. Price fluctuations may also be caused by the individual site in question, depending on what services they have available.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
