| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Currency Solutions | GBP £9,027.27 | No Fee | 0.9027 | 1-3 days | more... |
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TorFX | GBP £9,037.29 | No Fee | 0.9037 | 1-3 days | more... |
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OFX (UK) | GBP £8,973.00 | No Fee | 0.8973 | 1-3 days | more... |
Few countries in Europe have a long and linked history like France and the UK, with their political and economic ties going back centuries. Through joint membership of the EU, these economic and social ties have been deepened, with projects such as the channel tunnel making access between the two countries easier than ever. Because of that change, a vast amount of trade, investment, and bilateral migration now passes between the two countries. With an estimated 17 million British nationals visiting France each year and approximately 400,000 of Britons living and working in France, this close relationship looks set to continue despite the political uncertainties of Brexit. Despite having separate currencies, with the UK sticking to the pound sterling (GBP), there have historically been no restrictions when transferring money from France to UK banks.
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Introduced in 1999, the euro (EUR) is the national currency of several members of the European Economic and Monetary Union. The EUR is the second most traded currency in the world, with currency pairs like the euro to GBP amongst the most frequently traded.
The pound sterling is the official currency of the UK and several overseas territories and former colonies. It has one of the highest trading volumes of any single currency after the USD, the EUR, and the JPY. The euro to pound currency pair is one of the most frequently traded.
Within the EU euro to sterling, the process of transferring euros to a UK bank account has never proved difficult. However, with so much still left to be negotiated, there is still some uncertainty about how you will be able to transfer money from a French bank account to a UK bank account after Brexit.
Thanks in part to their close geographic proximity, France and the UK have one of the most significant economic partnerships of any EU countries. France is the fourth-largest market for British exports in the world, just behind the US, China, the Netherlands and Germany. As such, we see a lot of interest in how to transfer money from France to UK. And with thousands of students, tourists, and ex-patriots living and residing in each other’s country, the cheapest way to transfer money from France to UK is always relevant. As joint members of the EU, the best way to transfer money from France to UK was typically using a bank. With Brexit looming and much economic and political uncertainty on the horizon, however, it might not be so simple in the years ahead.
The trading relationship between the UK and France is one of the most important of any EU member state. According to the latest figures from 2018, the UK had a total of £41.7bn in exports to France, with £44.4bn in total imports.
Previously, if you were planning to transfer money from France to England, opening a UK bank account was the most cost-efficient method. To open an account in the UK, French nationals would typically need to show either proof of employment or income, proof of address, as well as a valid passport. Popular choices of French ex-pats are Barclays, HSBC, NatWest, and the Royal Bank of Scotland. Having a valid, active bank account significantly speeds up money transfer from France to the UK, regardless of whether you opt to wire funds through a bank account or specialised Forex broker.
With so much uncertainty surrounding Brexit however, it’s not clear what policies will remain in place to enable bank transfer from France to UK and whether this will impact how you transfer euro to sterling.
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Opening a bank account in the UK is often the most cost-efficient way to access your funds if you plan to move to the UK for an extended period of time. Both countries have well-developed financial sectors with a large number of financial institutions and money transfer specialists. Thanks to their physical proximity and EU policies that facilitate cross-border investment, a number of banks operate branches in both countries. In order to open an account in the UK, French natives will need to present proof of employment or income, address, and passport. There are many different financial institutions to choose from, including major groups such as Barclays, Royal Bank of Scotland, HSBC and NatWest. Having a bank account will make it easier to transfer money from France to the UK, regardless of whether you choose to wire funds through your bank or through a specialised forex broker.
This is another area that could be impacted by the Brexit situation. While at the moment it is likely that policies will remain the same, even if just for a smooth transition, it is not guaranteed that they will in the long term.
If you are bringing a dog, cat or other small animal with you from France to the UK, it must meet particular requirements. It should have a microchip, a pet passport, a rabies vaccination, and you must be able to certify that your dog has had a tapeworm treatment.
France is the fourth-largest market for British exports in the world after the US, China, the Netherlands and Germany, which drives a large amount of overall money transfers from France to the UK. Exports from the UK to France were £24.8bn in 2017. On the other hand, exports from France were £36bn over the same period. Visits from France to the UK have steadily fallen ever since the Brexit vote. Visitors to the UK peaked in 2015 with 4.17 million. This has fallen every year since, with visitors in 2018 hitting 3.69 million, the lowest number of visitors since 2011. The amount spent has also fallen since 2015, going from £1.49bn to £1.39bn in 2018.
The UK encourages students from France to study in its colleges and universities. This has been especially facilitated by the creation of the Entente Cordiale Scholarship in October 1995. Under this scheme, British and French students are eligible to receive funding to study in either of the two countries for a year. If you are a French national or citizen or permanent resident of one of the 28 member countries of the EU, you will not require a visa to study in the UK. At the moment, this will remain the case for students who start their studies in 2020, but it could change in the future due to the UK being in the process of leaving the EU.
Nevertheless, it is important to note that the cost of living in the UK is relatively high, even after factoring in domestic tuition. Undergraduate fees are an average of £10,000 per year, while post-graduate fees will vary depending on the university and the subject of the degree. The cost of living for each year of study can amount to as much as £12,200.
French nationals and those from member countries of the EU, including Switzerland, do not need to have a visa in order to visit, stay or work in the UK. The relatively close proximity of France to the UK means that there are various options of travel between both countries. The English Channel, which is also the busiest sea passage in the world, connects several ports in Britain to others in France. These ports include Newhaven, Dover and Portsmouth in Britain, and Calais, Dunkirk and Caen in France. While all of this is still in place at the moment, there is uncertainty as to whether it will remain the case in the future, due to Brexit.
The UK and France signed a double taxation agreement in 2008, which means that expats from France do not have to pay taxes on the same income in both countries. If you plan to move to the UK to spend a significant period of the year there, it is recommended to consult with tax professionals to ensure that all local tax requirements and deadlines are respected. The income tax rate you would face depends on income you receive over the threshold of your Personal Allowance for the year. The UK tax year runs from 6 April to 5 April of the following year. The Personal Allowance for most people is £10,000. However, there is an exception if you were born prior to 6 April 1948 or if you earn an income that is more than £100,000. There are three rates: the basic rate, which is 20%; the higher rate, which is 40%; and the additional rate of 45%. You will also be taxed at 20% on the interest earned on savings.
There are currently no plans to change the double taxation agreement, but there are no guarantees that it will remain in place after the UK has left the EU.
Although the UK has a net trade deceit with Germany, France, and the Netherlands, they are the second, third, and fourth (respectively) most important destinations for UK exports out of the top 50 trading partners.
All companies displayed above are fully licensed to operate by relevant financial authorities such as the Financial Conduct Authority (FCA) in the UK or FinCEN in the US.
Transfer times will depend on where the money is coming from and its destination. Bank transfers typically take a few days, while debit and credit card payments will be significantly quicker.
Review the comparison results above and select a provider based on price, speed, and overall rating. Click the green button to open their website, where you will be prompted to create an account. Once fully verified, you can then make your first transfer.
Although bank transfers are the most common method, credit and debit card transfers are also popular. Use of digital wallets is also becoming increasingly common.
Exchange rates will fluctuate significantly over the trading day, which might affect what prices are displayed. Additionally, certain providers may offer their rates depending on the transfer method, or if you are a high volume customer. FXcompared may also have negotiated special rates with providers. Always check rates carefully before transferring.
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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.
