| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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OFX (UK) | GBP £8,635.33 | No Fee | 0.8635 | 1-4 days | more... |
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TorFX | GBP £8,742.28 | No Fee | 0.8742 | 1-3 days | more... |
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Moneycorp | GBP £8,654.15 | No Fee | 0.8654 | 1-3 days | more... |
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
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France and the UK have strong economic, political and social ties. Increasing economic integration within the EU has brought the two countries closer together, evidenced by solid trade and investment flows, partnerships on research and education, and bilateral migration. An estimated 17 million British nationals visit France each year, according to statistics from the UK government, and approximately 400,000 British nationals currently live and work in France. Although the UK maintains the pound sterling (GBP) as its currency, there are no restrictions on transferring money from France to the UK. However, there could be changes to this in the near future depending on what happens when/if the UK leaves the EU.
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.
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.
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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.
