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There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy
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There
are no restrictions on sending money to France from the UK. With an estimated
300,000 French passport holders in the country, the UK is a popular destination
for French expats who might wish to repatriate part of their salary if their
stay is not intended to be permanent. Meanwhile, France is a popular retirement
destination for many Britons who may need to transfer their UK pension. France
is also one of the UK’s major trade partners, with the UK importing some £23bn
(€30bn) of goods from across the Channel in 2013. As
such, there are many reasons to send money from the UK to France. However, the
uncertainty of Brexit means that this may change over the next few years,
though the extension of Article 50 has given a slightly longer grace period.
Buying or renting property in France
The buying and selling of property in France takes a long time. Purchase of a property is controlled by a notaire, who is responsible for examining the agreement to purchase property, which you will sign. The notaire is also responsible for ensuring that you understand what you are signing. It is advised that you speak to other expats who have bought property in the area of your choice or a local estate agent, who can recommend a local notaire.
British expats should understand that in France, inheritance laws are clear, and all property will be divided among surviving children. This is very important for married couples where one or both of them have children from previous relationships. Therefore, if you are buying a property in France, it is advisable to make a will in France at the same time, which can override this automatic split between surviving children.
There are some key differences in UK and French capital gains tax laws, so you should seek advice on this area before buying (or selling) a property in France and before you send money to France from the UK to purchase the property.
Visas and Immigration
French and British citizens wishing to relocate to the other country, whether for work or retirement, are free to do so and do not need a resident or a work permit. However, they must have a valid passport. After six months, a residence permit is required. The potential removal of freedom of movement means that the way that visas are handled in the future could change in a drastic manner.
Retirement and pensions
Over the years, France has become one of the most popular retirement destinations for expats from the UK, with some 57,000 retirees settling there as of 2012, according to the UK’s Department of Work and Pensions and the Institute of Public Policy Research. The UK state pension can be paid to expats in France, but the EU has ruled that the UK is not obliged to make increases to pensions. You can then make frequent overseas transfers from your UK account into a French bank account to support your retirement. This may change in the coming years as the EU laws will not be in place in regard to UK retirees, though it is doubtful that the UK government will sanction an increase in pension payments with the current pension deficit.
British expats in France
The UK government’s rules and regulations govern the way that the taxman and social services consider and treat UK expatriates in France. They become more complex once they are combined with the rules of France. You are recommended to seek specialist tax and financial planning advice. In particular, make sure that you know the following:
Your resident status
Your property plans
Your current taxation situation
Top 11 Money Transfer Providers
Latest prices for transferring money from UK to France
Exchange Rates as of 26 January 2021, 09:00
TorFX
Est. 2004
Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
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
The buying and selling of property in France takes a long time. Purchase of a property is controlled by a notaire, who is responsible for examining the agreement to purchase property, which you will sign. The notaire is also responsible for ensuring that you understand what you are signing. It is advised that you speak to other expats who have bought property in the area of your choice or a local estate agent, who can recommend a local notaire.
British expats should understand that in France, inheritance laws are clear, and all property will be divided among surviving children. This is very important for married couples where one or both of them have children from previous relationships. Therefore, if you are buying a property in France, it is advisable to make a will in France at the same time, which can override this automatic split between surviving children.
There are some key differences in UK and French capital gains tax laws, so you should seek advice on this area before buying (or selling) a property in France and before you send money to France from the UK to purchase the property.
Visas and Immigration
French and British citizens wishing to relocate to the other country, whether for work or retirement, are free to do so and do not need a resident or a work permit. However, they must have a valid passport. After six months, a residence permit is required. The potential removal of freedom of movement means that the way that visas are handled in the future could change in a drastic manner.
Start your transfer
with TorFX
Top 11 Money Transfer Providers continued...
Western Union Business Solutions
Est. 2009
The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.
We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
Over the years, France has become one of the most popular retirement destinations for expats from the UK, with some 57,000 retirees settling there as of 2012, according to the UK’s Department of Work and Pensions and the Institute of Public Policy Research. The UK state pension can be paid to expats in France, but the EU has ruled that the UK is not obliged to make increases to pensions. You can then make frequent overseas transfers from your UK account into a French bank account to support your retirement. This may change in the coming years as the EU laws will not be in place in regard to UK retirees, though it is doubtful that the UK government will sanction an increase in pension payments with the current pension deficit.
British expats in France
The UK government’s rules and regulations govern the way that the taxman and social services consider and treat UK expatriates in France. They become more complex once they are combined with the rules of France. You are recommended to seek specialist tax and financial planning advice. In particular, make sure that you know the following:
Your resident status
Your property plans
Your current taxation situation
Start your transfer
with TorFX
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from UK to France. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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.
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specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees
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