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Top 3 Money Transfer Providers for UK to France

Provider Amount Received Fee Exchange Rate Speed
OFX (UK) OFX (UK) 11,153.16 No Fee 1.1153 1-4 days more...
Currencies Direct Currencies Direct 11,197.32 £0.00 1.1197 1-3 days more...
Moneycorp Moneycorp 11,208.64 £0.00 1.1209 1-3 days more...
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UK
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 Read More
FRANCE
Being a member of the single currency eurozone, France does not apply currency controls and is completely open to foreign exchange Read More
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France Money Transfer Guide

Cailin Birch
Cailin is an economic analyst and contributor to both FXcompared Intelligence and Magazine, analysing trends in monetary and foreign exchange policy. Cailin has over four years experience in emerging market analysis and has worked throughout Europe, the Middle East and Africa the Economist Intelligence Unit and Oxford Business Group. Cailin has a degree in International Affairs from Georgetown University and a Master’s in International Security from Sciences Po Paris.

Contents

  • Summary
  • France's money transfer regulations
  • Currency union
  • Monetary policy
  • Taxation
  • Currency
  • France to Individual Country Guides
  • Summary

    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.

    France's money transfer regulations

    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.

    Currency union

    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.

    Monetary policy

    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.

    Taxation

    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.

    Currency

    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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    Top 10 Money Transfer Providers

    Exchange Rates as of 20 September 2019, 21:59

    OFX (UK)

    ?
    Est. 1998

    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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    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

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    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.